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How to buy, sell and trade Ethereum Classic (ETC)
A simple guide to buying, selling and trading Ethereum Classic in Hong Kong.
The cryptocurrency used in the Ethereum Classic blockchain has the ticker symbol ETC. ETC originated from Ether (ETH) and is an open-source computing platform derived from the original Ethereum code. Like ETH, ETC can be used to pay users of decentralised apps (DApps) and smart contracts.
In what follows, we’ll walk you through the basics of buying ETC. Read on to find out where to buy ETC in Hong Kong, how it works and key things to consider before you purchase it.[
Where to buy ETC in Hong Kong
You can buy ETC on several exchanges with fiat currencies or with cryptocurrencies. Some of the exchanges that offer the option to buy ETC tokens are listed below.
A step-by-step guide to buying ETC
If you want to buy ETC, here’s an example of what you would do.
Step 1. Create an account at an exchange listing ETC
One such exchange is EXMO, an exchange which serves users across 200 countries. Sign up at the EXMO website and follow the instructions you receive to your email. Once you’ve logged in, you can choose to verify your identity depending on whether you want access to a broader choice of payment options.
On EXMO, cryptocurrency deposits and certain fiat payment options do not require verification, including Perfect Money, Payeer and Money Polo. However several widely used fiat payment options on EXMO require verification, including Neteller, wire transfer and credit card payments.
Alternatively, you could sign up at local cryptocurrency exchange CoinSpot, which allows for AUD deposits.
Step 2. Deposit funds into your account
Some crypto exchanges, such as EXMO or CoinSpot, allow for fiat currency deposits but many exchanges only accept cryptocurrencies. In this case, you will need to buy a cryptocurrency such as bitcoin (BTC) first. If you don’t have any BTC, read our guide on how to purchase it.
To deposit funds to your account, log in to the exchange where you want to buy ETC and search for your preferred deposit method. If you are using CoinSpot, you can deposit AUD using BPAY, POLi or cash, but you will need to verify your identity first.
Step 3. Buying ETC
After funds have been deposited in your account, you’re ready to buy ETC. Navigate to the exchange or markets section and search for the pair you want to trade, for example, ETC/BTC or ETC/USD.
If you are using CoinSpot, you can buy ETC directly with AUD. Follow the “Buy/Sell” link and type ETC in the search tab. You can then enter the number of ETC tokens you want to buy, or you the amount of AUD you are willing to spend. After you have determined this, you can hit the buy button to purchase ETC.
Once you have purchased ETC, you can withdraw your tokens to your wallet. Note that as online wallets on exchanges can be more susceptible to hacks and viruses, it is advisable that you store the funds you don’t plan on trading in a hardware wallet.
How to sell ETC
You can sell ETC in much the same way as you bought it, except you’ll need to enter the number of ETC tokens in the “Sell ETC” tab.
If you are using CoinSpot, you can directly exchange ETC for AUD by clicking “Sell ETC” at the “Buy/Sell” page.
Which wallets can I use to hold ETC?
To store your ETC, you could use the following wallets:
- Hardware wallets
- Desktop wallets
- Jaxx (Windows, Linux and Mac OS X)
- Etherwall (Windows, Linux and Mac OS X)
- Web-based wallets
Although wallets are designed to safely store your tokens as long as you keep your private key safe, hardware wallets are widely considered to be the safest.
Find out more about wallets in our comprehensive guide.
What is the Ethereum network?
Ethereum is an open-source, decentralised platform that is designed to build and run highly complex smart contracts. Smart contracts are decentralised applications (dApps) that are made to run exactly as programmed without downtime or third-party interference. That is why the platform is best suited for peer-to-peer interaction or complex financial contracts.
ETC was born out of disputes in the Ethereum community, where core values of Ethereum and cryptocurrency were placed under scrutiny in the face of a security breach now known as the DAO attack. According to its founding team, the values behind Ethereum Classic are:
- Transaction finality. The team behind ETC believe in the blockchain’s immutability, stating that transactions are final and applications are unstoppable. They claim that “Code is Law”.
- Decentralised governance. According to the founders of ETC, decentralisation counters problems such as corruption, nepotism, unaccountability and stagnation. Renouncing an institutionalised centre of control, ETC’s team also states that the hierarchy guiding Ethereum Classic prizes transparent meritocracy and mutual reputation.
What is the difference between Ethereum and Ethereum Classic?Ethereum originated from Ethereum Classic. Its beginnings can be linked to the creation of a DAO (Decentralised Autonomous Organisation) in 2016, which was supposed to act as a venture capitalist fund within the Ethereum platform to finance the development of dApps. You had to buy DAO tokens with Ethereum to be able to vote on which dApps would get funded. The DAO managed to acquire more than US $150 million in a crowdsale.
However, due to a loophole within the code, someone managed to steal US $50 million from the DAO in June 2016. This became known as the DAO attack. To respond to the attack, the Ethereum community had two options:
- Do nothing. A small group within the community claimed that Code is Law and that transactions are final. If Ethereum made changes to the code it would go against its core values.
- Hard fork. A hard fork separates the blockchain from a particular point in time (in this case, before the attack) and lacks backward compatibility. This creates two chains that are completely different.
The majority of the Ethereum community saw the hard fork as the only solution to restoring the stolen DAO tokens to their owners and this became the final decision.
As a result, it created a new chain called Ethereum with the token ETH. The people who decided against the hard fork, remained on the original blockchain, now called Ethereum Classic with the token ETC.
What to consider if buying ETC
If you are considering buying ETC or any other cryptocurrency, make sure you understand the risks involved. If you want to buy ETC, keep in mind the following facts:
- Supply. According to CoinMarketCap, the circulating supply of ETC in March 2018 was 100,200,508 tokens. ETC developers have agreed that the maximum supply of ETC tokens should not exceed 230 million tokens.
- ETC use. ETC is the primary token of the Ethereum Classic platform and its use is to pay for the computation on the network.
- Availability. ETC is widely available on several cryptocurrency exchanges. You can buy it with cryptocurrencies or with fiat currencies.
- Plans for further development. The developers of Ethereum Classic platform plan to release a Software Development Kit (SDK) for Ethereum Classic dApps. This will increase the platform’s usability. The team also plans to switch from proof-of-work to a proof-of-stake algorithm in the future.
- Market competition. Similar companies to Ethereum Classic platform are: Lisk, Stratis, EOS, NEO and Waves.
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