eToro Cryptocurrency Trading
- Buy Ethereum Classic and 18 other cryptocurrencies
- Copy top-performing traders
- Deposit with Credit/Debit Card, PayPal, bank transfer & more
- Disclaimer: Virtual currencies are highly volatile. Your capital is at risk
eToro Cryptocurrency Trading
Ethereum Classic (ETC) is an Ethereum hard fork which contains the unaltered history of the original Ethereum chain — and like Ethereum, ETC’s blockchain runs smart contracts in a trustless environment.
Here’s how to buy ETC:
Depending on what exchange you choose, ETC can be traded with GBP or a different crypto like BTC, ETH, etc. You’ll need to provide your email address and create an account with a password — be sure to setup 2-factor authentication if possible for added security. Jump to exchanges that support ETC.
Whether you’re depositing fiat or crypto to buy ETC, the exact process for purchasing your coins will vary slightly between exchanges. You’ll most likely need to provide proof of identification, as many exchanges have KYC/AML rules they have to follow.
The final step is to trade your chosen currency for ETC on the exchange you picked. Doublecheck fees and rates and make sure you’re comfortable with the amount of ETC you’re buying.
If you want to sell your Ethereum Classic tokens, the process you’ll need to follow is quite similar to the one described in step 4 above. However, rather than entering your transaction details in the “Buy” tab, you’ll obviously need to look for the “Sell” tab on your exchange’s trading interface.
It’s also worth pointing out that ETC is only listed in a limited range of trading pairs, so it may not be possible to immediately exchange your tokens for the currency you want to acquire.
While you can store your ETC on an exchange if you wish, this is not usually recommended. Not only are exchanges regularly targeted by hackers and thieves, but you don’t have control over the private keys for your exchange wallet. As a result, moving your tokens into a private wallet is generally believed to be a much safer option.
The good news is that there’s plenty of choice when choosing a wallet to store Ethereum Classic. Options you may like to consider include:
Ethereum is an open-source, decentralised platform 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, and Ethereum’s popularity has seen it become one of the world’s largest digital currencies.
But how is it related to Ethereum Classic? In June 2016, the decentralised autonomous organisation (DAO), a venture capital fund running on the Ethereum platform, was hacked and more than US$50 million was stolen. However, the Ethereum community was split on how to respond to the attack. They could either:
The majority of the community favoured the former option, so Ethereum underwent a hard fork to revert the hack. However, a smaller section of the community decided to keep the main code exactly as it was, with this currency soon coming to be known as Ethereum Classic.
Ethereum Classic is the original Ethereum blockchain. It’s an open-source, peer-to-peer platform where developers can implement dapps and smart contracts.
Ethereum Classic’s native token (ETC) is used to fuel transactions on the network, which itself is underpinned by a couple of key principles:
Not only are cryptocurrencies highly volatile, they’re also a lot more complicated than many people realise. There are multiple factors that can influence whether the price of a particular currency rises or falls, so it’s important that you research and understand those factors (as well as the risks involved in purchasing crypto) before you buy.
If you’re thinking of buying Ethereum Classic, consider the following factors:
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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