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What is Ethereum Classic?

Ethereum Classic, Also known as ETC, is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or interference from third parties. The platform is based on the protocol Ethereum, but uses a different virtual currency, called Ether classic.

What is Ethereum Classic?

As we have anticipated, Ethereum Classic is a decentralized platform that executes smart contracts. In some ways, Ethereum Classic is the continuation of the blockchain original from Ethereum, the first blockchain to be released. Ethereum Classic is more reliable and secure than Ethereum because it does not use gas for its operation and has faster transactions.

Pros and cons of Ethereum Classic

Ethereum Classic is an extremely powerful platform for deploying Ethereum-based applications and is also considered by many experts to be more reliable than Ethereum.

However, there are some fundamental differences between the two platforms. For example, Ethereum Classic allows for more transactions per second than Ethereum and has a higher block size limit. Furthermore, Ethereum Classic does not support DApps (decentralized applications), while Ethereum does.

Despite these differences, there are many reasons entrepreneurs and developers may choose to build on the Classic platform. First, it offers security and reliability benefits that are not available on Ethereum. Additionally, the Classic platform has a much smaller developer community than Ethereum, which makes it easier for new developers to get started. Finally, the Classic platform has much lower transaction fees than Ethereum.

How to buy Ethereum Classic

If you want to invest in Ethereum Classic (ETC), there are a few ways to do it. One option is to buy Ethereum Classic on a exchange like Binance or Coinbase. Another way to buy ETCs is through a broker like GDAX. Finally, you can buy ETCs directly from different platforms of cryptocurrency. The mechanism is very similar between the major platforms.

As regards Binance, for example, to buy Ethereum Classic on Binance, you must first create an account. After creating the account, you need to add Ethereum Classic (ETC) as your currency. To do this, simply go to the “Funds” tab located in the upper left corner of the main dashboard and then click on the “Add custom token” button. Next, you will need to enter the JSON code for the ETC and click on the "Submit" button. Once the token has been added, click on the "Exchange" tab located in the upper right corner of the main dashboard and then on the "Basic" tab. In the "Order type" drop-down menu, select "Buy" and in the "Amount" field enter 0,01 ETH for each desired ETC.

 

 

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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