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What is Ethereum Classic (ETC)?

Ethereum Classic basic info

Name:Ethereum Classic
Ticker:
Introduction:

About Ethereum Classic

In 2016, Ethereum suffered a major exploitation, resulting in a loss of 3.6 million ETH, worth approximately US$60 million at the time, and potentially worth billions of USD today. This hack had far-reaching consequences within the crypto industry: investors were in a state of panic and hurriedly sold off their holdings, while critics of cryptocurrencies used the opportunity to criticize blockchain">blockchain technology. Meanwhile, Ethereum developers were under immense pressure to find a solution, as the hackers had only 28 days to cash out the stolen 5% total supply of ETH in circulation.

Fortunately, a solution emerged: reverting the Ethereum blockchain to a state before the hack occurred. This way, those affected by the exploit could retain their funds, and it was as if the unfortunate event had never taken place. The majority of voter-miners approved this solution, and it received endorsement from Vitalik Buterin, the creator of Ethereum. Consequently, Ethereum was reversed, and the hack no longer existed on the new hard fork, which became the main Ethereum chain. The original chain, which still contained the stolen funds, was then referred to as Ethereum Classic (ETC).

Despite being less popular than ETH, Ethereum Classic is supported by many who embrace the philosophy of "Code is King." They believe that the immutability of the blockchain must be upheld at all costs. Supporters of Ethereum Classic argue that reversing the exploit goes against the fundamental principles of blockchain and compromises the technology's essential security. This reason is why they chose proof-of-Stake (PoS). On the Ethereum Classic website, developers claim that PoW is more secure due to its 50% fault tolerance, whereas a PoS network can be influenced with just 33% fault tolerance. However, it is worth noting that Ethereum Classic experienced multiple 51% attacks in 2019 and 2020, raising concerns about its security.

Resources

Official website: https://ethereumclassic.org/

How Ethereum Classic (ETC) Works

Up until block number 1,920,000, Ethereum Classic and Ethereum are technically identical. Originally, Ethereum Classic was planned to support PoS, just like Ethereum, as it made the transition. However, after various updates and debates, the developers of Ethereum Classic decided to remain with PoW, prioritizing security over speed and scalability. The team acknowledges that Ethereum Classic is "conservatively run," committed to preserving the pure essence of blockchain ideals. While Ethereum Classic shares many similarities with pre-Merge Ethereum, there are notable differences:

- Prioritization of integrity and security over speed and scalability.

- Full replication of data rather than fragmentation of data, as seen in Ethereum.

- The token of Ethereum Classic, ETC, has a hard cap, unlike Ethereum's ETH, to ensure property rights of holders.

Critics of Ethereum Classic's PoW consensus mechanism argue that it consumes excessive energy and is too slow for processing daily transactions. Nonetheless, supporters counter that PoW provides a significantly safer network, making it ideal as a layer 1 to handle large volumes of transactions, while Ethereum can be used as a layer 2 to group transactions to send to Ethereum Classic.

What Determines Ethereum Classic's Price?

Understanding the factors that affect the Ethereum Classic Price requires a comprehensive look into its market dynamics, technological updates, and investor sentiment. One of the key drivers of Ethereum Classic price today is its historical relationship with Ethereum (ETH). Born from a hard fork following the DAO hack in 2016, Ethereum Classic (ETC) is considered by some as the "original" Ethereum. This viewpoint has resulted in distinct market behaviors when comparing Ethereum Classic vs Ethereum price.

While Ethereum moved to scalability and adopting Proof-of-Stake consensus mechanisms, Ethereum Classic remains steadfast in its original Proof-of-Work system. This difference has attracted a specific group of miners and investors, thus affecting the ETC to USD conversion rates and contributing to the Ethereum Classic market cap.

Another vital aspect in Ethereum Classic price analysis is its rate of adoption and technological advancements—or lack thereof. Unlike Ethereum, which boasts a bustling ecosystem of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), Ethereum Classic has lagged in these areas. This lag has direct implications for ETC price prediction and impacts the current Ethereum Classic price, making it more volatile and highly dependent on market sentiment.

Investor confidence is often reflected in ETC price news and Ethereum Classic price updates, which can significantly influence the ETC coin price. Regulatory shifts, security concerns, and broader market trends in the crypto space also play crucial roles in shaping the Ethereum Classic price forecast and its future investment potential.

Conclusion

In conclusion, Ethereum Classic prioritizes security and immutability, serving as a reminder of diverse perspectives in the crypto world. With staunch proponents advocating the "Code is King" philosophy, Ethereum Classic remains committed to upholding the core principles of blockchain, even if it means compromising on speed and scalability.

It's important to note that like any other cryptocurrencies, Ethereum Classic carries its own risks and it's always wise to do your own research and exercise caution while investing.

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Current price:
All-time high:$176.16
All-time low:$0.4524

ETC supply and tokenomics

Circulating supply:149,425,940 ETC
Total supply:210,700,000 ETC
Max supply:210,700,000 ETC
Market cap:$2.72B
Fully diluted market cap:$3.84B
Token allocation:
Investors
83.47%
Founders & Projects
16.53%
Tokenomics:

Uniqueness

Ethereum Classic’s main aim is to preserve the Ethereum blockchain as it originally was, without artificially countering the DAO hack.

Its appeal was first to those who disagreed with Ethereum’s response, but the legacy network has since gained a wider fan base, which include major investors such as Barry Silbert, CEO of investment firm Grayscale.

As a voluntary organization, the developers of ETC do not aim to turn the network into a for-profit entity. Users pay transaction fees as with Ethereum, and miners collect them based on work done as per the proof-of-work (PoW) mining algorithm.

Unlike Ethereum, Ethereum Classic has no plans to convert to a proof-of-stake (PoS) mining algorithm, while multiple developers continue to work on future improvements such as scaling solutions.

Token utility

Like ETH on Ethereum, the primary use for the ETC asset is to pay for the decentralized computation when using the network. ETC used to pay for executing transactions and smart contract functions is referred to as gas, and the costs associated with these actions are known as gas costs. ETC is also a native token with a monetary policy that creates a predictable, disinflationary emission schedule with a fixed supply cap. These qualities aim to give ETC store of value (SoV) propoerties. This asset also serves as a reward to miners for contributing resources to the network.

Links

Buy Ethereum Classic for $1Buy ETC now

What is the development prospect and future value of ETC?

The market value of ETC currently stands at $2.72B, and its market ranking is #30. The value of ETC is widely recognized by the market. When the bull market comes, the market value of ETC will likely continue to increase.

Moreover, if ETC can play a greater role in practical applications, such as Ethereum Classic builders fully leveraging the potential of ETC, partnering with more businesses, and increasing its user base, the long-term value of ETC will be significantly enhanced.

What will the price of ETC be in 2025?
Based on ETC's historical price performance prediction model, the price of ETC is projected to reach $19.39 in 2025.
What will the price of ETC be in 2030?
In 2030, the ETC price is expected to change by -4.00%. By the end of 2030, the ETC price is projected to reach $32.72, with a cumulative ROI of +81.77%.
Reminder: Just like all cryptocurrency investments, investors must closely monitor the market performance of ETC and be aware of the associated risks. The world of cryptocurrencies is full of uncertainties, so thorough research and preparation are essential.

Is ETC worth investing or holding? How to buy ETC from a crypto exchange?

If you want to buy ETC, the following information may be helpful for your investment decisions:
In the last 7 days, the price of ETC has fallen by -5.20%, leading to negative returns for most ETC investors. The market is currently pessimistic about the price trend of ETC.
It is important to note that the current price of ETC has retreated by -89.65% from its all-time high. This coin is currently considered high-risk, and while its price may rebound in the future, there is significant uncertainty.
Additionally, it's important to understand that each coin has its own optimal times for buying and selling. The optimal time to invest is dynamic: when a coin is undervalued, it's wise to adopt a buying strategy; when it becomes overvalued, you should decisively sell the coin.
To decide whether ETC is worth investing in, you need to consider various market factors such as the overall trend of the cryptocurrency market, the project's fundamentals, its current market valuation, and whether the current price is suitable for buying. If the project's fundamentals suddenly change or the price becomes excessively high, you should adjust your investment strategy and trading operations accordingly.
Your investment decisions should be based on your own risk tolerance, financial status, market analysis and research, especially the timing of your investments. Correct timing can ensure more reliable returns. Keep in mind that investing in ETC or any cryptocurrency comes with certain risks and uncertainties.
Regardless of your outlook on the development prospects and future trends of ETC, if you want to buy or sell ETC, you can consider Bitget for your trading needs. The best place to buy ETC is an exchange that offers hassle-free and secure transactions, combined with a user-friendly interface and high liquidity. Every day, millions of users choose Bitget as their trusted platform for crypto purchases.
Investing in Ethereum Classic has never been easier. Simply sign up on Bitget, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets. This is a widely adopted method to buy Ethereum Classic. Here's a step-by-step guide on how to buy Ethereum Classic on Bitget.

How to get Ethereum Classic through other methods?

Using cash to buy Ethereum Classic is not the only way to obtain Ethereum Classic. If you have the time to spare, you can get Ethereum Classic for free.
Learn how to earn Ethereum Classic for free through the Learn2Earn promotion.
Earn free Ethereum Classic by inviting friends to join Bitget's Assist2Earn promotion.
Receive free Ethereum Classic airdrops by joining ongoing challenges and promotions.
All crypto airdrops and rewards can be converted to Ethereum Classic through Bitget Convert, Bitget Swap, or spot trading.

What is Ethereum Classic used for and how to use Ethereum Classic?

The use case of Ethereum Classic may expand as the crypto market and the project itself develop. Currently, you can use ETC to achieve the following goals:
Arbitrage by trading ETC: Since ETC is a frequently traded cryptocurrency, the price of ETC is always fluctuating. Earn more ETC by buying low and selling high on the exchange. Bitget spot market provides a variety of ETC trading pairs to fully meet your needs.
Earn by staking ETC: You can also generate income through financial management methods such as staking ETC or lending ETC. Bitget Earn offers a variety of financial products designed to help you earn more income from your ETC.
Send or pay ETC: If you want to give ETC to your friends, a charity, or a fundraiser, or you want to pay someone with ETC, you can quickly and easily send ETC to the recipient through their payment address.
You can also go to the official website of the Ethereum Classic project to learn more about the use cases of ETC. For example, find out if the project supports the use of within its community or ecology, or if the project allows you to purchase physical or virtual products in .

Ethereum Classic Wiki

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