Ethereum Classic (ETC) has carved a unique niche in the cryptocurrency world. Born from a contentious split in the Ethereum community following the infamous DAO hack in 2016, Ethereum Classic maintains the original Ethereum blockchain's principles, operating under the maxim "Code is Law." This blog delves into ETC's current market status, its historical background, and how you can purchase ETC with USDT on platforms like Toobit.
Understanding Ethereum Classic (ETC)Ethereum Classic is an open-source, decentralized computing platform that offers smart contract functionality similar to Ethereum. It emerged from a hard fork of the Ethereum blockchain after a disagreement within the community on how to handle the aftermath of the DAO hack, where a significant amount of Ether was stolen due to a vulnerability in the DAO's smart contract code.
While the majority of the community, including Ethereum's co-founder Vitalik Buterin, chose to implement a hard fork to return the stolen funds, a minority believed in the immutability of the blockchain and opted to continue on the original chain, thus giving birth to Ethereum Classic.
Market PerformanceAs of the latest data, Ethereum Classic (ETC) is trading with a market cap of approximately $3.3 billion. The 24-hour trading volume stands at around $208.47 million, indicating active trading and liquidity in the market. The circulating supply of ETC is about 147.77 million, with a total maximum supply capped at 210.70 million ETC.
ETC's price dynamics are subject to the same market forces as other cryptocurrencies, including market sentiment, technological developments, regulatory news, and macroeconomic factors. Over the past week, the price has seen a fluctuation, highlighting the volatile nature of the crypto market.
Ethereum Classic vs. EthereumDespite their shared origin, Ethereum Classic and Ethereum have diverged significantly over the years. Ethereum has transitioned to a Proof-of-Stake (PoS) consensus model with its Ethereum 2.0 upgrade, aiming for greater scalability and energy efficiency. In contrast, Ethereum Classic has retained its Proof-of-Work (PoW) consensus mechanism, valuing the security and decentralization that PoW provides.
Another key difference lies in their approach to upgrades. Ethereum Classic is not compatible with upgrades made to the Ethereum network post-fork, such as the Ethereum Merge. This divergence extends to their respective communities, with Ethereum Classic's adherents prioritizing the principle of immutability and resisting changes that could compromise the original vision of the blockchain.
Buying Ethereum Classic (ETC) with USDT on ToobitPurchasing Ethereum Classic with USDT (Tether) is a straightforward process on many cryptocurrency exchanges, including Toobit. Here’s a step-by-step guide:
Register on Toobit: If you don’t have an account on Toobit, you’ll need to register. This typically involves providing some personal information and verifying your identity to comply with regulatory requirements.
Deposit USDT: Once your account is set up, deposit USDT into your Toobit wallet. You can do this by transferring USDT from another wallet or by purchasing USDT directly on the platform using various payment methods like bank transfers or credit cards.
Navigate to the ETC/USDT Trading Pair: On the Toobit exchange, look for the ETC/USDT trading pair. This allows you to trade your USDT for Ethereum Classic.
Place Your Order: Decide how much ETC you want to purchase and place your order. You can choose between different order types, such as market orders (buy at the current market price) or limit orders (buy when the price reaches a specified level).
Store Your ETC Safely: After purchasing ETC, ensure that you store it securely. You can keep it on the exchange if you plan to trade frequently, but for long-term storage, consider transferring your ETC to a secure wallet, such as a hardware wallet.
ConclusionEthereum Classic (ETC) represents a critical chapter in the history of blockchain technology. Its commitment to maintaining the original Ethereum chain's principles highlights the diversity of thought within the cryptocurrency community. For investors and enthusiasts,
ETC Price offers both historical significance and practical utility in the decentralized finance space.
Whether you are new to cryptocurrencies or a seasoned trader, understanding Ethereum Classic's unique position and knowing how to purchase it using USDT on platforms like Toobit can enhance your investment strategy. Always remember to conduct thorough research and consider the volatile nature of the crypto markets before making any investment decisions.
