Coinsquare is the most trusted cryptocurrency trading platform in Canada. We facilitate your participation in the cryptocurrency space with over 50 of the top crypto coins on the market, including the popular Ethereum Classic (ETC) coin.
Want to learn more about how to invest in cryptocurrencies like ETC? This page covers the essentials for beginning crypto investors, with instructions on how to get started quickly.
Add money in the currency of your choice (this can include CAD). These funds are what you’ll use to buy ETC.
Before you buy, you can check the current price of ETC, or any other token listed in Coinsquare in CAD or USD.
Congratulations! You are now an owner of the ETC cryptocurrency, along with thousands of others in the ETC community!
After making your purchase, your ETC will be stored in your secure and insured Coinsquare wallet. If you wish, you can withdraw the coin to your own external wallet.
The Ethereum Classic crypto was created after a disagreement in the Ethereum community following a significant DAO hacking attack. Back in 2016, a German startup called Slock.it launched a project on Ethereum called “The DAO,” which raised over $150 million through crowdfunding. Unfortunately, hackers found a weakness in the project’s smart contract and stole over $50 million. To retrieve the stolen funds, Ethereum users, including founders Vitalik Buterin and Gavin Wood, agreed to make a big change to the Ethereum blockchain. This change, called a hard fork, created a whole new version of Ethereum (ETH).
However, not everyone agreed with this decision. Some people believed that the code shouldn’t be changed, even in the face of a major hack. They felt strongly that the rules shouldn’t be bent for any reason. And this is how the Ethereum Classic crypto was born. This decision to preserve the original blockchain has shaped Ethereum Classic’s identity. Unlike its counterpart, Ethereum Classic has focused on its core principles without undergoing protocol updates or changes.
Ethereum Classic is a decentralized, open-source blockchain platform. It allows developers to create and run smart contracts. It runs a permissionless network, meaning anyone can join and execute transactions provided they own a compatible crypto wallet. Ethereum Classic uses a proof-of-work (PoW) consensus mechanism to verify transactions. This means that miners compete to solve complex mathematical puzzles, and the first to solve them adds a new block to the blockchain to ensure that everyone agrees on the order of transactions and prevents fraudulent activities. Miners receive ETC as a reward for successfully adding a block to the chain. This economic model encourages miners to contribute their computing power to secure the network.
One major issue for Ethereum Classic is it can only process between 10 and 20 transactions per second, which is much lower than what traditional payment networks can handle. Despite numerous software updates, Ethereum Classic is still struggling with scalability in its payment systems.
So, what is the Ethereum Classic crypto, and how does it compare to the more popular Ethereum (ETH)?
During the split, everyone who owned ETH at the time automatically received an equal amount of ETC. Initially, both cryptocurrencies had similar plans for how many crypto coins would be produced. However, the two coins took different paths, which affected their supply and overall development.
Essentially, Ethereum and Ethereum Classic share the same foundational technology. Both platforms allow developers to create and run decentralized applications and ERC-20 tokens. One thing that makes Ethereum Classic unique is that it sticks to the original Ethereum code. Because of this, it’s often seen as the “original” Ethereum. However, Ethereum has undergone significant changes, making updates to its blockchain incompatible with Ethereum Classic.
The native Ethereum Classic crypto coin is ETC. The total supply of ETC tokens is capped at 210.7 million, and the block rewards decline by 20% for every five million blocks. While it shares similarities with Ethereum, it maintains its unique ecosystem and functions. Here are the various uses of the ETC crypto:
Although Ethereum Classic has encountered difficulties and experienced fluctuations in its value, it has shown strength and has a committed group of supporters who invest, trade, and use it. The platform is constantly being updated to enhance its ability to handle more transactions, increase security measures, and provide a better overall experience for users. The future of Ethereum Classic will be determined by its ability to remain popular as a cryptocurrency and blockchain platform.
Investors with all levels of knowledge are welcome to participate in the exciting world of ETC investing, trading, mining, and all other activities in this technology space. As an inclusive community, crypto arenas work to be accessible to everyone.
Coinsquare is vigilant about education, maintaining a real-time news feed in its mobile app, and providing 24/7 customer service support for all our account holders.
Before investing in ETC, do your research and your due diligence. Evaluate the market performance, the ETC community, and the security aspects of ETC. As you immerse yourself in the crypto space, you can go further: assess the project’s partnerships with other companies and organizations, figure out what ETC’s plans are for the future, and evaluate the ETC community’s engagement, online presence, and enthusiasm.
Anyone who wants to invest in ETC should understand basic concepts like what a blockchain is, how blockchains work, and the purpose of consensus mechanisms like Proof of Work and Proof of Stake. These concepts are reasonably accessible and essentially the same for all cryptocurrencies. You can find plenty of online guides to explain them. If they don’t make sense to you right away, stick with it and search for resources that are suited to your learning style.
ETC’s market performance and price data over time isn’t representative of where ETC is going, but it will give you a sense of the confidence other investors have had in it. As with all investments, past results are not indicative of future performance, so be diligent in your research before buying any type of investment
Also, consider the market capitalization for ETC. The market cap is a metric used to indicate the total value of ETC. Each cryptocurrency has a market cap. This figure is important because it can be used to compare different cryptocurrencies and evaluate their relative dominance on the market overall.
Coinsquare makes this data easily accessible. We provide all the information you need to make an informed decision about buying ETC.
Sufficient liquidity when purchasing ETC on the trading platform you choose is important so that it’s easy to buy and sell without significantly impacting the price. Trading volume can be used as an indicator for trading interest in ETC within a specific timeframe.
Look into the partnerships that ETC has established with other companies and organizations. Partnerships with reputable, well-respected companies indicate trust in ETC. These partners often conduct extensive due diligence, which will give you confidence in ETC and its ongoing viability.
Partnerships with tech companies can also give ETC access to resources like expertise and equipment, while strategic partnerships can provide the financial backing that ETC needs to shore up its stability and continue to innovate and grow.
Overall, solid partnerships suggest that other companies see value in ETC and are willing to back it with their own resources.
A large and active community is important to a cryptocurrency’s success. Follow ETC’s social media channels to see how involved people are with ETC, keep up with the news about it, and get a sense of the community vibe. Developer support for ETC can give you additional information about the ETC community.
Investigate any past security incidents and see how they were addressed. Check on the social media chatter about these incidents to evaluate how the public and the ETC community responded.
Collecting information about ETC before you invest will help you make better investment decisions and manage any potential risks. Coinsquare is dedicated to giving you as much information as possible to help you get comfortable in the crypto space.
You have options for trading platforms in Canada. Why choose Coinsquare?
Here are the advantages we offer to individuals or organizations interested in ETC or other cryptocurrencies:
Since its founding in 2014, Coinsquare has become a leader in the cryptocurrency space in Canada. Over the past decade, we have welcomed over 500,000 Canadian users to the crypto space and facilitated trades in excess of 8 billion Canadian dollars. We have the experience, customer base, and dedication to the community to have earned an outstanding level of trust and success. Open an account today; let’s see where we can go together!
