Best Ways to Buy Ethereum/Ether Classic (ETC)

1. JAXX – People who are looking for a hot wallet solution for Ethereum Classic can always take a look at Jaxx. It is a very powerful mobile wallet supporting dozens of different cryptocurrencies and tokens. However, Jaxx should never be considered to be a long-term funds storage solution by any means, due to their issues with the mnemonic seed recovery. It is a good solution to store small amounts of Ethereum Classic for spending purposes, but not to store your life savings by any means.

2. ETHECORE PARITY – Like Ethereum parity wallet, there is an Ethereum Classic version of this solution. This particular wallet is developed by Gavin Wood and his team and supports both Ethereum and Ethereum Classic. It is good to see support for both currencies within the same wallet created by Ethereum developers.

3. CLASSIC ETHER WALLET – Ethereum users will be all too familiar with MyEtherWallet, a prominent platform among ETH users. The Ethereum Classic fork of this platform goes by the name of Classic Ether Wallet and offers the same features. Users can access Classic Ether Wallet through the web browser or run the open source client on their own computer for additional security. Classic Ether Wallet also includes support for future ICO tokens hosted on the Ethereum Classic blockchain, assuming such projects will come to fruition moving forward.

It is worth mentioning there is a dedicated Classic Ether Wallet Chrome plugin as well. It provides all of the same functionality as the browser and desktop version but runs inside the Chrome browser at all times. Ethereum Classic users will be more than pleased to have so many different options at their disposal right now

4. MIST – Some people may be surprised to learn the Mist Wallet can support Ethereum Classic, assuming it is downloaded from the correct GitHub repository. This particular wallet is currently being developed by the Ethereum Foundation, although there is a different forked version developed by Ethereum Classic developers. The Mist wallet provides a lot of functionality, and it is good to see this recognized offering being made available to Ethereum Classic users as well.

5. LEDGER NANO S – There is no better way to keep your ETC funds safe than by using a hardware wallet. This wallet is of great value in this regard, as it provides ETC, ETH,  XRP, and BTC support. Getting your hands on the Ledger Nano S may be a bit difficult at times, though, since they seem to be selling quite quickly. Hardware wallets provide maximum security, this it is only normal to see such high demand for these products.

Let’s take a look at what Ethereum wallets are like:

• Coinbase: Coinbase provides an Ethereum wallet, but the private key remains under their control. If the exchange suspects a user of conducting an illegal trading activity, it can shut down the errant account.
• Exodus: It is a Bitcoin and altcoin desktop wallet which has a beautiful design and an intuitive interface. However, the flaw with Exodus is, it is not completely 100% open sources. This means that the code doesn’t get reviewed in full by the community. Also, the wallet is currently available only in a desktop version (no mobile version yet).
• Jaxx: This is also another excellent wallet to store bitcoin and other altcoins. Like Exodus, this wallet also has an intuitive interface. Unlike most other wallets out there Jaxx supports ETH and ETC. Also, your private keys are never shared with Jaxx’s server and are safely stored on your machine. Jaxx is not open source but the code is freely available on the wallet’s website which makes it a bit more accessible for review. In order to receive Ethereum with Jaxx just make sure you have that currency set up when you first install the program. Then choose the currency on the top bar and you will see your Ethereum address right below.
• ETHAdress: This is an option for all those who prefer to keep their Ethereum offline and print out paper wallets. ETHAdress is an open source project that will create Ethereum paper wallets for the trader. One more option that’s available is to encrypt your private key so that if you or anyone else wants to use the coins they will need to know the password to decrypt it.

Where to Trade Ethereum Classic CFD’s?

Another way to trade Ethereum Classic is through Contracts for Difference (CFD) such as eToro. Contracts for Difference (CFD) give traders all the benefits of owning a particular stock, index, or commodity position – without having to physically own the underlying instrument itself, enabling clients to trade the change in the price of multiple commodities and equity markets, with leverage and immediate execution.

A customer enters into a contract for a CFD at the quoted price and the difference between that price and the price when the position is closed is settled in cash – hence the name “Contract for Difference” or CFD. Trading Ethereum Classic via eToro CFD’s is much simpler process than buying the coin through one of the exchanges.

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So What is Ethereum Classic?

Ethereum Classic is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It is a continuation of the original Ethereum blockchain – the classic version preserving untampered history; free from external interference and subjective tampering of transactions.

Ethereum Classic also provides a value token which is called ‘classic ether’ that can be transferred between participants stored in a cryptocurrency wallet and is used to compensate participant nodes for computations undertaken. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC.

What is the difference between Ethereum and Ethereum Classic?

In common language, both Ethereum and Ethereum Classic are platforms on which various applications can be built.

A smart contract is a contractual state that is stored in the blockchain, and it executes when certain conditions are met. They are controlled and enforced by the blockchain, which serves as an objective and unbiased third party to the transaction.

These smart contracts essentially run the entire ecosystem of Ethereum. Since these contracts are automated and enforced, transactions and applications that run on the Ethereum platform have become very appealing to all sorts of different applications.

These applications, referred to as DAPPs (decentralized apps) have a wide variety of functionalities and purposes, all using the Ethereum platform to function.

The birth of Ethereum classic took place after the notorious DAO hack. The DAO was essentially a decentralized sort of venture capital or hedge fund that was going to fund decentralized applications (DAPPs) built on the Ethereum ecosystem.

The way the DAO was set up would give funders the power to say which DAPPs get funding. The investors would have to buy DAO Tokens using Ether as the currency to buy them. The DAO tokens integrated holders into the DAO system and gave them a certain amount of voting power.

To exit the DAO, all someone had to do was send a request and the splitting function would then refund the user their Ether in exchange for their DAO tokens, and update the ledger with the transaction and update the internal token balance.

A hacker made a recursive function in the request, which essentially allowed them to repeat the request multiple times for the same DAO tokens before the transaction could be registered.

To further emphasize how big of a loophole this was, keep in mind that the recursive function was able to run and run until a third of the DAOs funds were siphoned out.

At the time, the DAO had a massive percentage (around 14%) of the total amount of Ethereum in existence. With $50 million, about a third of the DAO’s initial funds stolen, the DAO and Ethereum communities went into disarray. They rapidly started scrambling for solutions to this problem.

The majority decision for a solution was that Ethereum needed to create a fork, or stop the blockchain entirely and create something new from scratch. This “something new” is what we now see as Ethereum (ETH). Ethereum Classic (ETC) is, as the name would suggest, the first Ethereum still using the original blockchain.

Ethereum Classic-based ICOs

An ICO or an Initial Coin Offering, in simple terms is basically raising cryptocurrency for an idea or a project. It can be described as a mix between Initial Public Offering (IPO) and crowdfunding. Despite Ethereum classic rising through the ranks, over the years, there are not many ICOs based on this form of cryptocurrency, which is unfortunate. But there are some ICOs that are worth a mention. They are listed below:

1. POSTALGIA – This particular cryptocurrency ICO is still ongoing, and it is an interesting project. The team provides users with a mobile application, which allows them to use their own photos and have them printed. Once the order is completed, the photo print will be prepared and ship to your doorstep as quickly as possible. It is an interesting project to keep an eye on. Purchasing photo prints can only be done with Bitcoin, ETC, or the POSTA token created during this ICO.

2. DEXARAN’S ICO – It is interesting to see the Ethereum Classic community members host their own ICO to advance the development of this ecosystem. This is where the Dexaran ICO comes into the picture. As a valued community member and volunteer developer for ETC, Dexaran has built up a good reputation. However, he also disagrees with the future development of Ethereum Classic and wants to raise money to take things to the next level.

3. CORION – The Corion project is worth noticing. The team aims to decentralize the current financial system by basing it on blockchain technology. They want to introduce a stable price for the native token against the US Dollar. It also provides a “Bonus Coin” incentive, which grants users daily gains of up to 2.5%. The goal is to bring both businesses and individuals on board to build a worldwide decentralized network and a stable means of payment. It is a very ambitious goal.