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What is ETC?

On Jul. 20th, 2016, the Ethereum Foundation, the non-profit organization that created, maintains, and updates the Ethereum Network, created a new version of the Ethereum mainnet via a hard fork. It altered the history of blockchain and reallocated the $60 million worth of native coin ETH (Ether) stolen during the "The DAO" hack to its owners.

Like its cousin Ethereum, Ethereum Classic also uses the proof-of-work mining algorithm. However, unlike Ethereum, its native ETC coins have a fixed supply of 210,700,000 that will be released in a deflationary manner over time, much like its predecessor, Bitcoin.

Mining is a computationally-intensive process by which some blockchain network participants verify transactions and get rewarded with new tokens. This is how new ETC coins are created (or released), and anyone with a computer can ‘mine’ ETC.

The original blockchain was rebranded as Ethereum Classic and the new blockchain, with the theft erased from its history, carried on as Ethereum. Ethereum Classic works similarly to Ethereum and supports smart contracts and non-fungible tokens or NFTs. Additionally, Ethereum DApps are also fully cross-compatible with Ethereum Classic.

Why buy ETC with OKX?

What can I do after I buy ETC?

Ethereum Classic is one of the oldest and most resilient blockchains around, and despite having been overshadowed by its offshoot, it still has a very active and thriving community around it.

The ETC coin has a fixed supply, which means its holders never have to worry about their coins losing value to inflation.

The cross-compatibility of Ethereum and Ethereum Classic DApps means fully functional clones of popular Ethereum DApps could easily be made for Ethereum Classic, allowing it to benefit tremendously from their popularity. The blockchain is every bit as powerful as Ethereum, the world’s second-largest blockchain network.

On OKX, you can buy cryptocurrencies like ETC tokens directly with your local currency. We have a wide range of payment methods available, including VISA, MasterCard, or ApplePay credit cards. Once you have purchased ETC tokens, you may use them in the following ways.

Trade on OKX

Trade your ETC coins on OKX to try and profit from fluctuations in their price. With our highly liquid exchange and instant order fulfillment, OKX is one of the best platforms for trading ETC tokens.

HODL ETC

If you are a long-term investor, buy ETC from OKX and store it safely in your OKX wallet. You can also transfer your ETC holdings to a hardware wallet and keep them in the hopes of profiting from any appreciation in their value over time.

Make payments with ETC

The Ethereum Classic’s blockchain is also an efficient payment network. In addition to investing in, trading, and holding ETC, a growing number of businesses accept ETC directly as payment. You can make payments to anyone, anywhere in the world in minutes.

How to buy Cryptocurrency and store it safely?

Guide on how to buy Ethereum Classic (ETC)

How to buy ETC with a credit card

Easily buy ETC with your VISA, MasterCard, or ApplePay credit card on OKX. To begin, log in to the OKX website or install the OKX app. Create an account and verify your identity to set up your account. Select ETC as the asset you wish to purchase and select the desired payment method to confirm your transaction.

Buy ETC with a bank transfer

At OKX, you can buy ETC and pay for your tokens via your bank account. To begin, choose the amount the of funds you would like to deposit. Once the deposit clears, you may proceed to purchase ETC tokens with your deposited funds.

Start trading ETC

To trade with ETC, deposit any cryptocurrenct that is supported by OKX such as BTC, ETH, or SOL. Then navigate to our trading terminal, select ETC and the relevant token you want to swap it with to complete the trade.

FAQs

Where can I find the Ethereum Classic that I bought?
Your ETC tokens will be sent to your funding or main wallet upon purchase. Navigate to the "My Assets" page to view all your assets.
Is ETC the same as ETH?
No. Although they both bear a similar name and have a lot of similarities, they are different currencies. ETC is the original Ethereum blockchain and shared the same blockchain record as ETH before the hard fork in Jul. 2016.
How long does it take to open an OKX account?
Opening and verifying an OKX account takes only a few minutes. Once completed, you can instantly buy ETC or any other cryptocurrency you want without delay.
Is OKX secure?
Yes. OKX employs multi-layered security to protect your funds and information from cybercriminals. Our security stack includes semi-offline storage, a multi-signature system, emergency backups, 2FA, anti-phishing codes, withdrawal passwords, and more.
Can I learn to trade on OKX?
At Academy, you can learn basic trading strategies and how to leverage our platform to trade more effectively for free. You may also participate in our demo trading program to get a feel for the markets and test your skills before using real funds.
What are the most popular cryptocurrencies to invest in today?
Top crypto, based on market capitalization or total circulation value, include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and XRP (XRP).
However, like all other crypto, the above are also featured with volatility and risks. You should do your own research (DYOR) and evaluate your risk appetite before investing in any crypto.
What are the top cryptocurrencies I can buy on OKX now?
OKX provides access to hundreds of crypto and trading pairings. Some of the most popular crypto on OKX include BTC, ETH, USDT, DOGE, SOL and OKB. You can visit our brand-new OKX Crypto Calculator. Select a crypto and a fiat currency to check the estimated real-time price.