Invest in Ethereum Classic in 2023

Despite what many people think, Ethereum Classic is different from Ethereum. Early on in the days of the blockchain, Ethereum had a necessary split due to a significant hack to Ethereum in 2016. The original intention of the split was to return the funds that were stolen due to the hack to customers, resulting in the creation of Ethereum Classic (ETC). Over $50 million was stolen and to this day it is still one of the highest-profile blockchain security breaches in history.

Currently, Ethereum Classic is the 38th-largest cryptocurrency in the world. It has 0.19% of the total market share and over 60% of its maximum coin supply is in circulation. Ethereum Classic’s market capitalization in fiat money is over $3.4 billion. While the major cryptocurrencies maintain a stronghold on the market at the moment, that might change in the future and Ethereum Classic may be a part of that disruption.

Doing some prior research before investing in the currency is a good idea, and we’ll tell you everything you need to know on this page – such as where you can buy the coin and alternative ways to invest.

Best Way To Invest in Ethereum Classic in 2023

Finding a place to invest in Ethereum Classic is a little trickier than the main version of Ethereum. Having said that, it’s not impossible. To help you with your research, we’ve identified the top places to invest in Ethereum Classic below.

What Is Ethereum Classic – Quick Overview

Name and ticker Ethereum Classic (ETC)

Date launched July 2016

Circulating supply | max supply: 132,664,705.57 | 210,700,000

Blockchain network Ethereum Blockchain

Creators Vitalik Buterin, Gavin Wood

Use-cases Smart contracts, investing, app development,

Social media Twitter | Reddit | Discord

What Is Ethereum Classic – Explained

Ethereum Classic is one of the older cryptocurrencies on the market. It was created using the Ethereum blockchain and launched in 2015. The currency was created by the same duo that founded Ethereum: Vitalik Buterin and Gavin Wood.

Ethereum Classic has remained at a relatively low price for much of its existence compared to the likes of Ethereum and Bitcoin. However, it has had a couple of spikes – notably in 2021, when the currency’s all-time high exceeded $100.

At the time of writing in February 2022, the cost of 1 ETC is $25.95.

What’s the Main Purpose of Ethereum Classic?

Ethereum Classic is vastly different from its sibling at this point. The blockchain makes it easier to develop decentralised apps (dApps), along with creating smart contracts. Its end goal is to ensure that both of these are possible for everyone without an intermediary required.

What Are the Use Cases for Ethereum Classic?

Beyond smart contracts and dApp development, Ethereum Classic’s use cases have become more diverse. The first is for investment purposes. For instance, you’re reading this article because you’re interested in knowing how to invest in Ethereum Classic, and millions of users already own Ethereum Classic in their portfolios.

In addition to the above, Ethereum Classic is also used as genuine money by some. You can buy various products and services online using the currency, along with exchanging it for other cryptocurrencies that enable you to make a purchase if Ethereum Classic isn’t available.

Does Ethereum Classic Have Any Famous Backers?

Cryptocurrencies have exploded in popularity over the past couple of years, and it’s not uncommon for celebrities to get involved with them. Elon Musk has been an avid supporter of Dogecoin, while several individuals have Bitcoin as part of their investment portfolio. Meanwhile, some have embarked on their own cryptocurrency projects.

While many cryptocurrencies have a lot of avid high-profile supporters, Ethereum Classic doesn’t have the same level as some of the other coins on the market.

Does Ethereum Classic Have a Large Social Media Following?

One of the best ways for cryptocurrency projects to get their name out there these days is by utilizing the power of social media. Many of the largest currencies have accounts on numerous platforms, enabling them to get news across quickly and creating an environment for fans to meet like-minded people and build a community.

Ethereum Classic is present on a variety of social platforms; you can find the project on Twitter, where its account has over 600,000 followers as of February 2022.

Another way to connect with others interested in Ethereum Classic is by joining the official subreddit. This is much smaller than Twitter but allows for more of an intimate experience because of that. At the time of writing, Ethereum Classic’s Reddit page has more than 60,000 members.

One of the newer ways for cryptocurrency projects to build a connection with their fans is through Discord. Ethereum Classic is one such crypto with its own channel on this platform, and there are over 8,000 people that have officially joined this community.

Does Ethereum Classic Have a Future?

Considering that Ethereum Classic was mainly introduced to limit the damage caused by the 2016 hack, it’s easy to think that the currency was dead and buried after that. However, it has aimed to set itself apart by offering different things from Ethereum.

In recent times, Ethereum Classic has received criticism. But at the same time, it also continues to have plenty of admirers. Some have predicted that the currency’s value could exceed $1,000 by 2030.

How To Buy Ethereum Classic

As we mentioned earlier on this page, buying Ethereum Classic is a little tricky compared to some of the other cryptocurrencies on the market. However, difficult doesn’t mean impossible; you can still find it in a couple of places.

Crypto Exchanges

One of the most common ways to purchase cryptocurrencies is through a cryptocurrency exchange, and you’ll find a selection of places that let you buy Ethereum Classic. If you choose to get your coins from exchanges, you’ll own the coins outright. In addition to investing, you can use your tokens for buying items – along with sending money to others.

After purchasing your cryptocurrencies from an exchange, you’ll need to create a separate wallet.

Brokers

To invest in Ethereum Classic, you don’t necessarily need to own the coins outright. If you don’t want to, you can instead choose to buy derivatives instead. For this option, you’ll typically choose a brokerage instead.

If you’re a beginner, buying derivatives from a brokerage is arguably easier than purchasing tokens outright from a cryptocurrency exchange because you won’t need to deal with the technicalities of opening a crypto wallet. However, it’s worth keeping in mind that you cannot use your derivatives for anything other than purely trading.

One of the largest brokerages you can buy Ethereum Classic from is eToro. Below, we’ve provided a step-by-step walkthrough on how you can do that:

• Step 1: Open an account with eToro. You’ll need to pass a know your customer (KYC) check, which is necessary for regulatory and anti-money-laundering (AML) compliance. You’ll need to submit a form of photographic ID, such as a passport – along with proof of where you live.

• Step 2: Once eToro has verified your account, go to the Ethereum Classic page and select ‘Buy’.

• Step 3: Choose how much Ethereum Classic you’d like to purchase and select your payment method.

• Step 4: Confirm the transaction.

How To Sell Ethereum Classic

If you’ve identified a profiting opportunity, you’ll want to sell your Ethereum Classic coins as quickly and efficiently as possible. When you own them outright, you can use a cryptocurrency exchange to sell them – all you need to do is transfer the coins from your wallet and submit a selling order.

Alternatively, you can sell Ethereum Classic derivatives from the brokerage platform you purchased them from. To do this, you’ll need to sign in to your account. After that, follow the instructions below if you’re on eToro:

• Step 1: Go to the Ethereum Classic page and select ‘Sell’.

• Step 2: Choose how much you’d like to sell and confirm your transaction.

Alternative Ways To Invest in Ethereum Classic

The most common ways to invest in Ethereum Classic are via cryptocurrency exchanges and brokerages. However, these are by no means your only options – you can profit from the coin in several ways, and some options are easier than others.

Below, we’ve identified three alternative ways you can invest in Ethereum Classic and potentially make a profit. Some are better suited for long-term investments, whereas you might find that others are better in the short term instead.

• Grayscale: Grayscale has a trust fund where you can invest in Ethereum Classic without either needing to buy the coin. The fund will be managed by someone else, and you’ll typically need to pay an annual fee. The Ethereum Classic Grayscale has $300 million+ in assets under management at the time of writing.

• Cryptocurrency Apps and Wallets: If you already have a cryptocurrency wallet, you might not even need to use an exchange for buying and selling tokens. Some will allow you to do both of these via a built-in exchange. You can transfer these for other cryptocurrencies, helping you get around the fees involved with trading fiat money for crypto.

• Futures Contracts: Another way to invest in Ethereum Classic is via futures contracts. With these, you will agree to sell the coins at a future date for a fixed price. This requires a little more skill, so it’s worth waiting until you’ve got a bit of investing experience.

Is It Safe To Invest in Ethereum Classic Right Now?

Before we continue, we must mention that the market is hugely volatile. Buying any cryptocurrency carries significant risks; prices fluctuate several times daily, and you can lose a lot of money if you aren’t careful. Always ensure that you only invest as much as you can afford to lose.

If you plan to invest in Ethereum Classic, it’s a good idea to keep in mind that breaches have occurred in the past. For example, the blockchain has been subjected to multiple 51% attacks – including one that occurred in August 2020.

There’s no guarantee that something similar won’t happen in the future, so it’s crucial that you do some additional research and determine whether it’s worth investing in the coin or not.

If you choose to buy Ethereum Classic coins or derivatives, you can take additional steps to keep yourself protected. Below is a bulleted list of those you should especially consider.

• Always enable two-factor authentication (2FA) on your accounts for cryptocurrency exchanges, brokers, and wallets.

• Never ask for help away from an official website.

• Do not click on suspicious links.

• Always store your coins in a wallet to make it more difficult for hackers to get your money.

• Do not hand over more than is necessary for KYC checks. Anything other than the documents we mentioned earlier is a huge no-no.

• Make sure that the platform you’re purchasing your coins from is reputable. If in doubt, use one of those that we’ve mentioned in this article.