As most crypto enthusiasts know, Ethereum Classic is basically a fork of the celebrated Ethereum. What it means is that Classic uses a similar protocol, similar concept, and similar principles, but acts as a completely separate coin.
It appeared in 2016, not long after the initial birth of Ethereum, and it actually wasn’t unsuccessful. It’s not a revolutionary new trend that ETH turned out to be, but Classic is still a very valuable and very promising coin. Not only that, but it’s also a unique experience, not entirely similar to ETH.
Situation around Ethereum Classic
Like most forks, Ethereum Classic came into being because a group of users didn’t like the update that the team of developers of the original coin decided to get released. In this instance, the change wasn’t as important as the remaining users’ desire to keep the original concept largely intact.
That’s why this one is called Ethereum Classic – as opposed to the New Ethereum that went a slightly different way, grew in value, and came to be the second most-prized coin ever.
So, if Ethereum is so much more successful (not to mention Bitcoin), why choose Ethereum Classic of all things? Well, there are reasons.
#1: Promising Trend
For the past several years, Ethereum Classic has been stubbornly climbing in value. Of course, if you look at the graphs, you’ll see that there have been ups and downs, and there have been just as many sudden drops as there were increases. However, the general trend is still positive.
If you look at this coin as a potential investment, you may be onto something. Ethereum Classic uses the same stable, reliable mechanisms to keep its value steadily climbing even in spite of the market trends that increase its volatility and risks.
Even though it should be riskier, it’s not. In fact, you are probably going to be safer with ETC than with ETH because the latter has a much bigger trading volume and, as such, is more susceptible to sudden price changes.
What makes Ethereum Classic a reliable, sturdy mechanism is actually a mix of two factors.
Firstly, the system of smart contracts used in Ethereum and Ethereum Classic is safe and secure by design. It’s a two-party decentralized system that allows people to construct fault-proof sequences, which come into action and conduct the transaction on their own when the requirements are met.
It’s constructed in such a way that it’s very hard to hack into your contract unless there is some definite flaw in its structure. Even that is hard to miss nowadays, thanks to the second factor.
Secondly, they kept polishing the original formula all these years, instead of adding new features to it. Their commitment to preserving the ‘classic’ Ethereum led them to a logical condition where they simply get rid of the remaining bugs, improve the quality of life, and make sure you don’t have downtimes.
That’s why ETC is not vulnerable to attacks, and also why its value is more stable than you would think (it’s just a calm experience without any major incidents).
#3: Field for Experimentation
The good thing about having your entire system run on smart contracts is that you can actually do whatever you want with them. If you know something about the coding sequences, you’ll be able to construct a few contracts. Even if you don’t, there are still tons of templates, and the creation process isn’t really difficult.
The good thing about ETC is that your decision to invest in Classic allows you to create projects that run on this currency. The smart contracts can take any shape. For instance, you can tie it to a widget and have someone pay you money in the exact sequence you want them to, all in a perfectly decentralized and automated manner.
#4: Very Easy Mining
ETC developers did a lot to make sure the mining process on their network is extremely easy. They’ve removed many obstacles and constantly make sure there is no downtime, delays, or other technical issues that can reduce the mining efficiency of the users.
This fact correlates with another good aspect of this currency – the good value. Although not as valuable as some top crypto (like Bitcoin and Ethereum), each ETC coin is still worth about $60, as of August 2021.
What it means for you is that you can continue mining a reasonably valuable coin without worrying that it’s going to decrease in value or otherwise damage your own profits. Part of why Ethereum Classic is so successful is actually because of its association with Ethereum proper.
Whether they like it or not, part of their success is due to Ethereum. While Ethereum succeeds, so does Ethereum Classic.
The problem with some obscure coins is that you can’t always redeem them for fiat money on exchanges. Even Binance often lacks them as exchange options. Ethereum Classic, by comparison, is a rather old cryptocurrency. Moreover, it was introduced to many top-tier exchanges from the get-go.
It’s true – a lot of them backed Ethereum Classic in the first months of the fork. That doesn’t necessarily imply privilege, but it shows you that most proper exchanges have been working with ETC for a long time now, and others joined it later. They had a lot of time to do that.