Ethereum Classic is both a cryptocurrency and a distributed computing platform built on blockchain technology. Ethereum Classic was created from a hard fork in the Ethereum blockchain, where the original blockchain was renamed Ethereum Classic and the new forked blockchain kept the original Ethereum name. Apart from Ethereum Classic’s functionality as a blockchain-based computing platform for decentralized applications, it also functions as a currency. The Ethereum Classic cryptocurrency, also called “classic ether”, is required to keep the Ethereum Classic network running, as well as to be used as a currency and can be stored and transferred between participants. Though it is still very early on in the cryptocurrency’s lifespan, there are some online businesses such as online trading brokerages who accept Ethereum Classic as a viable currency. This is because Ethereum Classic presents various transactional benefits to traders and consumers and is a viable alternative to the current fiat currency society uses today.show more
As with most cryptocurrencies, Ethereum Classic has yet to establish an official sign or symbol used to represent itself. It’s cousin blockchain, “Ethereum”, uses the “Ξ” symbol to represent itself, and Ethereum Classic’s symbol will likely be similar once it’s established. For now, the way Ethereum Classic is represented, is by it’s ticker symbol, (ETC). This ticker symbol is used on cryptocurrency exchanges, cryptocurrency wallets, and other crypto related services. The total number of Ethereum Classic coins in circulation are approximately 102,500,000 ETC, and the cryptocurrency has a market capitalization of over $1.5 billion.
Ethereum Classic is one of the better known cryptocurrencies and is supported by a large number of cryptocurrency exchanges. Therefore, it can easily be exchanged for both fiat currencies and other cryptocurrencies. As of now, the most popular Ethereum Classic trading pair is ETC/USDT, followed by ETC/BTC, ETC/ USD, ETC/ETH, and ETC/KRW. Ethereum Classic is exchangeable on the most popular and highly liquid cryptocurrency exchanges and therefore is an attractive cryptocurrency to own. In addition to exchanging Ethereum Classic on a cryptocurrency exchange, it can be exchanged via various traditional online trading brokerages. More and more traditional trading brokers are beginning to accept cryptocurrencies like Ethereum Classic as a viable method of deposit. Upon depositing ETC to a trading brokerage, the broker may exchange the ETC for their primary fiat currency and fund the traders account with fiat money.
People who hold and use Ethereum Classic do not use traditional means of storage and transaction methods for their funds. Ethereum Classic is held in what’s called a cryptocurrency wallet and can be transacted with anyone in the world, directly from the wallet. Users do not have to worry about the same fees and limitations traditional methods have. Ethereum Classic can be stored in online web-wallets, software desktop wallets, mobile software wallets, cold storage paper wallets, or hardware wallets. The latter of these methods is the best to use as it combines security and convenience.