Buy Ethereum Classic (ETC) in the Philippines
In 2008, someone (his identity has not yet been established) under the pseudonym Satoshi Nakamoto published on the Internet a protocol of a fundamentally new payment system: information in it is distributed through public channels, between computers united in a common network. At the same time, all these computers remain equal and jointly control the distribution of files. Such a database is called a blockchain. No outside interference is possible, all information is distributed in a distributed form throughout the entire network, and all client computers are busy constantly confirming the reliability of financial data.
Thus, digital currency came to the world. This currency is not monitored by the authorities.
Now cryptocurrency is very popular, many Internet users have also found ways to increase their capital with its help. At the moment, there is a huge amount of different electronic money, the system has become so commonplace that people who have nothing to do with it, still hear a lot about the types of digital means and their prevalence in the world.
Despite this, some newbie investors get confused when they start thinking about making money with digital finance. But as soon as they understand the simple system and essence, they easily increase their capital.
What is Ethereum Classic (ETC)?
ETC is a fork of the cryptocurrency, but despite this, it is known for its high profitability in the investment world.
Sometime in 2016, immediately after the release of ETC, this currency began to trade at a price of only 70 cents apiece, and after two years of successful existence in the digital market, ETC in January 2018 was already worth about $ 46.
ETC was created by a group of enthusiasts after a major hacker attack, during which millions of dollars were stolen in the form of the Ethereum digital currency. The attack itself occurred due to a vulnerability in the code of the smart contract on which the Ethereum project was created.
First of all, the Ethereum developers tracked down the hacker and froze his account with stolen digital funds, and in order to return everything to investors, they had to hard fork their digital currency ETH in order to roll back at the moment when the theft occurred.
However, not all members of the Ethereum team agreed with this decision, as it implied centralized intervention in the blockchain system code and substitution of the main idea of Ethereum about "complete decentralization of the system and non-intervention of people in the process of smart contracts."
After the final decision on the hard fork was made, the network split in two and a new digital asset called Ethereum Classic appeared.
Despite the fact that there is little trust in forks, ETC is in great demand among users and consistently helps investors to generate income. This already sounds like a reason to start investing in Ethereum Classic.
The development of Ethereum Classic was also influenced by the fact that this system retained the possibility of mining. And since the complexity of mining the asset was easier than that of the Ethereum currency, many miners around the world and individual mining pools preferred to mine this particular coin, and not its current competitor.
How does Ethereum Classic (ETC) work?
ETC can be thought of as a secure platform for building decentralized applications.
Despite the fact that ETC is almost a complete copy of the Ethereum digital asset, the digital currency has retained its original system code and has not been somehow changed by the developers. After all, this is the most important goal of the company, to be an independent platform that itself makes transactions based on smart contracts.
How to buy Ethereum Classic (ETC)?
Before a user thinks about how to buy Ethereum Classic in the Philippines, he needs to prepare a place to store it.
To store digital currency, there are crypto wallets.
A crypto wallet is a program that stores two codes, one is the address of a wallet in the blockchain network, the other is a private key. Thus, the unit of the digital currency itself is in the blockchain system, and the private key gives the owner the right to manage the asset and its disposal.
There are also several types of crypto wallets that are based on user preferences. For example, hot wallets are suitable for investors who actively use their digital money, while cold wallets are intended for long-term investors, that is, this is a long-term storage of an asset for the purpose of selling it in the distant future.
Before you start using one or another wallet, you need to make sure that it supports the selected digital asset. In the case of ETC, there are the most common wallets among users, such as:
1. Iq Wallet;
3. Trezor Wallet.
With their help, it will be easier and safer for the user to store their funds, thanks to an intuitive interface and an excellent security system.
When a user asks how to buy Ethereum Classic, the first thing he should pay attention to is the exchanges. Since the digital currency ETC is a fairly popular asset, a user can purchase it on many of the best cryptocurrency exchanges without any problems.
Crypto exchanges are among the most reliable platforms for buying ETC. Their system allows you to use all the functions, keeping users' data and funds safe. To start using this type of exchange, the user needs to register and go through verification.
There are the most popular exchanges, where the largest Ethereum Classic trading volumes in the digital market are observed, these are exchanges such as:
In addition to exchanges, online exchangers are also actively used to buy digital currency.
Technically, all exchange services are arranged in the same way, they differ only in the interface, conditions, and speed of work:
- The user creates an account, which will subsequently store information about all transactions. In some exchangers, the presence of an account gives you the right to receive a cumulative discount and other bonuses, but in fact, registration is considered optional.
- The user selects the direction of the transfer of funds and creates a request. At the same time, the current rate and information about the commission are displayed.
- The exchanger gives a certain amount of time (for example, 20 minutes) to pay for the application using the entered details. In this case, the rate is fixed and does not change during this period.
- In your personal account you can see the status of the application.
- The processing time depends on two main factors: the speed of the payment systems and the method of processing applications on the exchanger itself (it can be manual, semi-automatic or automatic). The third option is the fastest.
Online exchangers do not have such a good security system, which is why they rank next after exchanges.
How to Invest in Ethereum Classic (ETC)?
There are several ways to invest in Ethereum Classic in the Philippines. You need to understand each in order to choose a method suitable for a specific user.
When the price of the chosen digital currency rises from year to year, an investor may think about long-term investment, the meaning of which is to acquire a digital asset and wait until its price increases more than several times. The disadvantages of this investment are that not all users have enough patience to wait years for their profits.
This method is based on the acquisition of electronic currency and its long storage, in order to get the difference between the purchase and sale prices. This method is used by investors who have a good constant income and are ready to lose the invested amount if the expected price increase does not occur.
More often, users invest in Ethereum Classic using trading platforms. These are system software that gives the user access to the exchange. Such platforms are well equipped with security systems and have a large circle of users, since they have various assets, and not just electronic currencies, such as, for example: fiat money, precious metals, stocks, and so on.
The bottom line is to use the CFD function. The user, based on the market analysis, assumes the direction of price movement and, in the case of a correctly chosen direction, makes a profit. For example, if good news comes in related to the selected digital currency, and the user makes a purchase, then if the price rises, he receives the difference between the purchase price and the moment of growth, in which the transaction is closed.
This investment method is very popular because of its simplicity and great benefits. In fact, a user can open a huge number of such transactions and benefit from each one. It is only necessary to study some of the nuances in order to avoid the loss of funds due to inexperience.
Can you buy Ethereum Classic?
ETC can be purchased anywhere in the world, you just need to have access to the Internet.
Is Ethereum Classic a good buy?
Ethereum Classic has been in the top 10 digital currencies for a long time, which gives an understanding of the demand for the currency. And if there is demand, then the purchase will bring benefits.
Is Ethereum Classic a good long-term investment?
Any user can buy ETC and be sure that buying at the right moment will bring good benefits in the future.
Where can i buy Ethereum Classic?
You can buy ETC on a crypto exchange and using an online exchanger.
Why did Ethereum Classic (ETC) fall?
The price of any asset is constantly fluctuating, so sharp drops and increases in prices are normal phenomena that you can make good money on using CFDs.