Ethereum Classic is a prototype of Ether blockchain. This is an open-source platform that allows decentralizes applications and features smart contracts. These are automatically-controlled contracts, which strengthen and ease the terms of the contract as it is.
In May 2016, the Decentralized Autonomous Organization (also referred to as the DAO) revolutionized Ether in order to change the idea of cryptocurrency and blockchain forever. Yet, in June 2016 one took away one-third of the DAO’s funds and moved to another account. This caused the split and Ethereum Classic was founded.
The market map value of the cryptocoin counts $24 billion at this date. On a worldwide scale, this is the second electronic currency by its expensiveness. Yet, as everything, the usage of ETC has its advantages and disadvantages. Let us observe them in details:
Buy Ethereum Classic with Other Cryptocoins
The principles of acquiring ETC are very simple and include various steps depending on the option you are eager to utilize. In fact, you need to remember only 3 things:
- get an ETC wallet
- procure the e-money
- withdraw them into your wallet
However, first, you should decide what banking method to use. Doing that is very simple if you select Bitcoin for that. Here is a short manual, including the information of how exactly you can do that. Once you already have BTC, all you need is just to go to any cryptocurrency exchange, otherwise…
STEP 1: BUY BTC
You can own BTC very fast when entering, for instance, CEX.IO. Here, you need a debit/credit card, using which you can transfer the needed sum and score the coins. This is not the only method, you can use any other site or source for purchases. The basic point is to get this or any other e-currency.
STEP 2: EXCHANGE
There are several world-wide services allowing people to turn one currency into another. We can offer you to use Changelly, Binance or GDAX (for US customers). All you need is just to visit the site and choose which cryptocurrency you plan to convert into Ethereum Classic.
Purchase ETC with Credit Card
Today, there exists another quick resource to get ETC easily. Using the most trading platforms, you can use Visa or MasterCard for the purchases.
Credit cards are one of the top payments, though, they usually include some extra usage terms, such as fees, limits and transaction time frames. Each case is unique and you should check out the terms of the appropriate service additionally.
When procuring Ethereum Classic thru the CC, you can face some conditions described below. And in case you have no possibility to modify the situation about duties, you are allowed to change the upper sum of transactions, increase it in the personal settings of your profile, and enjoy new rules.
|Card||Fees on purchasing||Deposit Limits|
|3.5% + $0.25||$1,000|
|3.5% + $0.25||$1,000|
Get Ethereum Classic with Wire Transfer
Not each tool allows people buy ETC using famous bank and wire transfers, such as SEPA, ACH, Swift and others. There is a chance to launch Coinbase.
This mechanism is permitted for people from Singapore, the United States, Europe (except for Germany), the United Kingdom, and Canada. At that rate, the taxes are going to be around 1.49% for each purchase.
In case you choose SEPA, the operation will be completed in 1-2 days, which is pretty fast in comparison with other mechanisms. Though, the service provides only Ethereum, and not the Classic one.
Another trading market is Kraken, that is popular among Europe. Some other options include Gemini, CEX IO, BitPanda, and more. One of the main privileges of such a method is the low customs and speed, cause sometimes you can acquire the digital coins with no tax at all.
Buy ETC with e-Wallets
E-wallets, such as PayPal and Giropay, are one of the most popular and widely-used payments. This is due to high quality, security and convenience of the usage.
That is why, a common question is how one can purchase ETC via the method. Well, unfortunately, this is not so easy and you should look for possible ways.
- buy bitcoins with the help of an e-wallet
- exchange BTC into ETC
There exist no provider where you can own ETC via an e-wallet directly. For this very purpose, you should get BTC on VirWox in the first place. And only having purchased it in such a manner, one can turn to an exchange stage and convert the online money into Ethereum Classic thru some appropriate services. We have already discussed this opportunity above (Changelly or Binance are at your service).
Purchase Ethereum Classic with Cash
If the popularity and convenience of P2P payments reached the point when people send their money in the form of electronic funds internationally, ETC is still bought only on special occasions.
That is why, buying the cryptocurrency with cash is a pretty usual practice, requiring certain steps. We have already described this option above, nothing has changed by now. First, you should use cash to purchase bitcoins thru the appropriate services. Only then, you can pick a portal described above, in order to convert the pennies.