A beginner’s guide to buying and selling Ethereum Classic in Australia.
Do you want to add Ethereum Classic (ETC) to your crypto portfolio?
Ethereum Classic is listed on a wide range of exchanges, so keep reading for step-by-step instructions on how to buy ETC with Australian dollars (AUD) or another cryptocurrency.
Skip ahead: What do you want to know?
Quick guide: How to buy Ethereum Classic in Australia
- Register for an account with an exchange like CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at the top of the screen.
- Search for Ethereum Classic and click on “Buy ETC”.
- Enter the amount of ETC you want to buy or the amount of AUD you want to spend.
- Review the transaction details.
- Click “Buy ETC”.
This is our quick guide to just one way to buy ETC. Compare some other options in the table below.
Where to buy Ethereum Classic in Australia
A step-by-step guide to buying Ethereum Classic
If you want to buy Ethereum Classic, there are two options to choose from:
- Buying Ethereum Classic with fiat currency, such as AUD
- Buying Ethereum Classic with another cryptocurrency, such as bitcoin (BTC) or Ethereum (ETH)
If you’re new to cryptocurrency, the quickest and easiest approach is to buy Ethereum Classic with Australian dollars. However, we’ve also included step-by-step instructions on exchanging another digital currency for Ethereum Classic if that’s your preferred option.
Buying Ethereum Classic with AUD
If you want to buy Ethereum Classic with Australian dollars, here’s an example of how you can do so via CoinSpot:
Buying Ethereum Classic with another cryptocurrency
You can also acquire Ethereum Classic using another cryptocurrency. Here’s an example of how you can buy Ethereum Classic on Binance:
How to sell Ethereum Classic
If you want to sell your Ethereum Classic tokens, the process you’ll need to follow is quite similar to the one described in step 4 above. However, rather than entering your transaction details in the “Buy” tab, you’ll obviously need to look for the “Sell” tab on your exchange’s trading interface.
It’s also worth pointing out that ETC is only listed in a limited range of trading pairs, so it may not be possible to immediately exchange your tokens for the currency you want to acquire.
Which wallets can I use to hold Ethereum Classic?
While you can store your ETC on an exchange if you wish, this is not usually recommended. Not only are exchanges regularly targeted by hackers and thieves, but you don’t have control over the private keys for your exchange wallet. As a result, moving your tokens into a private wallet is generally believed to be a much safer option.
The good news is that there’s plenty of choice when choosing a wallet to store Ethereum Classic. Options you may like to consider include:
- Hardware wallets like the Ledger Nano S and TREZOR
- Desktop wallets like Emerald, Exodus and Parity
- Mobile wallets like Coinomi and Trust
- Web wallets like ClassicEtherWallet and MyEtherWallet
Ethereum vs Ethereum ClassicEthereum is an open-source, decentralised platform designed to build and run highly complex smart contracts. Smart contracts are decentralised applications (dapps) that are made to run exactly as programmed without downtime or third-party interference, and Ethereum’s popularity has seen it become one of the world’s largest digital currencies.
But how is it related to Ethereum Classic? In June 2016, the decentralised autonomous organisation (DAO), a venture capital fund running on the Ethereum platform, was hacked and more than US$50 million was stolen. However, the Ethereum community was split on how to respond to the attack. They could either:
- Modify Ethereum’s code to revert the hack, which would return all the stolen ETH to its owners but fly in the face of one of the core principles of cryptocurrency: the immutability of the blockchain; or
- Do nothing and stick to the principle that “code is law” and that transactions are final
The majority of the community favoured the former option, so Ethereum underwent a hard fork to revert the hack. However, a smaller section of the community decided to keep the main code exactly as it was, with this currency soon coming to be known as Ethereum Classic.
How Ethereum Classic works
Ethereum Classic is the original Ethereum blockchain. It’s an open-source, peer-to-peer platform where developers can implement dapps and smart contracts.
Ethereum Classic’s native token (ETC) is used to fuel transactions on the network, which itself is underpinned by a couple of key principles:
- Immutability. ETC accounts cannot be modified by others and all transactions are final.
- Decentralised governance. The Ethereum Classic community is structured in such a way as to avoid centralised leadership, with the responsibility for development and discussion distributed among a range of parties.
What to consider before you buy Ethereum Classic
Not only are cryptocurrencies highly volatile, they’re also a lot more complicated than many people realise. There are multiple factors that can influence whether the price of a particular currency rises or falls, so it’s important that you research and understand those factors (as well as the risks involved in purchasing crypto) before you buy.
If you’re thinking of buying Ethereum Classic, consider the following factors:
- Supply. According to CoinMarketCap, at the time of writing (September 2018) the circulating supply of Ethereum Classic was 104,306,881 ETC.
- Inflationary. A proof-of-work currency, Ethereum Classic offers block rewards to miners. These block rewards will ensure that ETC is inflationary until the year 2025, when the maximum supply of coins will be capped at around 210 million (and no greater than 230 million).
- ETC use. ETC is the primary token of the Ethereum Classic platform and it is used to pay for computation on the network.
- Availability. ETC is widely available on several cryptocurrency exchanges and can be purchased with crypto or fiat currencies. This ease of access for new and experienced traders could help drive demand for Ethereum Classic.
- Future plans. In 2018, Ethereum Classic developers are working on the Emerald software development kit for the creation of dapps on the platform, as well as working towards introducing sidechains for increased scalability. Looking ahead to 2019, key milestones on the Ethereum Classic roadmap include:
- Scalability improvement and sharding (towards 1,000+ tx/sec)
- Light client for IoT (internet of things) and Mobile
- Interoperability with other blockchains
- Competition. Ethereum Classic is operating in a highly competitive space, and will need to do battle with the likes of NEO, Qtum, Lisk and of course Ethereum, the world’s second-largest cryptocurrency.
- Backing. Ethereum Classic is backed by a strong community and committed developers. While it faces an uphill battle to try and catch up to its better-known sibling, the team behind ETC appears to be prepared to settle in for the long haul.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.