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Ethereum Classic (ETC) is an Ethereum hard fork which contains the unaltered history of the original Ethereum chain — and like Ethereum, ETC's blockchain runs smart contracts in a trustless environment.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Where to buy Ethereum Classic in Australia
ETC is available on a number of popular cryptocurrency exchanges, including:
A step-by-step guide to buying Ethereum Classic
Here's how to buy ETC:
Step 1: Create an account on a crypto exchange that allows you to trade ETC
Depending on what exchange you choose, ETC can be traded with AUD or a different crypto like BTC, ETH, etc. You'll need to provide your email address and create an account with a password — be sure to setup 2-factor authentication if possible for added security. Jump to exchanges that support ETC.
Step 2. Deposit funds into your account
Whether you're depositing fiat or crypto to buy ETC, the exact process for purchasing your coins will vary slightly between exchanges. You'll most likely need to provide proof of identification, as many exchanges have KYC/AML rules they have to follow.
Step 3. Buying ETC
The final step is to trade your chosen currency for ETC on the exchange you picked. Doublecheck fees and rates and make sure you're comfortable with the amount of ETC you're buying.
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:
Ethereum 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.
If you’re thinking of buying Ethereum Classic, consider the following factors:
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.
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.
No, there is currently no easy way to buy Ethereum Classic with AUD via PayPal in Australia.
Yes, as of August 2018, Australian customers can buy Ethereum Classic on Coinbase with a credit or debit card.
Yes, it is possible to buy Ethereum Classic without ID verification. For example, Bitfinex users can deposit, trade and withdraw cryptocurrencies (but not fiat currencies) without verifying their ID, while many decentralised exchanges don’t require you to provide any personal details before you start trading.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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