The Ethereum Classic blockchain, much like Ethereum, features smart contract capabilities and support of decentralized applications dApps. Ethereum Classic is distinct because it still maintains the original Ethereum blockchain. When was Ethereum Classic launched? Ethereum Classic was born out of a hard fork following a major hack on the Ethereum blockchain that resulted in the loss of 3. Ethereum responded by updating the blockchain to remove the hacked transactions.
Many people within the original Ethereum community disagreed with this, which led to the fork, and Ethereum Classic was created using the unaltered Ethereum ledger. What is ETC? ETC is the native currency of the Ethereum Classic blockchain. The process of mining ETC is the same as mining cryptos using the proof of work consensus mechanism.
Ethereum Classic miners earn rewards paid in ETC, and these rewards are generated in the form of transaction and network fees, which are charged to users who transact using ETC or use the blockchain. Pros and cons of investing in ETC. Before investing in any cryptocurrency, it is always wise to consider the pros and cons, and this is no different for users seeking to invest in ETC. Ethereum Classic's native ETC has several pros and cons to consider before buying the dip.
Once the verification is completed, a welcome page will load, and you will be given the options through which you can either trade or purchase cryptocurrency. Even though phone verification is a secure option, the most preferred and secured method is to make use of the Google Authenticator.
Once downloaded and installed, either scan the QR code or type in the one-time, unique code provided to add your Binance account credentials onto Google Authenticator. Once completed, write down the back up key provided to recover your account on Google Authenticator in case you lose or misplace it.
In the final step, enter the 6-digit code which you will receive on your registered email address along with the Google verification code. Step 3 — Deposit funds Binance allows for the purchase of cryptocurrencies via fiat deposits as well as cryptos.
Copy the address or scan the address QR code from the wallet where you are depositing and follow further prompts. Kindly note that each network has its own set of network confirmations between 1 up to 15 confirmations before the deposit will be done.
For deposits in Fiat currencies , follow these steps: Select the deposit currency from the dropdown list. To gain access to more currencies, it is necessary to verify your identity and face. Select the payment method to be used, depending on the currency chosen.
Enter the deposit amount and any other details. Kindly note that the transaction fee will be displayed along with the balance after this is subtracted.
Should you buy Ethereum Classic?
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| Ethereum classic pros and cons | Despite all security measures in place, someone managed to hack into the Ethereum blockchain. When comparing the two market capitalizations of the two cryptos, ETH is the clear winner. Put simply, Ethereum Classic is a medium-risk investment with lots of potential rewards. They refuse to allow its forking. Is Ethereum Classic Mining Profitable? The smart contracts are contained within a distributed ledger or blockchain network. |
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| Ethereum classic pros and cons | 308 |
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| Ethereum classic pros and cons | Ethereum Classic is distinct because it still maintains the original Ethereum blockchain. It has no backward compatibility with Ethereum. This means that payments and transactions are executed without having to rely on costly third parties or restrictive governments. Therefore, it is a boon for beginners! Kindly note that the transaction fee will be displayed along with the balance after this is subtracted. Hence the more devs build on the network, the theoretically higher ETC will be valued. |
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Real Talk: Ethereum Classic $ETC! The GOOD \u0026 The BAD. No Shilling. No FUD.
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