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If you are smart and know how to keep your coin for a long time, you can be remarkably wealthy in a matter of a couple of years with Ethereum Classic. In this guide, we will tell you how you can buy Ethereum Classic securely and why there is a need for that.
What is cryptocurrency and what do you need to know about Ethereum Classic?
Cryptocurrency is a type of digital currency that only exists electronically. The well-known Crypto coins are Bitcoin and Ethereum while the others are constantly being added like ether classic. You often use your phone or computer to buy cryptocurrency from exchanges, peers or third-party applications.
The cryptocurrency started with the first Bitcoin, launched in January 2009. It needs to be clarified if it was launched by a computer programmer or a group of programmers. However, the pseudo responsible for creating Bitcoin is known as Satoshi Nakamoto. Now it’s been 14 years for Bitcoin.
History of Ethereum Classic – Is it worth your while?
Do you know that people often confuse Ethereum coins with Ethereum classics? But they are different. Let’s talk about it.
The symbol of Ethereum is (ETH) and Ethereum Classic is (ETC) and these are two different blockchain networks, having the same origin. ETC came into being after the DAO (decentralized autonomous organization attack) in 2016.
There used to be a DAO which was a smart contract-based investment fund that was on the Ethereum blockchain. In 2016, it was exploited and compromised and an amount of ether was stolen. What happened, as a result, was the real deal.
The community was torn into two directions. One was in favor of executing a hard fork which was a change in blockchain protocol to recover the stolen funds.
The other parts supported the community and Blockchain. The new blockchain became Ethereum and the original blockchain became Ethereum Classic. The latter believed in the power of the Code of law and the former was all about modification of Blockchain.
Why should you be concerned about the safety of Ethereum Classic while buying Crypto?
Crypto coins like ETC are highly volatile, and there are some security risks that you cannot take for granted. For instance
Legal complications
ETC still needs to be legal in many parts of the world. Some Middle Eastern countries are still handling the crypto regulations that are in place. These regulatory bodies do not allow people to transact with a debit or credit card.
Eventually, you have to buy it through a third party, and if you lose your money to a scammer, there is no way to get it back.
Crypto scams are common
The new age has new cons, and we can take the example of ETC in this regard. You may have received an email with a threat that somebody will reveal your compromising photos if you don’t pay a certain amount ETC.
Or you may receive a message where someone congratulates you for winning a rare NFT. At the same time, there is a possibility that someone is asking you to pay some fantasy broker. All these scams are very common, and we cannot close our eyes to them.
Crypto transactions are irreversible
We know that most cryptocurrencies use blockchain technology including ETC. Blockchain technology creates a public and editable secure ledger of transactions that has its own sets of benefits.
But it is also true that these transactions are generally irreversible. You cannot call any customer service agent if you made a Crypto transaction and it went wrong.
The bottom key is that these scams are very common, and it is important to buy Ethereum Classic secularly.
How to buy Ethereum Classic securely – Step-by-step guide
It is pretty simple to learn the ropes of buying ETC coins. Follow this guide and purchase the coins that can make you rich in the long run.
Choose a reputable crypto exchange
When we want to buy something, we go to the market, which is the case with cryptocurrencies. Technically cryptocurrency exchange is a platform where sellers and buyers meet to trade crypto coins ETC.
We can take the example of
These exchanges are very easy to operate and have a user-friendly interface. One nice tip is to choose a platform that allows fiat currency. This is your country’s currency, which you can use to buy ETC on these platforms.
There is one other option if you want to avoid having a difficult ETC beginning with an exchange. You can go for a broker that will set up everything for you, but it is important to note that they charge extra fees, and in the long run, if you are not careful, you can be scammed.
Creating and verifying your account
The second step after choosing a broker or exchange is to sign up to open a crypto account to get your ETC coins. You have to sign up to verify your identity, which is important to meet certain regulatory requirements and prevent fraud.
Almost on all legal platforms, it is only possible to buy cryptocurrency once you complete the verification process. The verification process may differ with certain exchanges. They may ask you to submit a copy of your driver’s license or password. Sometimes, they only ask you to upload a selfie or your CNIC.
Depositing cash to invest
Cryptocurrency exchanges are trading platforms that make use of investors. It is completely up to you to hold your ETC coins or to trade them. Nonetheless, in both cases, it is important to deposit cash to invest. Now here comes the tricky part. Only some countries have the regulatory authority to allow you to buy ETC with your credit or debit card.
But thankfully, we have exchanges like Binance that allow peer-to-peer options to get Ethereum Classic.
Place your order
After depositing the cash in your account, the next step is placing your first ETC order. You can buy it with a fiat currency first to convert it to crypto to buy Ethereum Classic.
Selecting a storage method
Cryptocurrency exchanges can be completely uncertain because there is always the possibility of them shutting down or getting into scams. Therefore it is important to have a secure storage place for your ETC.
You have three options when selecting a storage method for your Ethereum Classic.
- Leaving your ETC on the exchange
Every exchange has a crypto wallet attached to it. Some people do not feel the need to secure their ETC coins other than the exchange wallets. If you have no problem with the exchange, you can let your crypto coins stay there.
But if you want more security, you can transfer it to two types of wallets. Hot or cold.
- Leaving your ETC in hot wallets
The second option in the storage method is crypto wallets running on internet-connected devices and stored online. You can choose any hot wallet you like and transfer your ETC there. But hot wallets can be more volatile, and there can be the risk of theft or scams.
- Leaving your ETC in a cold wallet
This is the most secure option if you have ETC coins and want to keep them safe. Cold wallets are not connected to the internet, so they are safe for holding Crypto.
For instance, you can save your ETC on a USB drive, a hard drive that comes with a key code. But there is also the risk of losing your code and never getting your ETC back.
Because only three options are available, you have to choose the one that suits your liking.
Factors to take into consideration before buying Ethereum Classic
There are some tips to remember if you consider buying ETC.
- Do some market analysis – Don’t just go and buy your ETC coins just because everyone else is buying them. Do some market analysis and get to know if this is worth the investment and is aligned with your future goals or not.
- Go for a secure exchange or broker – It is important to go for a broker on an exchange that is transparent, trusted, and secure so you can execute your trades with security. Also, remember to only invest in something you are willing to lose because the crypto market can be very volatile.
- Use VPN – Do not risk going to a platform or exchange without the shield of a VPN. You can use secure VPN products to mitigate the risk of getting into phishing or scams.
The market value of Ethereum Classic
The coin is going strong at $18.26 and is expected to move forward with good returns. According to the long-term forecast, the price of ETC is expected to hit $20 by the middle of 2024.
Buying Ethereum Classic with PureSquare as your secure partner
- PureVPN is your Golden ticket to staying secure while having the luxury of purchasing Ethereum Classic.
- Same as this you can choose PureEncrypt because it offers brilliant encryption so you can secure your transactions efficiently.
- PureKeep is a password manager that provides a fantastic defense for your digital wallets.
Conclusion
Buying ETC is a nice way to see your financial portfolio grow in 2023. But we cannot be certain about the security of online exchanges or brokers. It is always a good idea to secure yourself while buying Crypto with PureVPN, PureEncrypt, and PureKeep. Stay safe.
Frequently Asked Questions
There are two options if you want to buy ETC securely. There are some popular exchanges like Binance and Gemini. Same as this, there are some suitable brokers as well.
Think about things like the exchange’s reputation, security features, user interface, custom support, and supported cryptocurrencies.
Make sure you enable two-factor authentication. Also, use a unique password with PureKeep.
Usually, you can choose between two types of wallets. One is a hot wallet, and the other is a cold wallet. At the same time, you can even leave your coins on the exchange itself. It is about your preference, and you can choose how you like.
PureVPN
July 13, 2023
10 months ago
