Blockchain is an essential technology for reliable and clear business operations. Ethereum Classic comes into the picture to further enhance its workings by automating the whole process. Simply put, it is a blockchain platform that facilitates smart contracts for its users. These smart contracts automate the actions by blockchain.
So, after analyzing Ethereum Classic’s workings and features, Forbes Advisor India has put together a guide on how to buy Ethereum Classic (ETC), what it is, whether it is worth it, and much more.
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What is Ethereum Classic?
Ethereum Classic (ETC) is a popular open-source, decentralized, blockchain-based distributed cryptocurrency platform. It was established in 2016 after the decentralized autonomous organization (DAO) was hacked. This platform facilitates smart contracts through automated actions.
For example, Let’s assume that if one company wishes to sell an item for a specific price to another company, the smart contract would automate the payment and transfer of ownership without the need to trust that either company would fulfill its obligation.
Where To Buy Ethereum Classic (ETC)?
You can buy Ethereum Classic (ETC) through any cryptocurrency exchange available worldwide. However, we advise you to be aware of the history and the current exchange rate before buying it. This will provide you with more clarity regarding the purchasing decision.
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Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets
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How To Buy Ethereum Classic?
Note: In this guide, we’re using BuyUcoin, a crypto wallet and exchange platform from India, as an example to extrapolate the process of buying Ethereum Classic.
Step 1: Open the web browser on your laptop or PC, and Google “BuyUcoin.”
Step 2: In the top right corner of your screen, click “Sign Up” and enter your email or password, or you can use “Sign Up with Google” easily.
Step 3: Once you have completed the registration, you will need to go to your profile section and verify your email with a one-time password (OTP) or email verification link that has been sent to your email.
Step 4: When your email verification is done, you must verify your identity through know your customer (KYC). Click KYC > Start from your dashboard, read the document requirements, and click Continue.
Step 5: After clicking “Continue”, upload the required documents, such as your PAN and Aadhar cards, and fill in the required details. Finally, click on submit, and you’re done with your KYC.
Step 6: Use manual deposits to add your primary bank and UPI to your BuyUcoin wallet. To do this, click on the wallet and add the amount and valid UPI.
Step 7: Lastly, there are two primary ways to buy Ethereum Classic: the Spot market and EZ/OTC. EZ/OTC makes it easy to buy ETC. So, go for it.
Is Ethereum Classic (VET) Worth it?
Ethereum Classic’s worth totally depends on the buyer’s outlook, preferences, and risk-taking abilities. It also depends on the market’s performance. So, if you are looking to invest in this long-term, we advise you to keep track of the market for a considerable time before making this decision. Its future is bright only if the investors, traders, and users trust it, and it maintains its position.
Frequently Asked Questions (FAQs)
Will Ethereum Classic rise in 2024?
After analyzing Ethereum Classic’s past performance, it could be inferred that it is expected to rise in 2024 or at least stay in a similar position for a long time.
However, making any accurate future prediction for a crypto-based asset is impossible and unwise. If you’re looking to invest, thorough research and understanding of the risk involved should be your top priority before parking your funds.
Can I buy ETC via P2P trading?
Yes, you can buy ETC by P2P trading. To do this, you must first select your preferred advertiser with your ideal USDT price listed on the Bybit P2P platform. Later, you can proceed with the payment process.
Can I buy ETC with a debit or a credit card?
Yes, you can easily purchase ETC with your debit or credit card. To do this, you must first sign up for a Bybit account, or log in if you already have one. Then, you can easily buy stablecoins or BTC directly.
Which is the best crypto exchange to buy Ethereum Classic?
This is a subjective choice as many crypto exchange platforms exist, such as Binance, Coinbase Exchange, Bybit, and OKX. You can choose one based on your preferences.