How to buy and hold ETC with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for Ethereum Classic (ETC) storage
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Buy, Sell, Exchange Ethereum Classic (ETC) directly in the wallet
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Ethereum Classic (ETC) token
ETC token is the native currency and the gas fee for the Ethereum Classic blockchain.
About Ethereum Classic Network
Ethereum Classic was established in 2016 as a network for executing smart contracts without a central authority. It emerged as a hard fork split from Ethereum due to the hack that exploited the weaknesses of DAO, a smart contract on the blockchain.
After the split, this network adopted ETC as its native crypto. In 2017, ETC changed its monetary policy and implemented an approach that sets a maximum supply of 210,700,000 tokens and reduces miners’ rewards every five million blocks.
This move marked a notable shift from the original Ethereum monetary approach that has potentially unlimited token supply.
Ethereum Classic Use Cases
- Transaction Fees - Users pay transaction fees on the network using the ETC token.
- Block Reward - Miners on the Ethereum Classic network are rewarded with ETC tokens for ensuring the network's security. They receive 3.2 ETC for every block they mine
- Token Swaps - Holders can exchange ETC tokens for other digital currencies within crypto exchanges that support the blockchain
- As a payment method - ETC tokens serve as a means of payment on diverse trading platforms and crypto exchanges.
The ETC token has 143.20 million coins circulating out of a total supply of 210.7 million. It’s used for direct transactions between two parties and for building decentralized applications. Also, developers use the token to execute smart contracts on the network. But before buying this token, learn the technical details and understand all risks associated with this token.
The ETC token main holders include users on crypto platforms to buy and sell digital assets, and miners contributing to the network security. The token is available at a price of $20.05. It's influenced by competitive market forces, changes in demand, and attention from the media. However, never forget that the crypto market is volatile, and a drop in price could lead to financial losses.
This coin ranks among the top cryptocurrencies by market value but has scalability issues that affect its widespread adoption. Also, the token competes with other prominent digital assets like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Therefore, users must thoroughly understand the crypto environment before making investment decisions.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Buy ETC easily in the Wigwam app or crypto platforms like Binance and OKEx. They offer easy-to-use interfaces, and beginners can quickly create an account to purchase the coin.
ETC doesn't support staking because it uses a Proof-of-Work (PoW) algorithm. Instead of staking, miners secure the network and validate transactions through complex computations in this consensus mechanism and get ETC tokens as rewards. However, some exchanges propose to stake ETC for using these tokens in trading operations.
Many digital wallets, like Coinomi and Metamask, make adding ETC tokens seamless, but remember to add the Ethereum Classic blockchain first. Go to the official Chainlink website by typing "chainlink.org" in your web browser. Look for the search box, type "Ethereum Classic," and select it from the options, and connect your wallet. Once connected to the Ethereum Classic Mainnet, you can send tokens to your wallet.
In case you don't see the assets after sending, consider the manual approach. Start by clicking the “Add token” button in your wallet, type “ETC'' in the search, and select the result. Input your ETC token address, for example: 0x13cdee29cad8e11523095900e2195088ed6d02ad. Then, symbol: ETC and decimals: 18. Confirm and save the information. After completing these steps, the ETC token should be visible in your wallet.
The ETC token is volatile. Additionally, it competes with other digital assets. So, before investing, research the token thoroughly, understand regulations and market trends, and carefully consider the potential financial pitfalls.