Even if you already know how to buy Ethereum, you might not know how to go about buying Ethereum Classic (ETC). If you’re planning to buy Ethereum Classic for use or investment purposes, here’s a thorough guide on how to buy Ethereum Classic. However, before we delve into that, we need to first discuss what Ethereum Classic really is.
What is Ethereum Classic?
Ethereum is widely known as the most preferred blockchain ecosystem for a variety of use cases and it has held on to this position for a while. Now Ethereum is known for hosting Decentralized Autonomous Organizations or DAO that, despite their many benefits, were vulnerable to a major security flaw. Contradictions, conflicts and controversy within the Ethereum community triggered a hard fork and the purists who did not want to go ahead with the implementation of the hard fork held on to the original blockchain network, citing its inherent immutability as a reason for not abandoning it. The Ethereum blockchain that the purists held on to came to be known as the Ethereum Classic. The Ether token of Ethereum Classic is known as ETC in short.
Ways of Buying Ethereum Classic
There are two different ways in which you can buy Ethereum Classic. One is to buy it from an exchange and the other is to indirectly buy it using PayPal. Let’s have a detailed look at how you can use these methods.
Buying Ethereum Classic From An Exchange:
There are two types of exchanges that deal in ETC. One would include platforms such as eToro that do not give you actual ownership of ETC tokens. Instead, it only allows you to earn by speculating on the price of ETC. If you wish to purchase ETC directly from exchanges, you’ll find that plenty of cryptocurrency exchanges will offer you the option to buy from them. An exchange like Coinmama is perhaps the most popular way of buying ETC, as it allows one to make a purchase using one’s debit or credit card. Other exchanges also sell ETC, but don’t always offer the option of using a card. Instead, on an exchange like Poloniex, you will have to buy ETC in exchange for BTC or Bitcoin. If you deposit BTCs of an amount high enough to accommodate current market price of ETC and the number of ETC tokens you wish to buy, the requisite number of ETC tokens are immediately transferred to you. Another popular exchange to buy ETC from is Kraken.
Buying Ethereum Classic Using PayPal:
If you wish to use your PayPal balance to purchase ETC, you’ll have to take a slightly convoluted route. Since PayPal allows chargebacks and chargebacks can compromise the security of crypto transactions, PayPal does not ordinarily allow purchase of cryptocurrencies using it. However, if you know how to buy Bitcoin with PayPal, by using a loophole in the PayPal terms and with the help of VirWox, you can easily exchange that Bitcoin amount for ETC at Poloniex or a similar exchange. Services like Changex or LeoExchanger also exist that allow you to get ETC in exchange for PayPal payments but these are not the most reliable methods out there.
No matter what way you choose to buy your ETC, you must store them well and learn how to secure crypto wallets to make sure your hard-earned money and prized investments do not go to waste.