The path of the crypto enthusiast, whether they are from the United Kingdom or elsewhere, is pretty similar. After the first acquaintance with the industry - and its leading whale, Bitcoin - a person begins to look closely at other assets available for purchase. Usually, their attention focuses on some of the most popular altcoins, among which Ethereum Classic will surely be.
In order to save you both time and money, in this article, we will find out whether it is worth considering this asset, and consider a simple and convenient option for its purchase. Moreover, we’ll take a look at how to buy ETC, especially in the UK.
What is Ethereum Classic?
Since its inception, Ethereum Classic, or simply ETC, has firmly established itself among the most popular cryptocurrencies. If you are familiar with the crypto-market, the word Ethereum in the title should not confuse you. Indeed, Ethereum and Ethereum Classic are relative altcoins with their own set of differences. The fact is that Ethereum Classic itself is the original open-source code of the Ethereum, which existed before 2016.“Then why does it exist as a separate coin?”, you may ask.
Everything happened in 2016 due to the hack of The DAO project, created on the Ethereum blockchain. The hackers managed to steal an impressive amount of money from the users of the project, which is why the Ethereum management decided to change the blockchain of the coin and return the stolen assets to their rightful owners. Some of the community’s supporters considered this move to be incorrect because one of the principles of the blockchain states that the chain should remain unchanged and, accordingly, safe.
As a result, there was a separation of the Ethereum blockchain itself, as it underwent a division, or the so-called hardfork. From that moment, two independent projects appeared on the market – Ethereum Classic and Ethereum. As you understand, the adherents of the classic variant remained on the old version and declared their principles. This is an ideology according to which the Ethereum Classic code should be freely available and protected from any censorship. The basic rules are expressed as follows:
Decentralized. Open and welcoming grassroots community.
Immutable. Ledger remains untampered since it's 2015 inception.
Unstoppable. Neutral platform where contracts are honored forever.
Speaking from a solely technical point of view, ETC is a platform with a transparent and understandable economy. It supports smart contracts (an agreement under the regulation and control of special software), the ability to create your own tokens and on-top blockchain projects, as well as support for the Solidity programming language.
Is it possible to buy Ethereum Classic (ETC) with bitFlyer?
The main question is how to buy Ethereum Classic from here in the UK? With bitFlyer, this can be done in just a few clicks. Registration on bitFlyer is free and takes little time. However, keep in mind that one of the strengths of our exchange is security, so the newly created account will have to be filled, set up with two-factor authentication, and the user will have to go through the KYC (Know Your Customer) policy.
As soon as the account is verified, the user simply needs to fund their trading account, select the altcoin market and Ethereum Classic, and then place an order.
Note that our Buy/Sell platform does not work through a peer-to-peer transaction, but rather sells assets directly to users, so the Ethereum Classic value or price of your order will be determined based on the current average market price for Ethereum Classic.
Select your preferred payment method
Since you are looking into purchasing Ethereum Classic in the United Kingdom, the main fiat currency of your account will be the Euro. Fiat money can be deposited to the exchange through wire transfer (this procedure will take a bit of time) to fund your account.
If you are more comfortable using a credit or debit card to buy Ethereum Classic, you can use the Instant Buy functionality. Additionally, if you prefer to use a third-party service for online banking and transfers, bitFlyer allows you to buy Ethereum Classic using solutions such as Sofort, Ideal, or Giropay.
Finally, if you are an experienced player on the crypto market with some amount of crypto-assets, they can also be a means of funding your account. At the moment, the exchange platform supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monacoin and Lisk.
Your bitFlyer wallet
A trading account isn't usually considered to be the most reliable place to store cryptocurrency. However, this rule doesn't apply to bitFlyer. In this case, maximum emphasis is put on the security of the user's funds, so your account could be used as an Ethereum Classic wallet.
80% of cryptocurrencies are stored in cold wallets, and all the data associated with the user is encrypted. Our platform uses the same encryption as financial institutions. Moreover, the exchange uses the SHA-2 function, which improves the security of the platform, so your Ethereum Classic investment will be completely safe.
bitFlyer is among the most reputable cryptocurrency platforms available. It is licensed and regulated by the Japanese Financial Services Agency (JFSA) and has an annual transaction volume surpassing $250 billion. Moreover, in addition to the high-level security that we discussed in the previous section, several key points are usually highlighted among the strengths of this platform:
- Convenience. Starting from a comprehensive level of support, including detailed guides, instructions, and staff ready to answer all users’ questions. Ending with a well thought-out platform architecture that's easy to understand for both novice users and market professionals.
- Licensed to operate in Europe and the US. The headquarters for European users, including British nationals, is in Luxembourg. The exchange itself has a complete set of all regulatory documents and thus is ready to fulfil all necessary obligations for its users.
- Proven track record. bitFlyer uses multi-signature authentication, the latest Bitcoin security technology, AML (Anti-Money Laundering) and KYC (Know Your Customer) identification, cold storage, and the most secure operating systems available, which are regularly tested and updated.
What to do with your Ethereum Classic?
Ultimately it’s your choice, but, you can still buy more, sell it for euros, trade them for other cryptos, send some to your friends, using it as payment... Or you can simply hold on to it. As the history of this altcoin shows, at some stages of development, its holders were able to increase their capital by almost 60 times by simply holding an asset in their wallets. This happened due to a variety of factors: the authority of development teams that work on Ethereum Classic, the ideology and commitment of a fairly wide range of crypto enthusiasts, and, of course, the technology itself.