What’s The Difference Between Ethereum and Ethereum Classic

Cryptocurrencies are said to be the future of finances, and more and more people are choosing to invest in them. When they first appeared on the market, more than a decade ago, people didn’t know how to use them, and they wanted to steer away from the unknown. Now, we know about all the benefits and risks that come with them, and we choose to go with them, use them as much as we can, and make profits on our way.

There are more than four thousand different types of crypto coins, and some are far more popular than others. As you already know, one of the top ones that have been getting more famous by the day is Ethereum. In this article, we are going to tell you more about the difference between ETH and Ethereum classic, why people choose one over the other, and what you should know about both before you choose to invest or mine them.

ETH basics

Source: pexels.com

Let’s first start with the basics of the popular Ethereum, and what you need to know about it before you choose to mine it. This is a public and open-source platform that is built to help users with fast and secure transactions in a smart and easy way.

By definition, this is a global network that is made to create decentralized applications. This means that you can take away any third-party solution to help you with your transactions, and you can just rely on one platform for any financial decisions you want to make. The reason why people choose to do this over the currently traditional payment means is that the crypto coins are far safer, more secure, and easier to use.

See also  10 Signs You Are Overpaying For Your Web Hosting Services

The way this works is that the more people invest in this crypto, and the more people choose to collaborate with miners, the bigger the value of the coin is going to be. With time, the value of it can get extremely high, and you can easily make tens of thousands of dollars profit.

Ethereum is a great choice for both experienced traders, and those who are just setting their foot in the crypto market. The value of the coin changes daily, and the current price is around 2500 dollars per one Ether.

ETC basics

Source: cryptocurrencynewsroom.com

Now that you know more about ETH and how it is used, let’s talk more about the original version of this blockchain. As the name suggests, this is the classic version of the popular currency, and it was created to provide better protection and better services for the customers.

On websites like vintaytime.com, you can see that this decentralized platform can be extremely precise when it comes to downtime, censorship, and involvement of third-party services.

The reason why this platform was built was that Ethereum was hacked about five years ago, and at that time, more than 3.5 million cryptos were stolen from the users. This lead to difficulties in the platform and a better and more secure solution was needed to provide protection and prevention from any attackers.

The development of this blockchain was extremely fast, and the updates have been constant. It is said that this platform will surpass ETH and that ETC is the future of Ether. However, there are still things that need to be perfected, as this crypto has been hacked several times since its publishing, and users are still facing some issues when it comes to transactions.

See also  6 Most Common Legal Issues Related To International Trade

Since it is still a relatively new blockchain, the value of it is much smaller than the popular version of Ethereum, and currently, it is valued at about 60 dollars per one ETC.

Key differences

Source: trading-education.com

When it comes to similarities and differences, you should know that both of these platforms are decentralized, and they are both being upgraded, changed, and made better by the day. Even though they started as the same platform, they are currently different and separate blockchains. The fact that you own one of them does not mean that you have them both, and even though they share the same name does not mean that they have the same value, background, or features.

Both of the coins are raising in value daily, however, ETH has had a lot of ups and downs, especially in the past few months. It reached almost 4 thousand dollars per one Ether, and then it fell down to two thousand. It is said that it should reach a value of north of 3500 dollars per coin as soon as the market stabilizes.

When it comes to the classic version, it peaked when it got to almost 200 dollars per coin, and then its value drastically decreased. However, experts suggest that as soon as the market cools off and bounces, it should reach a value of 100 dollars per ETC.

Ever since the main hack of the Ethereum platform, users have been more inclined to the classic version, and it is said that more funds are put to create a better and more secure platform that will satisfy the demands of every user. Both cryptos use similar technology that is based on the popular Bitcoin and things are constantly getting improved to create a faster and better solution for both miners and investors.

See also  Influence of Cryptocurrencies on the Global Financial Market - 2024 Guide

As you can see, both of these platforms started from the same company, and the core values are extremely similar. Currently, the biggest difference is the price tag, and some users choose to go with the more expensive option since it has more potential to bring profits, while others want to make a smart investment, buy the ETC coin while it is still affordable, and wait for a couple of years until they can make a lot of profits from it.

The ideology is another main difference between these blockchains, and the classic version is said to be more invested in keeping the original features and code, while the other is set to create new possibilities without necessarily sticking to the code of the original platform. Both are a great investment option, so if you choose to mine or purchase them, you should find a good platform, and make sure you learn from experienced people who have the needed skills and knowledge when it comes to trading.