Ethereum vs Ethereum Classic
Nobody has ever accused the cryptocurrency market of being simple. Besides mountains of highly technical information obfuscating the finer details of all sorts of online currencies and the fact that buying coins is often a chore that requires a high-level computer security for larger purposes, the market doesn’t really go out of its way to hold investors’ hands.
Another great example: Both Ethereum and Ethereum Classic are two separate cryptocurrencies available to be bought and sold. You’ve probably heard of ETH, but things like Ethereum Classic mining, where to buy Ethereum Classic, and the Ethereum Classic price are not as commonly disseminated and talked about. So in this piece, we’ll tackle the ETC vs ETH dichotomy and what these two different versions of the cryptocurrency really represent. And of course, we’ll touch on ETC price predictions.
There’s a lot of technical lingo and geek-talk that I’ll spare you, but the long and short of it is that a major hack took place, abusing the Decentralized Autonomous Organization—a venture capital fund of sorts that operated within Ethereum and allowed investors to choose which decentralized apps would or wouldn’t be allowed to run within the system.
The hack stole about $50.0 million, abusing a loophole in the system, which prompted a major change and divided the community.
You see, these cryptocurrency folk can be a strange bunch. To investors, Ethereum, Bitcoin, and the like represent ways to make money. To users, they are the future of payment and e-commerce. But to a significant faction within the cryptocurrency community, these coins represent more than just tools or investments—they represent an ideology. That ideology being that these cryptocurrencies are meant to be decentralized and therefore should not be altered by any sort of authority group.
Of course, controlling members within the community wanted the update to come in and fix the system, which then prompted the divide as a result of what is called a “hard fork,” where the old system and the new system were not compatible.
Basically, the purists who didn’t want to see the authority figures update the system formed a splinter cryptocurrency, called Ethereum classic.
This led to the establishment of ETC vs ETH and brought us to where we are today, with two separate coins sharing a name but being very different investment opportunities.
Ethereum Classic Price
With the primer done away with now, let’s take a look at the details of Ethereum Classic.
First of all, the Ethereum Classic price has experienced its own sort of meteoric rise comparable to the ETH gains that have taken place over the past year or so.
While ETH skyrocketed from around $10.00 a coin to over $400.00 a unit at its peak (before falling back to the current level of $230.00), the Ethereum Classic price shot up from below a dollar to its current price of $16.37 in a few short months. Which is good news for Ethereum classic price predictions.
Data courtesy of CoinMarketCap
Naturally, this type of massive gain has drawn the attention of investors, much in the same way that Ethereum has become something of a darling in the cryptocurrency market.
With the amount of volatility, buzz, and hype surrounding the market in general, there’s a good chance that these prices will not remain static or proceed along any manner of predictable track. I imagine that ETH and ETC will be experiencing wild swings in both directions for some time yet as investors still attempt to figure out the cryptocurrency market, while consumers and businesses continue to either integrate these currencies in as payment or eschew them in favor of traditional money.
Which isn’t to say that the Ethereum Classic price will mirror the Ethereum price and vice versa. Besides sharing a name, and perhaps feeding off each other’s momentum, there is a good chance that one could split in one direction independent of the other, even if they have followed each other in terms of price for the past year or so.
For instance, a big update is coming to ETH that could dramatically change the landscape of the cryptocurrency market. Ethereum is looking to change the way mining takes place, switching from a proof-of-work model to a proof-of-stake model. Which is to say that it will upend the way mining is handled, rewarding present third-party agents in a transaction versus having a bunch of high-powered computers vie to be the first ones to solve a complex set of math problems and reap the coin rewards.
Data courtesy of CoinMarketCap
If the proof-of-stake turns out to be the future of cryptocurrencies and blows the older models out of the water, expect ETH to take off while the Ethereum Classic price will likely not see a benefit from this innovation, and may in fact be hurt by its reliance on an old-school model.
So while the two share a name, they are by no means intrinsically linked, so investing in one or the other may yield different results down the line.
Where to Buy Ethereum Classic
Like many other cryptocurrencies, there are a number of brokers willing to sell you ETC. Of course, you still need to go through the same process of having a digital wallet able to hold the coins and be sure that you can store in them in a safe location free from hacking, but it’s not all that different from purchasing a Bitcoin or regular Ethereum.
One of the key differences in the ETC vs ETH debate is of course that ETC is cut off from any and all updates that affect ETH. As I mentioned earlier, the Ethereum Classic mining situation is, well, classic. It does not reinvent the wheel and follows a similar process to many other cryptocurrencies on the market.
Ethereum, of course, is famously trying to innovate on its mining system as I mentioned above, and as such, the gap between ETH and ETC, including how you purchase these coins or mine them, is only going to continue to grow.
Ethereum Classic Wallet
Like other cryptocurrencies, you need a digital Ethereum Classic wallet in order to store these coins and buy and trade them as you see fit.
This is all par for the course and is one of the many ways that Ethereum Classic resembles Ethereum in its processes.
ETC vs ETH Conclusion
So where does that leave us with the two Ethereums?
This isn’t as cut and dry as “Coke” and “Coke Classic,” for those that remember the amazing failure of a product campaign that new Coke turned out to be.
Trying to say one is superior to the other would require knowledge of the future, although projections can inform your decision.
For instance, ETH is quite widely regarded as being an innovative and strong player in the cryptocurrency market. As such, it gets a lot of media attention and hype builds around such a focus. In fact, many believe that Ethereum has the ability to challenge Bitcoin’s dominance as top dog in the cryptocurrency market.
But with the attempt at innovation comes risk, and those are risks you may not be willing to take on. In which case, ETC may be the more stable bet, albeit stability in the cryptocurrency market is a lauded term to begin with.
Besides, most people are playing the cryptocurrency market due to the volatility and the potential for huge gains in relatively short amounts of time.
If you look at ETH and you believe in its novel approach to mining and potentially other ways of modifying its coins to differentiate itself from the competitors, then going for ETH may be the best bet for you.
If, by contrast, you think that ETH has too much on its plate as is, the technological upgrade is a mistake, or that the currency is simply not one you’d like to invest in, then ETC provides a strong alternative. After all, with ETC you gain the advantage of being able to the play the market while also not having to have hundreds or thousands of dollars in your possession in order to purchase a few coins.
The lower Ethereum Classic price may entice investors due to its lower barrier to entry and its otherwise similarities to the original ETH.
If you were to ask me straight up which one I would choose—Ethereum vs Ethereum Classic—I would have to err on the side of ETH.
Ethereum has people buzzing about its future technology and the future of the cryptocurrency once it begins updating its system.
By contrast, Ethereum Classic is a much less celebrated currency, one among hundreds. That doesn’t mean the Ethereum classic price predictions are dire by any stretch, but the cryptocurrency doesn’t have the innovative spirit that may drive ETH to the number one cryptocurrency in the world.
So if volatility and massive gains are the way to go, investors can’t really ride the wave of volatility better than by investing in ETH with the belief that its new mining systems will radically alter the cryptocurrency market and therefore benefit the Ethereum price prediction.