What is Ethereum Classic (ETC)?

Ethereum Classic (ETC) is a hard fork of Ethereum that runs smart contracts. ETC is the native currency of the Ethereum Classic blockchain, which was established in 2016 by the founders of Ethereum, Vitalik Buterin and Gavin Wood.

A group named DAO used Ethereum to generate a venture capital fund that raised over $100 million by selling the ETH tokens. But millions of Ethereum tokens were stolen due to a bug in the currency whitepaper. To recover these tokens, most developers suggested the creation of a hard fork to reverse the hack. But a few who disapproved of this suggestion stayed on the existing platform and changed the name to Ethereum Classic.

It has a maximum supply of 230,000,000 ETC tokens, out of which approx. 134,450,524 are in circulation.

How does Ethereum Classic (ETC) work?

Ethereum Classic (ETC) has been one of the most popular hard forks in the crypto world. It works on a proof-of-work consensus mechanism where miners use computation power to mine blocks by solving a computation algorithm and validating transactions. ETC holders can send it to each user just like BTC and even use it to interact with applications on the Ethereum Classic network. It allows users to run smart contracts on its network but experiences a very low activity compared to Ethereum and other intelligent contract networks. Unlike Ethereum, which shifted to proof-of-stake in 2022, it will stick to the proof-of-work mechanism.

How to Buy Ethereum Classic (ETC) in India?

There are many platforms where you can invest and trade ETC in India.

One such platform is Flitpay. To buy ETC in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy ETC, and execute the ETC purchase.

You can instantly convert your INR to ETC and ETC to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After I Buy Ethereum Classic (ETC)?

ETC can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY.  You can also hold ETC till it reaches a high price and then can sell it through the Flitpay OTC order facility. Users can earn significant profit from buying it at a lower price and selling it at a higher price.

Besides that, ETC can also be used to pay gas-free for executing transactions and smart contract functions on the Ethereum Blockchain.

FAQs

What is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is the native currency of Ethereum Classic blockchain which was created as the hard fork of Ethereum in 2016. It works on a proof-of-work consensus mechanism and allows users to run smart contracts.

What is the Ethereum Classic (ETC) price in India?
Check out the current INR price of Ethereum Classic in India on Flitpay.

Which is the best platform to buy Ethereum Classic (ETC) in India?
The best crypto exchange to buy ETC or your favorite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

Is it safe to invest in Ethereum Classic (ETC) in India?
Yes, investing and trading in Ethereum Classic (ETC) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in ETC. It offers the most real-time prices and advanced investing features.

What are the Benefits of Ethereum Classic (ETC)?
One very big benefit of the Ethereum classic is that it allows the facilitation of smart contracts by offering the benefit of decentralized governance. These smart contracts can be used without any involvement of a third party.