Buy Ethereum Classic (ETC) in Kenya
Cryptocurrency is a digital currency protected by cryptographic technologies. These monetary units have no physical analogue, they exist only in the virtual space.
The term e-currency came into use after the publication of an article about bitcoin - a digital currency and payment system. Bitcoin is the brainchild of Satoshi Nakamoto, but what kind of person or group of people hides behind this pseudonym is still not known for certain. Nakamoto presented the concept of a decentralized payment system on October 31, 2008. Its main principles are: anonymity for all participants, protection against fraud and independence from regulatory organizations.
Digital currency differs from usual in two main parameters.
|Electronic money is not tied to any existing currency, nor to the price of oil, nor to any other asset.||Digital currency exists only in the digital space, it is stored in an electronic wallet.|
There are thousands of electronic coins. The boom in popularity of digital coins began three to four years after the appearance of Bitcoin. And now about 300 types of electronic coins are traded on the largest exchange.
Anyone who is advanced in technology can write their own digital coin, even a schoolboy. Electronic money is created on approximately the same principle by which programs are written.
The "finished" digital coin is listed on the exchange so that users can buy it. And the more a person buys a cryptocurrency, like Uniswap, the higher its rate will rise. In this regard, it can be said that the value of an electronic currency depends on demand.
Electronic money is bought by users who hope to make good money on its growth. For example, in 2014, bitcoin cost $ 100, and then it kept for a long time at a price not higher than $ 200, and now it costs more than $ 4.7 thousand.
Financiers call the purchase of digital currencies the most risky, but also the most profitable type of investment.
Each type of digital currency has its own characteristics, thanks to which users choose a certain currency and start investing in it.
What is Ethereum Classic (ETC)?
Over the past few years, crypto investors have been actively discussing and investing in forks of the two leading digital currencies - Bitcoin and Ethereum. While Bitcoin has dozens of forks, Ethereum doesn't have that many. Today we will consider the most promising fork - Ethereum Classic, in which the market indicator went up rapidly, and the coin itself entered the TOP-20.
A hard fork is when a digital currency system branches out and a new currency is formed. A hard fork implies a change in the consensus mechanism itself, in which case the entire network is divided into two parts that can never interact again. This is because blocks that are recognized as authentic in one part will not be considered as true in the other.
This is how Ethereum Classic was created, this digital currency is the most famous fork of all of its kind and is very popular in the digital money market.
Ethereum Classic continued the original blockchain and split from Ethereum in July 2016. It was assumed that the original blockchain would simply disappear after the fork, but mining and coin trading continued. ETC eventually appeared on the Poloniex exchange with a price tag of one-third of ETH.
The emergence of the ETC project is the result of the unshakable faith of its creators in the key principles of decentralization. The Ethereum Classic project symbolizes the importance of the substitutability of electronic money and the immutability of the blockchain.
The working mechanism of Ethereum Classic is almost identical to Ethereum - creating decentralized applications and writing smart contracts. Most users do not see any differences at all, but this is fundamentally not true.
First, the Ethereum Classic network is immutable. Users cannot edit data or modify the registry. Secondly, the network has a large bandwidth (25 t / s, Ethereum has 15t / s). Thirdly, you don't need a farm to mine coins, but simply a powerful computer with an expensive video card of the RX 470 level and higher.
The main advantages of Ethereum Classic:
- The project is truly decentralized and freely develops;
- Good conditions for mining;
- Throughput is 1.5 times better than that of Ethereum;
- High level of liquidity;
- Increased network security.
How does ETC work?
The Ethereum Classic fork algorithm is based on the Ethereum blockchain. This means that in addition to transferring the ETC currency, based on the virtual currency, it is possible to create your own digital assets (so-called tokens).
Blockchain is a continuous chain of transaction blocks distributed over the nodes of a decentralized network of client programs (wallets). Payment for confirming transactions, assembling blocks from them and calculating hash codes, using the method of mathematical calculation, is the coins of the classic ether, issued when a new block is generated.
Among other things, Ethereum Classic tokens can be mined, which also attracts the attention of users and makes the digital currency more attractive for investment.
How do I buy ETC?
There are several ways to buy Ethereum Classic in Kenya.
First, you can buy ETC on crypto exchanges. Perhaps this is the safest option for buying a token, but despite this, users use other methods as well.
To buy Ethereum Classic, you need to register on a crypto exchange of your choice. This process will take some time, but the user will be confident in the safety of the transactions.
The choice of an exchange before buying is just as important and the user will have to take this process seriously, because the security of his funds and personal data depends on it. There are several proven exchanges that have established themselves among investors and traders:
Before using a particular exchange, you need to do a little research to make sure that it fits all user requirements.
You can also purchase digital currency using online exchangers.
In e-currency exchangers, you can select the e-currency of interest to the user and the currency for which you can exchange. Not all exchangers can find a suitable option, so you should pay attention to this.
Further, having chosen the desired exchange direction, the user will need to fill out an exchange request. Before that, it is recommended to pay attention to the exchange rate and compare it with several exchangers. You also need to pay attention to the number of reserves so that the exchanger has enough funds to transfer. After that, it is important to find out in what mode the exchanger works, because if this is a manual mode, then when filling out an application at night, the withdrawal of funds, most likely, will only be on the morning of the next day. It is best to choose an automatic exchanger, as the speed of transfers is higher.
To choose an exchanger, the best way to compare services and get to know all the parameters and reviews are monitoring exchangers, which can be found on the Internet.
These are independent sites that publish rates, reserves, opening hours, exchange method, as well as independent reviews.
It is recommended to choose a site with a period of operation of 1 year, and also take into account bad reviews, and their ratio to the number of good ones.
You can buy ETC using the exchanger without registration, so if the user urgently needs one or another currency, this is the best option.
Where to store ETC?
When the question of buying Ethereum Classic arises, first of all, the user needs to think about where to store it.
Since digital currencies do not have a physical body, there are online wallets for them. The most popular are:
• Iq Wallet;
They have proven themselves among many users and are reliable storage systems.
How to invest in Ethereum Classic?
There are two popular ways to invest in Ethereum Classic in Kenya. Their difference is only in the time spent on making a profit.
The first way, the so-called long-term investment. Using it, the user acquires digital money and forgets about it for a long time. Thus, he waits until the price of the coin rises many times, exceeding the price of his own purchase. The obvious disadvantage of such an investment is in the expectation of a long amount of time.
The next way to invest in Ethereum Classic is very popular among investors and traders as it brings quick and everyday income. This method is called CFD. Its essence lies in making a profit from constant fluctuations in the price of assets and predicting the direction of price movement.
In another way it is called: contact for price difference. The idea is as follows: the investor knows that the price continues to move up and opens a buy deal, while the price rises, the user's profit increases. The main thing is to have time to close the deal before the price starts to fall. The same thing happens during the sale. The user enters the sale of an asset and while the price falls, his profit increases, the deal needs to be closed until the price starts to rise.
Is Ethereum Classic a good buy?
Since now ETC has a good stable position among all other currencies, buying ETC is a good investment.
Where can I buy Ethereum Classic?
Tokens of this digital currency can be purchased on crypto-exchanges, as well as using online exchangers.
How to buy Ethereum Classic in Kenya?
To buy Ethereum Classic in Kenya, you only need Internet access.
Why is the Ethereum Classic (ETC) price constantly fluctuating?
In the world of electronic money, this is a normal phenomenon that allows investors and traders to make money with CFDs.