Buy Ethereum Classic (ETC) in Somalia
Cryptocurrency is virtual money, payments which take place in a decentralized (uncontrolled) system. But if you take a closer look at the concept, then this is the result of computer calculations; electronic registers storing information about how much electronic money the user has and where he transfers it.
Today, digital currencies are gradually becoming a serious competitor to the traditional financial system. Ordinary modern money issued by central banks is not backed by gold or other precious metals.
Central banks do not control the exchange rate of national currencies, but they can influence the amount of money in circulation and other parameters. Digital currency, in comparison with fiat currencies, is transparent, and its quantity is limited by mathematical formulas, and not by the interests of states.
Usually, in order to transfer money from one person to another, an intermediary is needed. Things are different with electronic money. Digital money is built on a blockchain system - a chain of information blocks. They are used to transfer digital money from person to person without an intermediary.
Development of decentralized financial instruments, applications, creation of smart contracts is a promising and rapidly growing area. Many blockchain projects are open source. Not all of them offer programmers a variety of tools and libraries. Classic Ether aims to create a comfortable environment and an active developer community.
What is Ethereum Classic (ETC)?
Ether Classic is a public decentralized blockchain platform that supports smart contracts. The project is based on its own cryptocurrency.
The environment is intended for free development of applications and services. It allows users to manage digital assets without intermediaries in the form of banks and financial institutions, and programmers to create and implement smart contracts protected from censorship.
In August 2016, it was officially announced that at block 1,920,000 individuals united to support and continue the operation of the original Ether blockchain. Their basic principles:
- Freedom from censorship and fraud.
- 100% invariability.
- Non-interference of third parties.
- Lack of centralization.
In fact, the Classic version is the blockchain, as close as possible to the original developed by Vitalik Buterin. Ethereum (with the ETH token) is it's hard fork, that is, a modified version.
A hard fork is such a large fork of the blockchain with the introduction of global changes to the protocol that a new chain appears as a result.
To understand why it was created and why ETC still functions on a par with ETH, it is important to know the background:
|April 2016||Slock IT announced crowdfunding (fundraising) for the launch of DAO - a decentralized organization that offers a new innovative form of investment.|
|May 2016||The platform was launched and started working on the basis of the Ethereum blockchain and its smart contract system. But the development team ignored the discovered critical vulnerability in the project's code.|
|June 2016||A hacker attack was carried out, as a result of which about 11 million ETH were lost.|
|July 2016||The Ethereum Foundation (a non-profit organization that includes the development group that was at the heart of Ethereum) intervened in the network. As a result, changes were made to bring the blockchain back to its pre-attack state.|
The Ethereum Foundation was confident that the old chain would die after the hard fork. But that was a mistake. The old chain was supported by a group of enthusiasts. But enthusiasts intervened and tried to restore the unmodified client to the hard fork.
Then the Poloniex crypto exchange announced the placement of the unmodified chain and its tokens, the ETC cryptocurrency.
This is how the names of the network and coins appeared (another name that began to appear was Ether Сlassic). For each ETH, token holders received ETC (1 to 1 ratio). However, the price of the new altcoin quickly collapsed, which is not uncommon in the digital coin market. All users began to massively sell their digital currency ETC.
Like any digital currency, Ethereum Classic has its own characteristics:
|Lack of a governing body||The registry stores all information since 2015||Contracts are executed as they were programmed. External edits are excluded|
How to buy Ethereum Classic (ETC)
How to buy Ethereum Classic in Somalia? Now, receiving electronic money is not a difficult task for users of different countries. All the user needs is Internet access.
But before asking the question of How to buy Ethereum Classic, the user needs to think about where to store ETC. Since electronic money has no physical form, it is stored in special crypto wallets.
A crypto wallet is a way of storing a secret key for accessing digital currency, but it is always stored in the blockchain.
The wallet chosen by the user must meet his requirements in terms of convenience and practicality. This aspect is very important, because you will be using the wallet to save your funds, and not lose them.
This is a cold storage wallet with hot wallet functions, is easy to use and allows not only storing user assets, but also purchasing new ones, as one of the functions is a built-in crypto exchange.
It is a multicurrency wallet capable of receiving, sending, storing and exchanging cryptocurrencies.
Coinpayments supports more than 90 altcoins and this number is growing every day. The wallet has a function that allows the automatic exchange of coins from one cryptocurrency to another.
How to Invest in Ethereum Classic (ETC)?
There are several ways to buy ETC, it is worth disassembling each, knowing about the positive and negative sides, so that the user can, based on their preferences, choose a more suitable method.
The first on the list will be a crypto exchange. This is an electronic platform where electronic money is traded. The advantages of using a crypto exchange are the increased security of all trading operations and the protection of user data. The disadvantages of using such an exchange are not at all significant and it is a long registration and verification.
The most popular exchanges for buying ETC are:
In addition to special exchanges, you can use online exchangers. Online e-money exchangers are now increasingly used in the daily life of Internet users. Their popularity is due to their advantages, but as elsewhere, they have some disadvantages.
This simple procedure will optimize your search, because the specialists of the monitoring portal have already found everything for you and have selected several optimal exchange rates. Also, the choice provided by the system helps the user to choose the most favorable exchange rate from those provided, which suits him.
Sometimes e-currency exchangers charge additional commissions for carrying out exchange operations, but this can be avoided if you carefully study the information about the e-currency exchange service on the monitoring portal. Also, to use the services of the exchanger, you do not need to register, so all trading processes are not entirely safe.
To invest in Ethereum Classic in Somalia, the user can simply buy ETC and wait until the price of one coin rises. This type of investment is mainly occupied by large, long-term investors, but it is not suitable for everyone.
Most often, users use trading platforms and use the CFD method.
An electronic trading platform is a software and hardware system that provides interaction between the seller and the buyer through electronic communication channels.
Registration and verification are required on the trading platform, but this also guarantees the safety of user data. As a rule, sites need to make a small initial deposit.
The essence of the CFD method lies in the difference between the purchase and sale prices of assets. This method is considered to be the most profitable in the world of investing. Many traders study the market more deeply and extensively in order to expand their income with the help of various assets.
If you understand CFDs in more detail, then a trader, for example, assumes that the price of an asset will rise and therefore opens a buy deal, if the price rises, the user receives the price difference at the time of opening a deal and closing it. It works the same way in the opposite direction, when the price falls.
There are many different ways to predict the direction of an asset's price movement, such as:
- Positive or negative news;
- Indicators of technical analysis;
- Estimation of the price movement schedule;
QUESTIONS AND ANSWERS:
Can you buy Ethereum Classic?
The user can buy ETC on the exchange or using the online exchanger, the method should be chosen according to personal preferences.
Is Ethereum Classic a good long-term investment?
ETC is confidently holding itself in the top 10 digital currencies, like any altcoin, the currency has its ups and downs. The best solution would be to conduct a fundamental analysis of this cryptocurrency and decide on the type of investment.
How to buy Ethereum Classic in Somalia?
The user of each country can purchase absolutely any digital currency; he only needs access to the Internet and a crypto wallet.
Why is Ethereum Classic (ETC) price falling or rising?
In the marketplace, constant price fluctuations are common; asset prices never move in a straight line up or down. Due to these fluctuations, traders earn decent amounts, increasing their capital.