Is Ethereum Classic A Good Investment Today?
Most people before entering the crypto market consider the question is Ethereum classic a good investment? Regarding the volatility of the market and risk averseness. This can confuse the investors if they are more inclined towards the risk factors. However, on the other hand for long-term investors ETC proves to be a good investment option.
Most people believe that Ethereum is a cryptocurrency it is not. It is generally a platform used for creating and building decentralized applications. The cryptocurrency for Ethereum is Ether. Ethereum offers huge competition to bitcoin since its release in 2015. For the following year, huge room for growth in bitcoin and Ethereum exist which will ultimately decide the number one rank for either bitcoin or there.
Let us now dig deeper into the topic and find about whether Ethereum classic is a good investment or not.
How To Invest In Ethereum Classic?
Various investment options for investing in Ethereum classic are available. Simple you need to locate a trusted and reputable online exchange service that works in your country and accepts your local currency. You can either invest in Ethereum classic using your bank account, credit card, debit card, crypto ATMs, and trading Ethereum for other crypto currencies. The type of payment offered on the online exchange is dependent on the exchange service. Not all online brokers provide the freedom of diverse payment methods. Therefore, you need to choose the exchange wisely before investing in Ethereum. Beware of the scams and potential frauds by reviewing the customer services.
Ethereum classic forecast reports show that the value is expected to increase in the following year as well as in the coming years.
You can use your local currency or USD to trade for Ethereum. Before trading for Ethereum you must have an account on an online exchange followed by a secure wallet to store your digital coins. It is never recommended to leave your coins at the exchange.
Many of the online exchanges allow for the option of trading Ethereum using USD. Coinbase, Kraken, and Coinmama allow the exchange for ETC/USD pair. Using Ethereum classic to USD converter you can find out the price of Ethereum in USD before buying or selling Ethereum classic. An ETC to USD converter gives you an idea of how much you will gain for the USD you will spend. Many online exchange services are provided with online converters to make trade convenient for the customers.
You can use Kraken to set up your account for trading Ethereum by following this step-by-step guide:
- - Create an account using an email address.
- - Verify your exchange account.
- - Deposit funds in your account by using a bank account or other payment options.
- - Trade for Ethereum.
In short, you can start trading for Ethereum Classic with as much amount of USD you desire.
Where To Buy ETC?
An online exchange service is used for buying, selling, or trading cryptocurrencies. Several online exchange services are available but not every broker service is reputable and reliable in terms of security and customer services. You can use Coinbase, CoinMama, and Cex.io for buying and trading Ethereum.
Where To Store Ethereum Classic?
Now that you have come over the confusion is Ethereum classic a good investment lets talk about where you can store your Ethereum classic eventually after investment.
The fundamental part of the crypto currency ecosystem is the wallets. Just as a bank work to store your fiat currency an online electronic wallet serves the purpose of storing your digital coins. A cryptocurrency wallet usually has two types of keys: public and private keys.
A public key is required to send money or coins to your wallet. The public key encrypts the data to protect privacy. Where a private key is used to decrypt the encrypted data sent using a public key. A private key must be secured and should not be shared with anyone.
Ethereum Classic Wallet
Generally, wallets are of two types: Mobile and Web-based wallets and Hardware-based wallets. A mobile wallet or web based wallet gives the users freedom and convenience of trading. Among the mobile-based wallets MetaMask and Coinbase wallets are the best where a Ledger Nano X is considered to be the best hardware wallet. A hardware wallet is best suited if you desire to store your coins for the long term. The seed phrases and private keys must be protected in order to protect your digital assets as losing can cause you a big loss in that you might lose your wallet and digital coin circulation.
The best classic ether wallet is a Trust wallet. You can download the mobile application of trust wallet to send, receive and trade Ethereum thus managing your crypto exchange and trading with one go. A trust wallet application is one of the best token managers. The network is highly secured and cannot be hacked as it provides the users the accessibility to protect their keys. Moreover, you can also trade (using Binance) with your trust wallet thus making the experience of trading even more appropriate for the customers.
Ethereum Classic Future Price Prediction
Given the fact that various ICOs aim to launch their very own tokens on the Ethereum network, the prices for ETC might go up. This reason is enough to be considered for investing in Ethereum when its price value is down compared to when it will surge high in the market. Analysis of the Ethereum classic future news indicates that you can lock in your profits by investing in ETC when prices are low and enjoy huge benefits when the value of the coin soars. This will serve as a good decision to invest in Ethereum classic.
Depending on the type of investment you want to make you can either opt for short-term or long-term investments. Ethereum classic price can be calculated using online calculators before investing. A short-term investment is referred to as seasonal investment while a long-term investment refers to investing your capital for a long run in the market and thus enjoying benefits over time. However, considering the market volatility and downfall of the crypto price many would hesitate to invest their capital in the crypto market. There is no difficulty in investing in Ethereum classic if you measure the risk and calculate your steps, chances are that you could earn maximum by taking off your first steps in the crypto market.
Concluding that the growth factor is linked to the crypto market and is associated with its implications and the advancements in the technology. So do not think any more on is Ethereum classic a good investment or does Ethereum classic holds a promising future. To some analysts the potential of Ethereum classic so high that it is capable of leading the crypto market thus leaving bitcoin and other digital coins lacking behind.
Devise your own strategy for trading Ethereum and risk management and tolerance.