Bitvavo makes Ethereum Classic as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is Ethereum Classic?
Ethereum Classic (ETC) is a cryptocurrency that originated on July 20, 2016 as a result of the demerger with the Ethereum blockchain and can be seen as the "original" version of Ethereum. Just like Ethereum, Ethereum Classic is a decentralized smart contract blockchain platform on which decentralized applications (DApps) can be built.
How does Ethereum Classic work?
Just like Ethereum, Ethereum Classic is a platform that focuses on smart contracts. Smart contracts are programs that have been developed to automatically execute agreements in the manner agreed in advance without the intervention of an intermediary being necessary.
The example below illustrates how this works:
Suppose you want to buy a house and pay with ether. The agreements with regard to the agreement are laid down in a smart contract. The contract states that the purchasing party must pay the purchase price on the agreed date and the selling party must hand over the key and ownership papers.
If one of the parties fulfills its obligations arising from the agreement, the smart contract will keep this part in custody until the other party has also fulfilled its part of the agreement. Only then are both obligations released, so that it is ensured that the agreement is always fully or not executed.
How to buy Ethereum Classic?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Ethereum Classic. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store Ethereum Classic?
Storing Ethereum Classic and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Ethereum Classic without any technical knowledge. Here is a brief overview of the existing wallet options to store your Ethereum Classic:
Hosted wallets are wallets where the private keys to your Ethereum Classic are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Ethereum Classic online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Ethereum Classic. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Ethereum Classic, and if malicious parties have access to your device, your private keys (and therefore your Ethereum Classic) can be stolen.
A hardware wallet is a physical device on which you can store your Ethereum Classic offline. It is one of the safest ways to store your Ethereum Classic, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Ethereum Classic is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Ethereum Classic. Once you have purchased Ethereum Classic on Bitvavo, you can choose to send your Ethereum Classic from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.