Big prospects for Ethereum Classic cryptocurrency in 2022

Ethereum Classic logo

Contents

The Ethereum digital project is an advanced platform for creating decentralized applications based on blockchain technology. In addition, the creation of the digital cryptocurrency Ethereum Classic took place within the framework of this technology. Ethereum Classic is a kind of platform for creating applications. Due to the fact that the value of Ethereum Classic, as opposed to the usual Ethereum, is significantly lower, it allows many users to invest in this asset in the expectation of receiving a future profit through the growth of the quotations of the digital coin.

 The community of miners is providing all kinds of support to the Ethereum Classic cryptocurrency to maintain its decentralization and stabilize its exchange rate, which should lead to an increase in the popularity and value of this crypto-asset. Based on this, it is worth carefully studying the features of this coin, as well as finding out how to mine ETC on Nvidia and whether it is possible to mine this token using the Ethereum Classic cryptocurrency mining pool.

A bit of history

At the end of 2017, the cryptocurrency Ethereum Classic acquired the status of one of the most actively discussed coins in the crypto market. At the same time, among most participants of the cryptocurrency market there was a mixed opinion about this project as it emerged as a result of the hardfork.

Cryptocoin Ethereum Classic appeared on July 20, 2016 after the split of the second most popular and capitalized cryptocurrency, Etherium. This split occurred as a result of a hacker attack on a large cryptocurrency fund, TheDAO.

As a result, it led to the fact that coin holders had to make a choice about their next steps. One of the ways to address the situation was the organization of a softfork. However, opinions were divided among market participants, which eventually led to the emergence of a new ETC coin.

Is there a future for ETC mining?

mining farm

After the final separation of the blockchain network Ethereum and Ethereum Classic there was a split in the cryptocurrency community. The Ethereum Classic project is actually the original Ethereum coin. This coin managed to preserve the principle of adherence to the supremacy of the crypto code, as well as ensure the impossibility of external interference in the work of the crypto network.  

As a result, such steps by ETC’s authors led to a moral division between miners and investors.

Some of the users who support centralization of processes inside the crypto-platform decided to stay loyal to Ethereum coin;

The users who remained fans of decentralization of the cryptocurrency and the impossibility of interference in its work by third parties, decided to defect to the side of Ethereum Classic.  

The authors of the cryptocurrency project Ethereum Classic initially positioned themselves as ideologically charged crypto-enthusiasts who want to keep the ETC project as a self-sufficient digital crypto-asset.

At the same time, one of the main objectives of the developers of this crypto is to ensure that the site can develop independently without external interference. According to the creators of the coin, by ensuring the autonomous functioning of the crypto their brainchild will be able to acquire unprecedented stability and resilience to the external influence of negative economic factors.

In other technical and conceptual aspects, the Ethereum Classic project is completely similar to Etherium. It is important to note that due to the identity of the original source code, many users were able to sell their digital assets twice as ETH and as ETC after the separation of the coins.

Ethereum Classic mining also has some minor differences from Ethereum mining. Due to the constant growth of the complexity of Ethereum mining, miners began to gradually switch to mining Ethereum Classic, due to the similar algorithms and operating principles of the two coins. Those who do not know where to mine ETC can use the services of mining pools, which will not only speed up the process of mining crypto, but also increase the efficiency of mining.

Benefits of Ethereum Classic

Due to the presence of a number of weighty advantages, the creators of Etherium Classic have ensured a good growth rate of the coin’s user audience. In addition, this factor helps to attract the attention of large crypto-investors who invest heavily in the development of the cryptocurrency.

The main fundamental advantages of Ethereum Classic include the following properties of the coin:

  • The cryptocurrency has managed to maintain the basic principle of ensuring full decentralization and the impossibility of external factors interfering with the operation of the coin;
  • ensuring full security of the crypto network participants and financial transactions conducted within the site using ETC token. This is evidenced by the fact that the system regularly becomes the target of prolonged and massive hacker attacks, while the project has never been hacked and user funds have remained completely safe;

Disadvantages

Despite having a number of advantages and technical soundness, still the ETC coin is not without certain disadvantages.

The negative sides of the Ethereum Classic cryptocurrency project include:

  • A certain instability of the crypto network, which often leads to a slowdown in the speed of conducting and confirming transactions;
  • ETC is based on a blockchain that was successfully attacked by a group of hackers in 2016;
  • the coin does not yet boast of great popularity among market participants, which limits the ability of its authors, in terms of financial injections into the advertising campaign to expand the user audience;
  • The programming team in comparison with other major cryptoprojects does not have a large number of experienced professionals who have managed to create successful cryptocurrencies.

It is necessary to understand that in many respects the future prospects of ETC cryptocurrency will depend on the speed and success of elimination of existing shortcomings. Therefore, cryptocurrency creators should make every possible effort to minimize the negative impact of the listed factors on the performance and growth of the popularity of Ethereum Classic in today’s crypto market.

ETC outlook for 2022

Given the lingering crisis in the crypto market and the lack of clear signs of change in the current situation, the prospects for the cryptocurrency Ethereum Classic in 2021 can hardly be called bright. At the same time, the cryptocurrency’s future prospects and success will largely depend on the popularization of its mining as this project cannot boast of any unique functionality and technical innovations.

At the same time, it is worth noting that Ethereum’s upcoming transition to the Proof of Stake algorithm could affect ETC both positively and negatively. But so far there is no exact information about the date of ETH’s final transition from PoW to PoS. Admittedly, this change may result in an outflow of miners from the Ethereum crypto network. As a result, due to the similarity of software algorithms, crypto miners may well switch to mining Ethereum Classic, which will positively affect the growth of popularity of this crypto asset and the growth of its value.

Also, we should not forget about the announced legislative changes in countries with the largest economies. New laws designed to regulate the crypto market and limit the ability to circulate and use digital money may negatively affect the entire crypto market, leading to the fall of not only Bitcoin and Etherium, but also smaller projects, including ETC. 

Is Ethereum Classic worth buying now? 

Ethereum classic chart growth

The difficult situation in the cryptocurrency market, as well as the unclear future prospects of crypto due to the upcoming legislative changes, make it difficult for analysts to make a forecast for 2022 for ETC.

In 2021 this cryptocurrency saw its highest value, driven by the general rise of the crypto market and the Bitcoin’s hype. This indicates that ETC has the potential for serious price growth.

As for investing in this crypto-asset, it is up to the investor to decide whether or not to invest in this coin, because the high volatility of crypto and the unclear situation in the digital money market makes it difficult to predict the direction of cryptocurrency assets. In addition, it is worth remembering that any investments, and especially investments in crypto, involve certain financial risks and no one can guarantee an investor a profit.

Ethereum classic, which some analysts call a hybrid of bitcoin and ethereum, may reach $60 per coin by the end of the year.

Recommendations for buying cryptocurrency

There are several ways on the market right now that allow you to get your own ownership of Ethereum Classic coins. Each of the existing methods has both advantages and disadvantages, so it is up to the user to decide which way of getting ETCs will be preferable for him. It is possible to get ETCs through the following services:

  • Through cryptocurrency exchanges. In this case, using the services of monitoring cryptocurrency exchanges you can find the best exchange rates for the most profitable conversion of crypto. 
  • Buying Ethereum Classic is also possible through online exchangers. The main advantage of such resources is the absence of the need to pass registration, as well as the possibility of receiving crypto to different digital wallets that support work with this digital crypto asset.

About Angela Keith 18 Articles
Angela Keith is a mass communications specialist who has worked in this field for over 5 years. In addition to being a writer, she’s very interested in exploring blockchain technology and believes that it could be a game changer in the global economy. She also invests in various coins using his knowledge of the crypto market.

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