Ethereum Classic (ETC) coin is an offshoot of Ethereum, which is a crypto market titan. Hard forks are rudimentary versions of Ethereum’s code that do the same thing as Ethereum but with a few minor changes. It is unalterable, is what makes Ethereum Classic (ETC) so special. As well as containing the history of the entire network, it also contains information on the 2016 exploit. Thus, the question arises can ETC be considered a good investment?
It is still in the process of developing as a global payment network. Community members of Ethereum Classic hold an idealistic perspective on the blockchain. Their belief is that blockchains shouldn’t be modified. It is important not to lose sight of the fact that this technology was designed so that humans cannot manipulate it.
In the eyes of the ETC idealists, 2016’s hard fork was outdated. In their view, the “Code is law” amendment preserves the inherent immutability of an institution that was designed from the beginning to be fundamentally distinct from global finance. In their opinion, this hard fork is a precedent for allowing users to break the rules and violate their contracts at will in the future.
Ethereum Classic (ETC) – What is special about it?
Its indisputable and permanent ledger makes Ethereum Classic unique, but its future is threatened by concerns about scalability and security.
In spite of its smart contract capabilities, Ethereum Classic (ETC) is less popular than Ethereum. The Ethereum developer community has a strong vision, support, and community. The network lost developers’ confidence after a series of 51% attacks. According to analysts, Proof of Stake is crucial for Ethereum Classic to scale effectively and prevent future attacks.
Why is ETC Coin always compared with Ethereum?
Regardless of which long-term cryptocurrency fans support, the Ethereum vs Ethereum Classic (ETC) discussion will continue.
Despite the large price gap between Ethereum Classic and Ethereum, it appears the two have followed similar patterns in the past few years. After rallying in 2017, both slipped in 2018, and subsequently rebounded in 2021. Investing in Ethereum right now seems wise. It is only a little behind Bitcoin in market cap and is a huge player in the crypto world. In addition, it enables Decentralized Finance (DeFi) and non-fungible tokens (NFT) on top of its application for the growing blockchain industry.
Contrarily, Ethereum Classic (ETC) is a slightly different case. Due to the lack of support, vision, and solid fundamentals, ETC has suffered. A search for low-cost coins, however, pushed prices for ETC upwards in Early 2021. Hense, Investment losses were reduced as the price soared.
Is Ethereum Classic an investment worth considering given its controversy?
Among its advantages is Ethereum Classic’s (ETC) lower price in comparison to Ethereum. In spite of this, there is no road map to guide its growth, which significantly limits its potential. It is uncertain how Ethereum Classic (ETC) will perform in the short term, but after being bullish recently, it is likely that the coin will perform well for its investors in the long run.