HomeTrading GuidanceWith recent ups and downs: Is Ethereum Classic's (ETC) a good investment?

With recent ups and downs: Is Ethereum Classic’s (ETC) a good investment?

Ether Classic (ETC) is an offshoot of one of the crypto market giants, Ethereum. A hard fork is a replication of Ethereum’s code that does work in a similar way with some minor changes. This blockchain is unalterable, which is the essence of Ethereum Classic (ETC). Furthermore, it contains the history of the entire network, as well as the records of the 2016 exploit. So, the question arises, Is ETC a good investment?

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Developing the system as a global payment network is still in progress. There is a fundamentally idealistic perspective on the blockchain in Ethereum Classic’s community. Blockchains cannot be modified, according to them. We must not forget that this technology was intentionally designed so that humans cannot manipulate it.

For the ETC idealists, the reasoning behind 2016’s hard fork was obsolete. They instead insist that the “Code is law” amendment maintains the immutability of a system built to be fundamentally different from the global financial system. This hard fork was condemned by the community of ETC. Creating future forks, according to them, would be a precedent for breaking the rules at will.

Ethereum Classic (ETC) – A unique cryptocurrency

Ethereum Classic is primarily unique because of its indisputable and permanent ledger, but its future faces concerns about scalability and security. 

Although Ethereum Classic (ETC) offers smart contracts, it has been less popular than Ethereum. Aside from its vision and support, Ethereum also has a large developer community. Developers lost confidence in the network after an attack series of 51%. For Ethereum Classic to scale effectively and eliminate future attacks, analysts have concluded that the Proof of Stake consensus mechanism will be paramount.

Why is ETC always compared with Ethereum?

Ethereum vs Ethereum Classic (ETC) debate will continue to exist, regardless of what long-term cryptocurrency fans support.

It appears that Ethereum Classic and Ethereum have followed similar patterns in the past few years, even though there is a large price gap between them. Both rallied in 2017, declined in 2018, and then rose again in 2021. It seems better to invest in Ethereum right now. Despite being just behind Bitcoin in market cap, Ethereum is a crypto powerhouse. Additionally, it provides the foundation for the growing blockchain industry as well as facilitating Decentralized Finance (DeFi) and non-fungible tokens (NFT).

In contrast, Ethereum Classic (ETC) is a different story. ETC has struggled since it has been lacking in support, vision, and sound fundamentals. Investors, however, looked for low-cost coins to pump in 2021, which drove the price movement for ETC. The price skyrocketed, which reduced investor losses.

Given the controversy surrounding Ethereum Classic, is it a good investment?

Compared to Ethereum, Ethereum Classic’s (ETC) lesser price is one of its main benefits. Despite this, the lack of a road map impedes its growth and seriously denies its worth. The short-term outlook for Ethereum Classic (ETC) is uncertain, but after the recent bull run, it is likely that ETC coin will do well for its investors in the long run.


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