Ethereum Classic (ETC) is an open-source, decentralized, and blockchain-based platform that works using smart contracts. ETC is the native crypto of this platform, which is also called Ether.
Ethereum Classic Crypto is considered the original Ethereum, as it first went live in 2015. But then in 2016, the chain underwent a "hard fork" to correct the losses sustained during the DAO attack. A part of the community, which did not want to change the Ethereum network, refused the fork, and thus ETC remained.
While ETC Ethereum Classic is lower in value and popularity than Ethereum, ETC has still maintained its position among the top cryptocurrencies with the highest market capitalization.
In this article, you will be able to find out more about gambling using ETC and what are the main advantages and disadvantages of doing it.
What is Ethereum Classic Cryptocurrency and how does it work? Ethereum Classic is the first blockchain-based platform that specifically developed smart contract capabilities, which helped to create decentralized governance. The people that remained with the Ethereum Classic were avid supporters of the blockchain immutability concept and of the "code is law" ideology.
The crypto is known for introducing unique properties that did not exist with Bitcoin, such as smart contracts that can be written in different computer languages, thus allowing developers to implement their own programs, apps, and functionalities on the network.
Advantages and DisadvantagesThe main advantage of the Ethereum Classic blockchain is that it works mostly like Ethereum. It features smart contract functionality, which means that developers can create all sorts of programs, even online casinos and sports betting, based on the network.
But, in spite of its many uses, ETC is still not as popular as ETH. Ethereum is constantly adding more and more smart contracts and dApps, while Ethereum Classic is rather slow in that sector. Also try out fast and low fee XRP Casino.
How Is ETC Used for Casino and Betting?Ethereum Classic can be used for making deposits or withdrawals just like any other crypto. The user first has to click on the casino’s payment link from this page that will take him to an address page. Then, the player goes to his wallet or exchange on which the ETC is stored, puts in the address of the casino, and makes the deposit. If you want to play with other cryptos, choose from crypto casino list.
Ethereum Classic is an open-source, blockchain-based cryptocurrency with incorporated smart contract functions. Thanks to a hacked third-party project in 2015, the Ethereum Foundation was forced to create an upgraded version of the Ethereum mainnet. ETC is the original version of Ethereum blockchain and doesn’t contain any of the new Ethereum upgrades.
Though it may not be the most popular payment option, you can certainly use ETC to gamble. Many different online casinos have incorporated Ethereum Classic as a payment method.
According to most sources, FortuneJack is the best ETC casino you could hope to find. Not only does it offer a wide variety of games, but it also provides many different cryptocurrencies and a live chat service. Last but not least, you can take advantage of the sportsbook as well.
We’ve gone to the effort so that you can rest easy. Check out our list of ETC online casinos to help you find what you want.
ETC’s major advantage lies in its base code. The blockchain for this cryptocurrency can form the base for many different applications and sites. It’s also very easy to access your ETC accounts from anywhere with an internet connection
The main disadvantage of ETC is that it’s not as well maintained as its successor ETH. While both are excellent cryptocurrencies, ETC doesn’t offer nearly as many features and functionality.
Is It Safe to Use Ethereum Classic for Casinos and Betting?ETC and its transactions should be secure according to blockchain’s structure. But in January 2019, it experienced a 51% attack, which resulted in $1.1 million worth of ETC to be double-spent. Ethereum Classic has since undergone a number of updates and soft forks, which have fortified the network against such attacks.
By using ETC instead of fiat in some countries or jurisdictions where gambling is prohibited can enable players to bet without infringing the law.
If the country does not consider Bitcoin or Ethereum or its use illegal, then it is possible that ETC is also legal there. The same would apply if BTC or ETH is deemed as an illegal activity in the country. Make sure beforehand that the casino has provably fair terms to ensure that you will be able to always cash out your earnings.
How to Buy Ethereum Classic?Ethereum Classic can be purchased on a varied number of crypto exchanges and trading platforms, including Binance, Bitfinex, Bittrex, Coinbase Pro, CoinBene, CREX24, HitBTC, Huobi, Kraken, and more.
The most common pairs for the coin are ETC/BTC, ETC/ETH, and ETC/USDT. Fiat options include EUR pairs on Kraken and USD options on Kraken, Coinbase Pro, Bitvavo, LiteBit, Folgory, and Bitfinex. South Korean users can also purchase ETC with the Korean won on nine exchanges, such as Bithumb, UPbit, Huobi, and Coinone. GBP pairs are on Coinbase Pro and Cryptomate, as well as AUD options on three other exchanges.
Setting up an Ethereum Classic wallet is recommended so that you can later store them once you have finished buying them from the exchange. To sign up on the exchange, create an account, pass the required KYC (if you plan on using only crypto instead of fiat, you might not need to go through an identification process), and then deposit the finances with which you will buy the ETC and complete the buy order.
ConclusionWhile Ethereum Classic is the original version, the resulting Ethereum from the fork has gained more popularity and value, even in the online gambling world. However, there are several casino options where you can play using ETC.