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.
Like any other crypto, transactions are executed peer-to-peer over the network, and new ETC tokens are generated through mining, which involves finding new blocks that are then added to the chain. The mining process is based on the Ethash algorithm, producing 3.88 ETC for every block that is generated at 13 minutes.
Ethereum Classic ETC is based on a Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which implements scripts via a network of public nodes. Unlike the Bitcoin Script, the set of instructions for the machine is Turing-complete in ETC.
In addition to the ETC token, there is Gas, which is a unit of computation used in transactions and other state transitions, and it prevents spam on the network and assigns incomes proportionately. Ether is used to pay the Gas and keep the network running.
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.
The 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.
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.
The ETC will then be credited a few minutes later in the player’s casino Ethereum Classic account, and he can start immediately Ethereum Classic gambling.
The withdrawal process is also simple. After submitting a withdrawal request to the Ethereum Classic casino, put in the address of your online wallet or even a physical hardware wallet, and wait for your winnings to be deposited.
While there are several casinos and sports betting sites that accept account funding via ETC (ETC Casinos), there are more casinos that accept Ethereum.
There might also be casinos that admit Ethereum Classic as a payment method, but actually convert the crypto into BTC and you gamble with Bitcoin, not ETC. This means there will be an exchange fee also added when you will make your transactions on the casino. However, there will be a few options that will have native ETC support.
While Ethereum Classic as a platform can be used to create casino and betting games, the chain currently has very few of them in comparison with Ethereum.
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.
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.
While 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.