Using Ethereum Classic at Betbit

Ethereum Classic is not a new coin at all, even though it was forked from Ethereum. Up to block 1,920,000 it’s identical to Ethereum. At this block the hard fork which took place refunded the original DAO token holders. As such all transactions, balances and wallets that was in place prior to the hard fork of Ethereum is still in place on Ethereum Classic. Effectively the hard fork divided the currencies in two and each now runs on its own. The reason for the fork was due to a hacker that stole $50 million of Ether from the blockchain. As such to keep the integrity of the blockchain, Ethereum was forked to allow the smart contracts that run on it, to operate exactly as it was meant to be. Average block time, size and rewards are identical in both Ethereum and Ethereum Classic.

Speed and Cost of Ethereum Classic transactions

The confirmation times for ethereum classic are surprisingly fast. The average confirmation time at the time of writing is .25 seconds. This is one of the fastest. The cost is $0.0056 per transaction on average. This is also extremely inexpensive.

Buying and Selling Ethereum Classic

Average Transaction Fee of 0.1%. Please note that some exchanges may charge their own transaction fees.

As it’s a very popular coin you are able to buy it on quite a few exchanges:

  • - Poloniex (US Based, Supports Marginal Trading)
  • - Bitfinex (Hong Kong Based, Supports Marginal Trading)
  • - Binance (Hong Kong Based, Crypto Currency Support Only)

You are also able to convert it easily using a service such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.

What are smart contracts?

A smart contract basically secures a relationship using cryptographic code. The idea was originally explained by its creator Nick Szabo in 1993 as a digital vending machine. Basically, what you would input into the machine, you would get out. Whereas Bitcoin was created to only be used for coins, Ethereum was created to allow developers to use their own programs. Smart contracts can as such manage an agreement, and keep all information pertaining to that agreement, which can be shared with multiple participants of that agreement. This has allowed for a lot of new opportunities in the way we do business. It has revolutionized various large industries such as global shipping, diamonds, and manufacturing and even food supplies. Smart contracts can be written to set up various checks along the route of the item, especially to remove the need for manual intervention by someone, thus speeding up the processing time and avoiding delays. This makes it far more secure and irrefutable. Also, it reduces your risk of fraud, as everything is shared and can be traced. It’s really a technology that will drive a lot of systems in the future.

Ethereum Classic and DAO

T

he Decentralized Autonomous Organization (DAO) was built as a smart contract on the Ethereum blockchain. It is one of the big technologies that basically run Ethereum Classic. Its Virtual Machine is responsible for running and executing the smart contracts that sit on Ethereum Classic. The DAO tokens are to be given to investors, which could, in turn, be used to vote for whichever venture capital project is to be funded. DAO’s are unable to be manipulated or changed, even if there is a bug in the smart contract. The hacker that stole the $50 million used this to exploit the system. At the end all the developers could do, was watch as the funds were drained. In turn, Ethereum was hard forked to fix this one vulnerability.

Ethereum Classic Wallets

Ethereum Classic is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are…

  • Hardware-Based:

    • - Ledger (Smartcard design based, OLED Display, Affordable)
    • - Trezor (Cold Storage, High-Level Security, Portable, Expensive)
  • Software Based:

    • - Freewallet (Coins can be easily topped up via any currency, Cold Storage, Easy User interface)
    • - Mist (Official Ethereum Desktop wallet)
    • - Coinomi (Strong Security, Easy to view value updates, Android only)
    • - MyEtherWallet (Web-based, Private Key stored on your machine)

At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Ethereum Classic. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.