Ethereum vs Ethereum classic: Fees, Coins, Safety Comparison
Ethereum stands high in the rank of top Cryptocurrencies by market cap. Even then, several other currencies continue to gain gradual market stability. Ethereum classic is among these emerging cryptocurrencies. If you are new in the market, you'd probably wonder why Ethereum and Ethereum classics share a name. You may probably also wonder which is the surest investment option among the two cryptocurrencies. The crypto market has its fair share of volatilities. You need to have some basic knowledge of the strengths and weaknesses of each cryptocurrency before investing your money and time. In this article, we shall compare Ethereum vs. Ethereum classic. The comparison will help you make a more informed investment decision.
Start trading cryptocurrencies right now with Binance!What is Ethereum?
Ethereum is among the few top-rated open blockchain networks. The network is the umbrella platform for its native cryptocurrency known as Ether. Ethereum (Ether) ranks only second to the global giant Bitcoin. Ethereum's history dates back to the year 2013. The decentralized platform's founders have worked hard enough over the last eight years to build a platform that offers a broad array of financial services. Did you know that Ethereum was initially founded through crowdfunding? Today, Ethereum is a crypto platform as well as a programming tool.
What is Ethereum Classic?
In the year 2016, a major hack occurred targeting Ethereum. During the hack, at least $50 million worth of funds disappeared! As a way to secure Ethereum after the hack, the founders created a split platform, which became Ethereum. The founders also renamed the previous version that suffered the breach. This renaming birthed Ethereum classic.
Contrary to what most beginners think, the two cryptos are owned by the same founders who own Ethereum. Further, it's important to note that the Ethereum classic is also older than Ethereum. The latter is the newer and more successful version.
How Do Ethereum and Ethereum Classic Compare?
| Ethereum | Ethereum Classic | |
|---|---|---|
Market Cap |
$0 |
$0 |
Creation date |
Created in 2013 |
Created in 2016 |
Transaction per second |
13, more than 100,000 |
50 |
Mass adoption level |
High |
Everage |
Technology |
Evolved Technology |
Old Blockchain technology |
Speed (Average Blocks per hr) |
247 |
392 |
Monetary Policy |
Variable |
Fixed |
Database |
Fragmented |
Replicated |
How Ethereum and Ethereum Classic Differ
While Ethereum and Ethereum classic are siblings, they have inherent differences.
1. Market Cap
Ethereum currently has a greater market cap compared to Ethereum classic. The newer version of Ethereum currently has a market cap of $0. This is the second-highest globally, only second to Bitcoin. When comparing Ethereum vs. Ethereum classic, the older version has a lower value of $0. The vast difference in the market cap should be a significant determiner when comparing Ethereum classic vs. Ethereum.
2. Creation Date
Most beginners don't realize that Ethereum classic is, in fact, the older of the two siblings. Ethereum was renamed in 2016 to become Ethereum classic after the costly hack that almost crippled the platform. However, Ethereum was first founded in 2013 as an open source blockchain platform.
3. Mass Adoption Level
Mass adoption in crypto refers to the rate of acceptance globally in the race to become a recognized legal tender. Mass adoption level within crypto markets is measurable based on three valuable metrics. First is the integrity of monetary supply, which also refers to achieving scarcity. The second is the measure of security of the platform. Finally, mass adoption also assesses the extent of usage. Currently, Ethereum's mass adoption level ranks high. On the other hand, Ethereum classic's adoption levels are moderate or average. The observation means that Ethereum will likely achieve mass adoption globally sooner.
De-Fi, NFT, as well as crowdfunding play an important role in the Ethereum ecosystem. A promising direction for the mass adoption is the digitalization of real-world assets. Many crypto startups prefer the Ethereum platform due to its software flexibility.
4. Technology
Ethereum was a newer version introduced after the infamous crypto hack. The version adopted a modern, evolved technology. The approach means that Ethereum has its own programming language known as solidity. Modern technology provides extra layers of security for Ethereum. The transition to the Proof-of-Stake algorithm known as Ethereum 2.0 will significantly increase the scalability of the network, the number of transactions per second can grow up to 100,000.
On its part, Ethereum classic retained the old blockchain technology, although it still runs the smart contracts mechanism. Ethereum classic utilizes the blockchain distributed computing software.
5. Monetary Policy
When comparing Ethereum vs. Ethereum classic, the issue of monetary policy stands out. Ethereum's monetary policy offers an extent of variability. The currency's monetary policy is defined based on rewards paid out by the protocols. Currently, the currency has an annual issuance of 4.5%. The total ETH supply will be reduced after the transition to Ethereum 2.0. On its part, the Ethereum classic seems to have taken an opposite direction towards a fixed supply monetary policy approach. This is a common approach to monetary policy that is also common with Bitcoin.
How to Buy Ethereum? A step-by-step guideEthereum vs. Ethereum Classic: Similarities
Despite these two siblings having apparent differences, they also have notable similarities.
Decentralized Structure
Many advantages come with decentralizing a cryptocurrency. Both Ethereum and Ethereum classic have decentralized platforms. A single party runs such decentralized platforms. The netwoks have multiple nodes and computers that help run the system.
Smart Contracts
Ethereum and Ethereum classic operate with smart contracts. Smart contract technology is a computer program that automatically executes, controls, and documents legal and relevant transactions without an intermediary. The technology eliminates time wastage and minimizes costs.
Pseudonymous
Both Ethereum and Ethereum Classic emphasize the need for utmost privacy for participants. The person's name and other personal identifiers remain private during the transaction. The transactions can also never be subject to alterations.
Where to Buy Ethereum?Ethereum vs. Ethereum Classic - What is Better Investment?
Compared to the Ethereum classic, Ethereum stands out as a more promising cryptocurrency. The currency has ensured more market volatility and emerged stronger than the Ethereum classic. The stability is visible in the extent to which more people continue to embrace and trade using Ethereum. On the other hand, Ethereum classic's value barely ever moves. Pundits estimate close to $157.37 growth mark of Ethereum classic by 2025, which is barely above 60% in growth. Ethereum, on the other hand, will grow by 192.3% as a constant annual growth for the next five years. The statistic confirms Ethereum as a more stable cryptocurrency. Any investor should also consider the other strengths mentioned above to underscore the cryptocurrency's potential.
Best Exchanges to Buy Ether (ETH) and Ethereum Classic (ETC)
Beyond knowing which cryptocurrency to trade in, you also need to identify the crypto exchange to buy and sell your digital currency. A cryptocurrency exchange is a platform that allows customers to trade cryptocurrencies for other assets. These platforms allow investors to trade in digital currencies for flat money or other cryptocurrencies. Currently, Binance and Coinbase offer the best options as exchange platforms.
Binance
Binance has gained global acceptance as the best crypto exchange option for traders. The main fee charged on Binance is 0.10% for all customers. The rate is the same for all customers regardless of volume. Customers can also enjoy reduced fees if they opt to use BNB tokens.
Customers who use Binance also buy a lot of coins that may be unavailable on other platforms. The platform also has one of the safest exchange networks. Binance also has one of the easiest to use platforms for beginners.
Coinbase
Traders in the United States consider Coinbase to be among the best exchange platforms in the country. Coinbase has low minimums, a unique feature more so for beginners. Given the traction made by mobile technologies, Coinbase has carved a niche as one among the few with a top-rated mobile app. The exchange also offers free training for beginners keen on learning about new digital tokens. Beginners may also minimize fees using this platform.
Binance vs Coinbase - Which Is Better?Top 10 Cryptocurrencies To Invest In
As a beginner, it's essential to understand the market before making your investment. This summary indicates some of the best options you have in the market.
| Cryptocurrency | Industry | Current price | 1y return | 1m Return | Total score | |
|---|---|---|---|---|---|---|
Cryptocurrency exchange |
228.50$ |
-24.87% |
0.26% |
9.5 |
Invest | |
Blockchain platform |
0.38$ |
18.56% |
22.36% |
9.2 |
Invest | |
Payments |
0.61$ |
42.91% |
0.66% |
9 |
Invest | |
Payments |
0.08$ |
-19.63% |
19.52% |
8 |
Invest | |
Blockchain platform |
5.47$ |
-2.69% |
14.59% |
8 |
Invest | |
Payments |
71.57$ |
-8.52% |
2.26% |
7.6 |
Invest | |
Payments |
0.00$ |
NaN% |
NaN% |
7.5 |
Invest | |
Decentralized exchange |
0.00$ |
NaN% |
NaN% |
7.4 |
Invest | |
Blockchain platform/Media |
0.00$ |
NaN% |
NaN% |
7 |
Invest | |
Internet of Things |
0.00$ |
NaN% |
NaN% |
6.9 |
Invest |
Summary
Before taking a deep into the cryptocurrency market, it's essential to understand the dynamics that form the process of buying and selling. One of the essential facets to understanding this market is the choice of digital currency for investment. Currently, Ethereum is among the best options on the table. Most people ask, “what is the difference between Ethereum vs. Ethereum classic?”
The two currencies, although siblings, have notable differences. They have varying market capitalization values, different transaction speeds, and contrasting monetary policies. Further, compared to the Ethereum classic, Ethereum offers investors the best option for future mass adoption. Are you looking to invest in cryptocurrency? Ethereum is the best current option for you. You may also decide between Binance and Coinbase as your alternative exchange platforms.
FAQs
Is Ethereum the same as Ethereum classic?
No! While the two are siblings, they have different networks. Ethereum uses ETH, while Ethereum classic uses ETC.
Is Ethereum better than Ethereum classic?
Yes! Compared to ETC, ETH offers investors a realistic opportunity to reap sustainable value.
Is Ethereum Legit?
Yes! Ethereum is a tried-and-true network with global acceptance.
Is Ethereum Secure?
Yes! Ethereum has adequate internal controls to ensure safety and security.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Over the past four years, Alamin has been working independently and through online employment platforms such as Upwork and Fiverr, and also contributing to some reputable blogs. His goal is to balance informative content and provide an entertaining read to his readers.
His motto is: I can dream or I can do—I choose action.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.