Ethereum Classic (ETC) is one of the oldest and most time-tested altcoins on the market. Although it was created in 2016, only recently the ETC price has started growing rapidly. But what exactly are the main differences between Ethereum (ETH) and Ethereum Classic, and is Ethereum Classic a good investment to make in 2022 like some experts say?
What Is Ethereum Classic?
Ethereum Classic is a hard fork of Ethereum created in 2016. In July of that year, a major hack affected the Ethereum DAO (Decentralized Autonomous Organization).
The DAO had raised almost $150 Million in funding just a few months prior, and all these funds were endangered by the hack. Because of that, the majority of Ethereum developers, including Vitalik Buterin, decided to manually revert the Ethereum blockchain to the state from before the hack.
However, some members of the Ethereum community were convinced that such a huge manual alternation of the ETH blockchain is completely unacceptable, as it negates the values of decentralization. The fraction of Ethereum supporters who were against reverting the network created Ethereum Classic. In other words, Ethereum Classic is simply the version of Ethereum without the changes made manually by the Ethereum Foundation in 2016.
While Ethereum (ETH) is currently the largest altcoin in the blockchain ecosystem, Ethereum Classic (ETC) has a much smaller market cap. Because of that, many experts believe that Ethereum Classic is a good investment, as it has a lot of room for growth and might even surpass ETH one day.
Ethereum or Ethereum Classic: Which Is a Better Investment?
Although Ethereum and Ethereum Classic originate from the same blockchain, there are more differences between ETH and ETC than just the fact that one of them was manually altered in 2016.
The most important difference between Ethereum and Ethereum Classic is the total supply. ETH has no fixed total supply, which means that more ETH coins can be added to the market at any time, whenever the Ethereum Foundation decides to do so.
On the other hand, Ethereum Classic has a fixed total supply of 210,700,000 ETC, and not a single coin over that limit can ever be created. Because of that, Ethereum Classic is fully immune to inflation just like Bitcoin. In other words, ETC is a good investment especially for investors looking for a hedge against the devaluation of fiat currency.
Another reason why Ethereum Classic is a good investment is that it has much lower fees than Ethereum. While ETH has been troubled by extremely high transaction fees which can range from $50 to $100 or even more, the average transaction cost of Ethereum Classic is less than $1.
Finally, some experts believe that ETC is a better investment than ETH because unlike Ethereum it doesn’t plan to switch from Proof-of-Work (PoW) algorithm to Proof-of-Stake (PoW) algorithm. While the PoW algorithm is less energy-efficient than PoS, it is also more secure. Because of that, safety-oriented users might be likely to switch from Ethereum to Ethereum Classic in the future.
Ethereum Classic Price Predictions: Will ETC Reach $100 Soon?
The price of Ethereum Classic has started to grow recently, and many experts believe that ETC is a good investment to make in 2022. Although it is unlikely that ETC will surpass ETH in the near future, it might still bring you massive profits.
The most popular ETC price prediction shared by many blockchain analysts is $100. This forecast has been published for example by the popular channel Coin Mafia.
Crypto RA is another Youtube channel that predicts that the ETC price will reach $100 in the near future. Furthermore, Crypto RA believes that Ethereum Classic will reach $300 next.
Savage Profits also agrees that Ethereum Classic is a good investment and that ETC will reach $100 soon. The main reason why Ethereum Classic is likely to keep growing in price is the fact that it has a fixed total supply, which makes it immune to inflation.
However, it’s worth noting that some blockchain experts are much more bullish when it comes to Ethereum Classic. They believe that ETC will reach $1,000 in the foreseeable future. Such prediction was shared for example by the crypto analyst Peter Cordi:
While it is probable that Ethereum Classic will reach $1,000 eventually, it is very unlikely that this will happen in the near future. This is why the majority of experts believe that ETC will reach $100 and not $1,000, as that is a much more realistic Ethereum Classic price target in the short term.
Will ETC Price Hit $100?
Most blockchain analysts agree that ETC will hit $100 in the near future. In order to do that, the Ethereum Classic price would only have to grow 2x, which is a very probable scenario. When Ethereum Classic reaches $100, it will likely cause the ETC price to grow even further.
How High Will ETC Go?
Experts vary when it comes to long-term Ethereum Classic price predictions. Some believe that ETC will reach $1,000, while some think that Ethereum Classic can even reach $10,000 eventually!
Is Ethereum Classic Legit?
Ethereum Classic is a perfectly legit hard fork of the Ethereum blockchain. It uses the same basic source code as Ethereum and is generally considered to be a very secure, open-source, and decentralized cryptocurrency. On the technical level, Ethereum Classic is as legit as Ethereum.
Is Ethereum Classic a Good Investment?
While Ethereum Classic might not be as popular as Ethereum, according to many blockchain experts ETC is a good investment. Ethereum and Ethereum Classic are quite similar, but ETC has some important advantages. Most importantly, Ethereum Classic has a fixed total supply, which means that it is deflationary just like Bitcoin. Because of that, the Ethereum Classic price is likely to continue growing in the foreseeable future.
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