Ethereum Classic, ETC is the less renowned, but still important, member of the cryptocurrency community. Although Ethereum (ETH) is usually considered a backbone for metaverse economies, Ethereum Classic is committed to maintaining the original, unchanged history of the Ethereum blockchain.
Its beginning was in July 2015, with the release of its stable version in November 2020. Ethereum Classic performs as a decentralized computing platform through which smart contracts are executed.
The Ethereum Classic native currency is Ether with the code ETC. Just like Ethereum, ETC is mined. Following a monetary policy similar to Bitcoin, Ethereum Classic aims to maintain algorithmic, mechanical, and capped characteristics. It has a special decentralized computer-like system meaning it isn’t controlled by any one person. This system can run all sorts of programs and agreements, called scripts, on computers all around the world that are part of the network.
Ethereum Classic (ETC)
Best Ethereum Classic Betting Sites
What is the Difference Between Ethereum and Ethereum Classic?
Understanding the difference between Ethereum and Ethereum Classic boils down to principles. Ethereum Classic emerged from a heated debate sparked by a malicious hacker attack that resulted in the theft of $60 million worth of Ether.
Following the attack, some Ethereum users advocated for reversing the transactions on Ethereum’s compromised ledger, while others opposed this idea. After a vote, those in favour of invalidating the transactions prevailed.
However, some users decided to maintain the tainted blockchain and formed Ethereum Classic. These individuals were committed to preserving the original code of the initial ledger and safeguarding its unaltered historical records.
What are Ethereum Classic Betting Sites?
Ethereum Classic betting sites are interactive sports betting platforms where you can deposit and withdraw ETC for gambling purposes. These crypto-betting sites accept ETC alongside other cryptocurrencies. It’s rare to find a betting site exclusively for Ethereum Classic, as it’s still considered an alternative coin.
As for the sports you can bet on using ETC, the options are virtually limitless. There shouldn’t be any hurdles in placing ETC bets on any match at a betting platform that accepts ETC. As long as you can fund your Ethereum Classic betting site account with ETC, you should have access to all the betting options available on that platform. This also includes traditional casino options, but as GOSUBETTING is predominantly about sportsbooks, we have not delved into the casino side, suffice it to say that you can play at online casinos with ETC as long as they offer it as a deposit option.
What are the Advantages of Using ETC at Betting Sites?
Here are the top three reasons why using ETC for online betting is advantageous:
Cheap: Using Ethereum Classic for betting is cost-effective, as there are normally no trading fees associated with ETC transactions, and the withdrawal fee is low, usually around 0.005 ETC.
Anonymity: Just like with other cryptocurrencies, Ethereum Classic transactions offer anonymity, ensuring your privacy while betting online.
Scarcity: Ethereum Classic has a limited supply of tokens, with a set cap of 230 million. This scarcity factor may make holding ETC in your betting site account a potentially valuable investment, especially if the ecosystem around Ethereum Classic continues to grow.
What are the Disadvantages of Using ETC at Betting Sites?
The main drawbacks of holding and betting with ETC are:
Limited Availability of ETC Betting Sites: There are only a handful of crypto betting sites that currently accept ETC. This means you might have difficulty finding a betting site that meets your preferences.
Security Concerns: Ethereum Classic has a track record of being targeted by various attacks, leading to a decline in user trust. In 2019, Coinbase even suspended ETC transactions temporarily due to security issues.
Declining Interest: ETC’s popularity surged in mid-2021 but has since waned, returning to early-year levels. Due to its tainted reputation, many users are uncertain about its future.
More Confirmations Required: Ethereum Classic has faced numerous attacks, resulting in a higher number of confirmations required for transactions compared to more established cryptocurrencies.
BC.GAME
Place your bets using Ethereum Classic at BC.GAME
How to Start Betting with ETC
- Get yourself an Ethereum Classic Wallet: This is to store your Ethereum Classic (ETC).
- Purchase ETC: You can buy ETC from various cryptocurrency exchanges like Kraken, Binance, Poloniex, Bitfinex, Gate.io and Coinbase.
- Deposit ETC into Your Betting Site Account: Once you’ve acquired ETC and stored it in your wallet, you can deposit some of these funds into your chosen crypto-betting account. Keep in mind that due to the number of confirmations required for ETC transactions, it may take some time before your deposit reflects in your betting site account.
Choosing the Right Ethereum Classic Betting Site
Before signing up and placing bets on an ETC betting site, it is always a good idea to look for sites that have the following:
Good Customer Support: Ensure the betting site provides helpful and knowledgeable customer support representatives who are available 24/7 to assist you with any issues or queries you may have.
Simplified KYC Requirements: Look for betting sites with straightforward Know Your Customer (KYC) requirements. KYC is a mandatory identity verification process that you’ll need to complete before making withdrawals. Look for sites with minimal and hassle-free KYC procedures to expedite the withdrawal process and avoid unnecessary complications.ken for gambling purposes – at least, not for now.
Frequently Asked Questions
We have listed the most commonly asked questions about Ethereum Classic betting below so that you can make a more informed decision about using Ethereum Classic for your sports betting activities.
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What is Ethereum Classic (ETC) Betting?
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Are Ethereum Classic Betting sites legal?
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How can I find reliable Ethereum Classic betting sites?
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What types of betting are available on Ethereum Classic betting sites?
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How do I deposit Ethereum Classic on a betting site?
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Can I withdraw my winnings in Ethereum Classic?
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Are Ethereum Classic betting sites safe?
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What are the advantages of using Ethereum Classic for betting?
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Can I bet anonymously with Ethereum Classic?
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Are there any risks associated with Ethereum Classic betting?
