How to Buy Ethereum Classic in Canada

A guide on how to buy Ethereum Classic (ETC) in Canada with Netcoins

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“Ethereum Classic facilitates running smart contracts by offering the benefit of decentralized governance.”

Ethereum Classic was launched in 2016 and is the original Ethereum blockchain. Before 2016, Ethereum Classic was “Ethereum ” until a dispute caused the blockchain to separate into two. What we call “Ethereum” today is actually the new blockchain that was created from the Ethereum Classic blockchain. Since Ethereum Classic used to be Ethereum, its co-founders are Ethereum developers – Vitalike Buterin and Gavin Wood.

Ethereum Classic is a smart contract blockchain, supporting decentralized applications (Dapps) and its native token is ETC. Thanks to crypto trading platforms like Netcoins, today it’s easy to buy Ethereum Classic (ETC) in Canada.

How to Buy Ethereum Classic (ETC) in 3 Steps

Create an Account

Sign up for an account and provide some personal details to get your account verified.

Fund It

Fund your account with a crypto deposit, Interac e-Transfer, or a bank wire.

Start Trading

Go to the trade page and enter in the amount you’d like to buy or sell. Start with $10 or more. You decide! 

Why Netcoins?

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Fund and withdraw quickly. Buy and sell instantly. Get your money or crypto in and out easily.

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Netcoins is a registered MSB with FINTRAC. We're also fully regulated and registered with the Canadian Securities Administrators (CSA) and BCSC.

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Video Tutorial: How to Buy USDC with Netcoins

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Netcoins is owned by the publicly traded BIGG Digital Assets. This offers an extra layer of safety and transparency to our users.

What’s The Difference Between Ethereum & Ethereum Classic?

Like their name suggests, Ethereum (ETH) and Ethereum Classic (ETC) share many similarities. Initially, they were both the same blockchain until a disagreement divided the community, and eventually the blockchain into two back in 2016.

The reason for this division can be summarized in one word: hack.

A decentralized autonomous organization (DAO) was created to act as a venture capital fund that would help develop funding for future developments of dapps in Ethereum. Investors and entrepreneurs alike could pitch their ideas, get backing for it and everyone would benefit as a result. Together, they raised a total of 12.7 million Ether ($150 million at the time), making it the most successful crowdfunding effort ever.

Then one day, a hacker stole $50 million from the fund leaving the community to question what they should do. Do they acknowledge the hack (and deal with the embarrassment that comes with it)? After all, a blockchain should be immutable (unable to change). Or, do they break into a new blockchain that does not validate the hack and they save their reputation?

That’s when two schools of thought emerged.

What we refer to as “Ethereum” is actually the newer network. It’s made up of the community of people who thought that the hack should not be accepted and therefore a new blockchain should be created. The original blockchain is now rebranded to “Ethereum Classic.” It’s made up of people who believe that the blockchain should never change, no matter what happens.

Today the newer network (Ethereum) has the support of more investors, developers and the Enterprise Ethereum Alliance (that includes companies like Microsoft, JP Morgan Chase and more). While Ethereum Classic doesn’t share in this support.

A key difference is that Ethereum Classic is produced similarly to the way Bitcoin is produced; through proof-of-work (PoW). Proof-of-work is the process of solving a very complex computational problem to verify transactions. Once the puzzle is solved, new coins are released into the economy and rewarded to the winner.

Ethereum also uses this process for the time being but is looking to change over to Proof-of-Stake (PoS); the process whereby coin owners offer up their coins as collateral for the opportunity to validate transactions. If they are randomly selected, they get to validate the transactions.

Regardless, both Ethereum and Ethereum Classic allow decentralized applications (dapps) to be built on top of it. They both use smart contracts (or a contract that self-executes once the criteria outlined within it have been met).

Another key difference is that Ethereum Classic has a maximum supply cap of 210 million coins, whereas Ethereum does not have a supply limit. However, Ethereum has begun to burn coins in an effort to make it a deflationary asset.

 

Ethereum Classic History and Background

Ethereum Classic has seen great success this year. Like Bitcoin and Ether, it has created millionaires overnight but it has also made people lose all their wealth.

ETC is much more affordable to buy then ETH is.

One of the best ways to keep your Ethereum Classic safe is to remove them from a crypto trading platform and transfer them directly to a crypto wallet you own. By transferring your Ethereum Classic into a hardware wallet you are protecting your asset against hacking, fraud and theft.

Finally, it can be wise to build an investment portfolio that has a mix of traditional assets (like real estate, gold, stocks) and non-traditional assets (like Ethereum Classic) in order to protect your financial well-being in the future.

 

How much ETC can I buy?

You don’t need to buy 1 entire Ethereum Classic token to get started!
You can buy fractions of it. Many beginners start their Ethereum Classic journey by buying small amounts.
You can start as small as $10, or invest up to $10 million with Netcoins.

 

What makes Ethereum Classic unique?

Ethereum Classic is decentralized. Ethereum Classic is not run or managed by any one party. The Ethereum Classic network allows smart contracts and decentralized applications to be built on top of it by any developer from anywhere in the world.
There is a max yearly supply of Ethereum Classic. There is a maximum supply of 210 million coins that will ever exist. This means no one can suddenly inflate the supply of Ethereum Classic tokens in the future.
Ethereum Classic is affordable. Ethereum Classic can be bought in fractions, allowing for micro-transactions and investors to start small. On top of that, it is much more affordable to buy than ether which ranges in the thousands of dollars per coin.
Ethereum Classic has smart contracts. Smart contracts are self-executing contracts with the terms of agreements written into code.They are traceable, transparent and irreversible. Through them, the middlemen and their fees are removed.

 

What are Ethereum Classic’s next steps?

Higher rates of inflation and quantitative easing are making investors turn to alternative forms of investments, like cryptocurrencies. Ethereum Classic can be an enticing investment given its hard cap of 210 million coins and the fact its issuance is similar to Bitcoin’s.

Ethereum Classic also shares many of the same similarities as Ethereum, although it’s cheaper, (making it easier to own full coins rather than just fractions of a coin).

It’s also important to note that the Ethereum Classic network has been successfully attacked. So, it’s important to do your research and due diligence before investing in cryptocurrencies, like Ethereum Classic.

Time will tell what the future holds for Ethereum Classic as they continue to build on the decentralized finance space.