Simply put, Bitcoin (BTC) is the original cryptocurrency, while Ethereum Classic (ETC) is an offshoot of Ethereum (ETH) crypto. Since its initial launch, Bitcoin has remained the dominant cryptocurrency on the market, while Ethereum Classic still trails behind Ethereum original.
Although there are plenty of differences between these coins, there are also a lot of similarities, given that they’re both decentralized cryptos, support smart contracts, and use Proof of Work (PoW). Plus, when it comes to diversifying your cryptocurrency wallet, both make worthy additions to your investment portfolio in 2022.
In this guide, we’ll take an impartial look at these two cryptocurrency tokens, highlight the benefits of investing in each, and help you decide which coin to invest in.
History
Bitcoin (BTC) kick-started the cryptocurrency revolution back in 2009, while the original Ethereum Classic (ETC) didn’t arrive until the middle of the crypto boom in 2015.
Bitcoin (BTC)
The history of Bitcoin is the same as the actual history of cryptocurrency. Bitcoin catalyzed the cryptocurrency takeover when it first became available in 2009, following the publication of its white paper in 2008. The name associated with the creation of this whitepaper was Satoshi Nakamoto, although it’s not clear whether this refers to an individual or a group of developers.
Bitcoin experienced a meteoric rise throughout the 2010s. It was first used to pay for a non-online transaction in May 2010 when a pizza was exchanged for 10,000 BTC. Other cryptocurrencies started to emerge around 2011, but Bitcoin remained ahead of the game and is still the most valuable cryptocurrency today.
Ethereum Classic (ETC)
Ethereum Classic (ETC) started out as software that could be used alongside Ethereum (ETH).
This software was made to allow users to create their own decentralized applications (dApps) and cryptocurrency tokens, that would run and be supported by the Ethereum Classic blockchain network. It was developed by Vitalik Buterin, who also co-founded the original Ethereum blockchain.
He introduced the software as an immutable network that was contained inside a distributed ledger. However, the fact it was immutable caused disagreements within the Ethereum network. Being immutable means that the blockchain ledger cannot be changed, which caused concern for the Ethereum mining community.
This led to a hard fork occurring in June 2016 leading to Ethereum Classic (ETC) becoming its own independent crypto coin.
What Are They, And Why Were They Created?
Despite the fact that both coins have a lot in common, they were both started for very different reasons.
Bitcoin (BTC)
Bitcoin was created to simply fulfill the need for an online currency. At the time of its origin, e-commerce was starting to really take off. In order to make online transactions run smoother, the invention of cryptocurrency was needed.
Plus, the financial climate was dominated by distrust in major banks following the financial crash of the late 00s. Consumers and investors were ready to put their faith in alternative banking options.
Ethereum Classic (ETC)
As aforementioned, Ethereum Classic (ETC) was originally meant to serve as a launchpad for other developers wishing to create their own decentralized applications or tokens. Ethereum (ETH) itself had only been running for a year, and Vitalik Buterin was looking to make the cryptocurrency as appealing as possible.
In an attempt to challenge the likes of Bitcoin by branching out with Ethereum Classic, a dispute occurred between the developers and the miners, which lead to ETC being made as a cryptocurrency.
Price History
Bitcoin (BTC) and Ethereum Classic (ETC) haven’t exactly ever been close in terms of value, but it’s still worth considering the price history of each.
Bitcoin (BTC)
Bitcoin (BTC) has had its ups and downs over the last decade, and its price history can be matched with the growth of interest and disinterest in cryptocurrency at large.
As of November 1st, 2022, Bitcoin (BTC) is valued at $20,541. Of course, being so high in value, this figure could change dramatically in a short period of time. Bitcoin reached its all-time high of $68,789 in late 2021. So, in just under a year, the value of Bitcoin has reduced to less than half.
However, this is a massive difference from its value 10 years ago, when it failed to even break higher than $0.40.
Ethereum Classic (ETC)
Ethereum Classic has never been able to come close to the success of Ethereum (ETH), and in turn, ETH has never reached the heights of BTC.
As of November 1st, 2022, the price of Ethereum Classic is $24.25. This is a significant drop from the all-time high of $176.16 which occurred in May of 2021. It is also a lot higher than the lowest Ethereum Classic price, which was $0.4524 back in July 2016.
Market Cap
In cryptocurrency, market capitalization reflects the total value of circulating coins of a specific cryptocurrency. Market cap can be calculated by multiplying the current price by the number of coins currently in circulation.
Bitcoin (BTC)
The market cap of Bitcoin (BTC) is currently sat at $391,187,244,255.
Ethereum Classic (ETC)
Currently, the market cap of Classic Ethereum is $3,309,458,441.
Daily Transactions
Daily transactions give you an idea of how many exchanges are being made on a coin’s network. This figure is a good indicator of how much interest there is in a coin presently.
Bitcoin (BTC)
The daily transaction level of Bitcoin (BTC) is currently 284,125, according to transaction statistics provided by YCharts.
Ethereum Classic (ETC)
As of November 1st, 2022, the number of daily transactions made on the Ethereum Classic network over the last 24 hours was 53,140. This is based on price stats provided by BitInfoCharts.
Block Size
Block size refers to how many transactions can be made in a single block in the blockchain. The size of a single block is important because it determines how much scalability is attainable.
Bitcoin (BTC)
Bitcoin’s blockchain technology is limited in size, given that its block size is only 1 MB.
Ethereum Classic (ETC)
Ethereum Classic blocks tend to be several kilobytes in size.
Similarities
There are many aspects that make Bitcoin and Ethereum Classic similar, for example:
- Proof of Work: When it comes to validating transactions, both Bitcoin and Ethereum Classic use the consensus mechanism Proof of Work (PoW).
- Smart contracts – Bitcoin and Ethereum Classic facilitate smart contracts. These are programs that require specific trade terms to be met at specific times.
- Open source – Both Bitcoin and Ethereum Classic are open source, meaning that both cryptocurrencies are in the hands of the Bitcoin and Ethereum communities.
Differences
However, as much as several similarities between the coins can be made, there are just as many aspects that set them apart. The main differences include:
- Hard fork – Ethereum Classic is the result of a hard fork situation, and relies on the blockchain tech of its parent, standard Ethereum. Bitcoin, on the other hand, is the original blockchain, whose platform has witnessed several hard forks and offshoot companies being built on top of it.
- Max supply – Ethereum Classic has a much higher max supply than Bitcoin. The max supply of Ethereum is 210,700,000, while the max supply of Bitcoin is 21,000,000.
- Value – Bitcoin is much higher in value and maintains a grander market cap than Ethereum Classic.
Risks
There are certain risks involved in investing in both the Bitcoin and the Ethereum Classic chain. Before you start trading on a crypto exchange site, consider these coin-specific risks:
Bitcoin
- Uncertain future – Although Bitcoin has been able to maintain the no.1 cryptocurrency position for over a decade, its value has been in steady decline throughout 2022. This could signal the end of its reign.
- Miss other opportunities – Given the high value of Bitcoin, it’s unlikely that you can make much money from it now with a small investment. While, if you focus on other, smaller coins – like Ethereum Classic – you have a higher chance of getting a lot for your investment.
Ethereum Classic
- Has been hacked – Ethereum Classic was hacked back in 2019 when an infiltrator was able to single-handedly mine for the cryptocurrency. Bitcoin, on the other hand, has never been hacked.
- It’s not worth much – Although investing in Ethereum Classic could work in your favor, it can equally as likely go down in value in the coming year or so.
Where to Buy
The best place to buy both coins including Bitcoin and Ethereum Classic would be an online exchange platform.
Bitcoin (BTC)
It’s possible to buy Bitcoin on PayPal as well as network exchange platforms such as:
- Coinbase
- eToro
- Crypto.com
- Blockchain.com
- Coinsmart
- Uphold
- Kraken
Ethereum Classic (ETC)
You can buy Ethereum Classic coins on the following platforms:
- Coinbase
- Coinmama
- Robinhood Crypto
- Binance
- Kraken
- eToro
Exchanging Bitcoin for Ethereum Classic
The best places to exchange Bitcoin for Ethereum Classic include crypto exchange sites like Kraken and Coinbase.
Future Plans
Before investing in Bitcoin or Ethereum Classic, check the future plans of each cryptocurrency:
Bitcoin
Bitcoin itself has unveiled no clear roadmap for the next 10 years. However, it’s safe to assume that the crypto will expand its ecosystem and make improvements to its monetary policy and blockchain.
Ethereum Classic
The future of Ethereum Classic remains unclear. However, whatever it does will be independent of Ethereum (ETH) and the Ethereum community. In September 2022, Ethereum (ETH) changed its consensus mechanism to proof-of-stake, while Ethereum Classic stayed on the proof-of-work system.
https://www.bankrate.com/investing/bitcoin-price-history/
https://coinmarketcap.com/currencies/ethereum-classic/
https://bitinfocharts.com/ethereum%20classic/
https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/
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