The difference between Ethereum and Ethereum Classic

As one of the world’s biggest assets in the crypto market, Ethereum (ETH) has always been a fan favourite. It has progressed but along the way, some people wanted to branch off which led to the formation of Ethereum Classic (ETC). 

The Decentralised Autonomous Organisation was a project that centred on pooling together investor’s funds alongside Ethereum-based tokens. Even though the concept sounds promising, people were split on what to do with the Ethereum project which eventually led to the split. 

This split happened because of the 2016 event when 3.6 million ETH was stolen. This led to the creation of the current primary Ethereum blockchain due to a hard fork. Some people wanted to stay with the classic version but most wanted to go to the returned funds that went to Ethereum. 

Now, let’s take a look at the Ethereum Classic vs Ethereum matchup and find out the differences between the two crypto assets. 

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What is the difference between Ethereum and Ethereum Classic?

If you are interested in investing in Ethereum or Ethereum Classic, you should look at their differences. You will have to distinguish between the two assets to make the proper investment. Since ETH is now the primary asset, it has a higher value which can be attributed to the number of people who went with the returned funds. 

Now, let’s dive into the differences that you will see between these two crypto assets. 

ETC has a fixed supply

When you check out the price of both assets, you will see that Ethereum Classic has significantly lower prices than its counterpart. As of June 14, 2022, 1 ETC is worth around $13.30 while 1 ETH is worth around $1,116.46 on the same day. That is a huge difference but that should be obvious when you see that ETC has a fixed supply while ETH does not have one.

ETH is more popular and widely accepted with no fixed supply

As we have talked about, the lack of a fixed supply is key to Ethereum’s growth. It has become the world’s second-most popular cryptocurrency. That is a huge change before 2016 when it was still a fledgling asset and since then it has grown into one of the most legitimate assets in the crypto market. 

ETH is working to shift to  Proof of Stake 

The crypto market has been reliant on models that keep cryptocurrencies moving. As the most innovative asset in the market, Bitcoin pioneered the use of the proof of work model which involved using mining to achieve those goals. Ethereum still employs this but they are slowly transitioning into a proof of stake model. 

When you look at the Ethereum vs Classic debate, you will see this as one of the primary points. People within the ETH space want to have a new system in place and with proof of stake, they know that the people validating the transactions are selected based on the stake they have in the blockchain. It also helps the environment because proof of work has some adverse effects due to high levels of energy consumption. 

Of course, both models have their pros and cons but moving forward, it looks like the proof of stake model is much more sustainable compared to the proof of work model which is why Ethereum has received plaudits over its Classic version. 

ETH has the apps and NFTs while ETC does not

One of ETH’s biggest strengths is its functionality with decentralised apps and the popular non-fungible tokens. These are two of the biggest assets in the crypto market and they are usually located in the Ethereum blockchain. With this kind of power, you can expect that the Ethereum pros and cons will mostly be heading towards the positive side.

ETC does not have this kind of functionality because they branched off before it was a crucial part of the ETH blockchain. The Ethereum Classic pros and cons will trend to the negative side because they are not as useful as ETH which is another part of the non-classic version to be the more popular option between the two. 

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The price predictions for Ethereum and Ethereum Classic

Since ETH is one of the biggest assets in the crypto market, you can expect that more people will point to its potential performance and value. Crypto experts have said that by 2025, Ethereum will be worth around $11,764. That is a huge value and some have even said that Ethereum has the potential to dethrone Bitcoin as the top dog of the crypto market which will be an unbelievable achievement if it happens. 

On the other hand, Ethereum Classic will most likely go up in value but experts have said that it will not be near ETH’s value. ETC will be worth around $69.98 by 2025 which is significantly lower than the more popular option. When it comes to choosing between Ethereum or Ethereum Classic, it will be hard to recommend the latter because of its value moving forward. However, some people might prefer ETC which should be respected.

Is Ethereum Classic better than Ethereum? 

It is challenging to say that ETC is better than ETH because the former is less prominent compared to the second-biggest cryptocurrency in the world. While most ETC fans will say that their asset is better, it is challenging to say ETC is objectively better than ETH because of the overwhelming numbers in the latter’s favour. 

ETC does have solid strengths including how it is the unaltered version of Ethereum. As stated on their website, the team behind ETC wrote, ‘Ethereum Classic is the continuation of the unaltered history of the original Ethereum chain. The ETC network exists to preserve the principle of “Code is Law”’.

ETC still supports smart contracts which is one of the biggest strengths of the current Ethereum. In the long run, ETC will continue to appreciate and improve which will help in the growth of the overall crypto market.

Should I buy Ethereum or Ethereum Classic?

Choosing between Ethereum and Ethereum Classic is a hard decision for some people because they both have their pros and cons. With the former, you can expect that most people’s entry points will be harder to get to because the price is high when you’re trying to invest. 

On the other hand, Ethereum Classic will be harder to recommend because of its inherent value compared to its namesake. However, it is still better than most of the crypto market which is why it’s still a good cryptocurrency to invest in.

If you are planning on buying either crypto asset, ETH will be the better investment as long as you have the funds to do so. It will be an easy decision if you have the funds and as you progress through the ETH blockchain, you will most likely succeed and thrive with your investments.

Do not miss out on Ethereum or Ethereum Classic!

If you are still tentative with your decision of investing in the crypto market, you will be remiss to not look into the two types of Ethereum. They are proven commodities in the crypto market and they will keep growing, especially ETH. You will have access to all the benefits when you invest properly and thankfully, the process has become much easier with crypto wallets. Invest in ETH and ETC because you will not regret your decision.

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Words: Pocholo Magsino