What is Ethereum Classic?
“Decentralized. Immutable. Unstoppable.”
Ethereum Classic, as we know it, exists because of a hack that happened to the major Ethereum blockchain in 2016. The Ethereum we use today is the hard fork from the original blockchain, which occurred as a combat to the hack. The original network, Ethereum Classic, remained as its own chain with a dedicated team and differing features from the main Ethereum blockchain.
According to the website of Ethereum Classic, the team is aiming to achieve a vision fixed on the irreversible contracts made on the blockchain:
“We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts.”
How to create an Ethereum Classic wallet
Sign up for a free Coindirect account and you will automatically get a free Ethereum Classic online wallet. You can use your Ethereum Classic wallet to buy, sell, store, send (withdraw) and receive (deposit) ETC.
How to create an Ethereum Classic address
Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Ethereum Classic wallet address.
How to buy Ethereum Classic with a credit card
- Sign up for a free Coindirect account.
- Find your Ethereum Classic Wallet and click the ‘Buy’ button in your Ethereum Classic Wallet.
- Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
- Enter EUR value of Ethereum Classic you want to purchase (more than the minimum limit) or the Ethereum Classic amount you want to buy and then click ‘Preview Buy’.
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds).
- Type in your credit card details and pay.
- You will be taken to a page to verify your transaction.
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful.
How do I purchase Ethereum Classic from my bank account?
If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.
To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:
- Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
- Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue).
- Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
- Once the funds reflect in your ZAR wallet, go to your Ethereum Classic wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.
Where can I sell my Ethereum Classic?
You can sell Ethereum Classic from your Coindirect wallet by clicking the ‘Sell’ button in your Ethereum Classic wallet.
If you are in a SEPA region or South Africa. You can sell your Ethereum Classic and instantly get money transferred to your Wallet (ZAR or EUR).
If you are in another region with no local currency wallet. You can sell your Ethereum Classic by creating a sell offer on the marketplace.
You now know how to buy Ethereum Classic instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade Ethereum Classic from the palm of your hands.
Credit card limits
Please note that Coindirect has limits for credit card purchases in place.
Make sure that your account is verified so that your credit card purchase limits are increased.
Currently, the limits for credit card purchases are:
Unverified users – €175 – €500
Verified users – €890 – €1000
If you are interested in introducing your friends to a way to buy Ethereum Classic with their credit cards, make sure you share a link through the Earn programme. If they sign up to Coindirect, both you and the friend will receive 5 XRP for free when they perform their first transaction.