Dec 15, 2018 14:30 UTC
Dec 15, 2018 at 14:30 UTC
The new year is approaching us fast. So along with your party plans, you should also plan your future investments for the year 2019. And if Ethereum Classic is an investment you are eyeing, then you might find this piece very helpful.
To put it simply, Ethereum classic is the blockchain network that has got a lot of people’s attention in the market at the moment. So the question of whether or not it is a good investment bet to make in 2019, is a question that has the industry conflicted. We will try to summarize the basics for you and help you make a more informed decision about it. Before you proceed, it is advisable that you take a look at the A Beginner’s Guide to Ethereum Classic.
Ethereum Classic: The Basics, What Is It?
The story of Ethereum Classic’s origin dates back to 2016. Back then, the Ethereum community underwent a major controversy which was largely centered around the security issues that the network was facing. It was regarding an attack on Decentralized Autonomous Organization that the community was trying to launch on their platform. So the Ethereum community as a whole decided that they wanted to have a hard fork to reverse a major hack that costed the platform 3.6 million Ethers. However, the faction of that community that did not agree with this, decide to hold on to the previous platform, and hence, Ethereum Classic came into being. Check out our piece on ‘10 Differences Between Ethereum and Ethereum Classic‘ for further clarity.
What are the reasons to put your money behind Ethereum Classic?
Well to begin with, it is a Classic network, so the chances of any more forks are next to none. This also essentially guarantees the price retention of the cryptocurrency, which ascertains a goood return on investment on your money, which will only profit from the gains that the currency rakes in. So when the prices soar, so will your profits.
Mining Ethereum Classic is slightly more tricky than Ethereum, making it more low profile. It has a difficulty bomb which is built into the network, thus making it all the more difficult to mine with the proof of work consensus protocol over time. Thus, the vision of achieving a thoroughly decentralized, permission-less blockchain network can be realized.
The security of Ethereum Classic is pretty solid. Since it is as a blue-chip cryptocurrency, an added security protocol is present. Investments on blue chip cryptocurrencies are generally considered more profitable since it allows for greater returns.
Going into 2019, Ethereum Classic has been going strong. Currently it is trading at $3.68 USD. In the long term, we feel that it will serve as a good enough investment. The fact that it is much less volatile than the other cryptos on the market also makes it more likely to see strong gains in the year 2019.
Additionally, Coinbase’s decison to list the currency on its platform also had a positive impact on the cypto’s standing in the market. We are not making any bold claims here, but we are also encouraging to hold on to your ETH tokens for a little longer.