Ethereum Classic (ETC), a blockchain platform and cryptocurrency, has a shared history with Ethereum (ETH) but emerged as a separate entity due to a split in the crypto community. In this piece, we address two common queries: What is Ethereum Classic (ETC), and how can one purchase Ethereum Classic (ETC) with TRY.
What is Ethereum Classic (ETC)?
Ethereum Classic is an open-source blockchain computing platform that enables developers to create and deploy smart contracts similar to Ethereum. It came into existence in 2016 following a contentious split from the original Ethereum blockchain, resulting in the creation of two distinct cryptocurrencies: Ethereum (ETH) and Ethereum Classic (ETC). The split was triggered by a disagreement within the community related to the resolution of a hack involving a decentralized autonomous organization (DAO).
While Ethereum Classic and Ethereum share similarities, there are notable differences between the two. Ethereum Classic remains immutable and resistant to updates, utilizing Proof of Work (PoW) as its consensus mechanism, whereas Ethereum has transitioned to a Proof of Stake (PoS) consensus mechanism. This variance reflects differing perspectives on blockchain governance and decentralization principles in the crypto sphere.
Ethereum Classic’s steadfast commitment to immutability and PoW has both advantages and drawbacks. While it upholds decentralization and security, as evidenced by ongoing miner support post-Ethereum’s PoS transition, its resistance to change poses challenges in scalability and adaptability, limiting Ethereum Classic’s mass adoption potential compared to Ethereum.
Despite operating independently from Ethereum, Ethereum Classic’s community remains devoted to upholding decentralization and immutability principles. Despite grappling with scalability and development obstacles, Ethereum Classic remains a resilient and influential player in the crypto world, drawing miners and enthusiasts who appreciate its adherence to the original blockchain technology vision.
How to Buy Ethereum Classic (ETC) with TRY?
For investors in Turkey looking to purchase Ethereum Classic (ETC), Binance TR is the preferred cryptocurrency exchange. With a simple account setup process, Binance TR offers access to over 100 cryptocurrencies, including ETC. To acquire Ethereum Classic (ETC) with TRY on Binance TR, follow the steps outlined below.
How to Open an Account on Binance TR?
Creating an account on Binance TR is straightforward. Visit trbinance.com, proceed to the “Create Account” section, and provide basic details such as email address, phone number, name, date of birth, nationality, and Turkish ID number.
After submitting the required information, undergo email/SMS verification to confirm the details. Subsequently, move on to the identity verification (KYC) step.
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a vital security measure essential for cryptocurrency trading and account creation. This verification process safeguards both the user and the cryptocurrency exchange. Perform the verification process via the Binance TR website using your mobile phone.
Navigate to the “Profile” section on the Binance TR website, select “Identity Verification and Limits,” then click “Verify.” Scan the QR code displayed using your phone’s camera to proceed with the verification process. If unable to scan the QR code, opt to receive the verification address via SMS.
Upon entering the address on your phone or scanning the QR code, a screen will appear prompting you to select the document type for verification, followed by uploading the necessary document images and a selfie for completion.
After successfully following these steps, your identity verification will conclude swiftly.
How to Deposit TL on Binance TR?
Depositing Turkish lira into your Binance TR account is hassle-free, with support for all major banks. Utilize Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts for uninterrupted deposits and trades. For other banks, deposits up to 50,000 TL are possible 24/7 via FAST, while amounts exceeding 50,000 TL are processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, select the “Wallet” section, then click “Deposit.” Choose your preferred bank for the deposit process; if your bank isn’t integrated with Binance TR, opt for the “Other Banks” option.
How to Buy ETC Coin with TL on Binance TR?
Following the deposit, proceed to purchase ETC coin with TL by selecting the “Buy-Sell” option on the Binance TR website. Type “ETC” in the search bar, select the ETC/TRY option, and input the desired purchase price and quantity to complete the transaction.
What is Binance TR?
Binance TR, the Turkish arm of the world’s largest cryptocurrency exchange Binance, offers seamless trading services from fiat to cryptocurrency and vice versa. Leveraging Binance’s technology, security measures, and liquidity, users in Turkey can deposit and withdraw Turkish lira (TRY) via direct bank channels and trade various cryptocurrencies with TRY pairs on Binance TR.
Access market-leading spot trading liquidity, a robust matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR, all backed by Binance’s core functions.
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Disclaimer: The information presented in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, conducting thorough research before making any investment decisions.
