Every crypto connoisseur knows that Ethereum Classic is the original Ethereum. ETC investors are proud of supporting the project, which maintained integrity and adhered to the core philosophy behind Ethereum. Although ETC is in many ways different from ETH, it still constitutes a viable means of payment. ETC is already extensively used as a payment method by numerous companies around the world. NOWPayments helps businesses to accept Ethereum Classic payments.
Key points:
- ETC is the native coin of Ethereum Classic.
- ETC has rocket-fast transactions.
- NOWPayments offers an API enabling companies to accept ETC crypto payments.
What is Ethereum Classic?
Ethereum Classic emerged in 2016 after the hack of the DAO, one of the most noteworthy projects of the Ethereum network. The DAO incident led to a split in the Ethereum community. One share of the users decided to add changes to the network’s code, while the other one did not agree with this move. As a result, the Ethereum network was divided into two separate blockchains through a hard fork.
The consensus protocol is one of the key elements of Ethereum Classic. While the current Ethereum blockchain is rapidly moving toward shifting to a Proof-of-Stake model, Ethereum Classic remains true to its origins and continues using the original Proof-of-Work protocol.
ETC combines the advantages of both ETH and BTC and positions itself as the ultimate Smart Contract Platform of the future. The ETC crypto has all the basic qualities of a great cryptocurrency. It is fungible, divisible, scarce, portable, and has a predictable supply.
What is API
API stands for Application Programming Interface. API works as a computing interface of a system which the way its applications and components interact or communicate with one another. API is not a database. Rather it is a code controlling the access to the server, defining requests that can be made, and setting the rules for making requests. Online platforms extensively utilize APIs because they make their operations much easier. APIs remove the need to build specific links for each service or product.
In the case of cryptocurrencies, APIs enable access to market data provided by exchanges and blockchain protocols. They also let users make and receive payments with guaranteed safety since they are essential for preventing hacks.
API Keys are the primary tool for using APIs. API keys are unique codes passed into an API to identify users. API Keys make it possible to track and control the usage of API. Additionally, they function as special passwords letting their owners access any information they need.
Compared to the standard keys such as passwords, API keys make the security of sites and users’ accounts stronger and less vulnerable since API Keys cannot be reused. Moreover, API keys are always randomly generated. They are long and have no logical order of the symbols they use. Subsequently, they are hard to crack. As it is clear, API Keys have many applications and are highly beneficial for a variety of projects, including those dealing with cryptocurrencies.
Pros and cons of Ethereum Classic payments
Ethereum Classic is a coin with an impressive legacy and awesome tech behind it. By bringing together the best features of BTC and ETH, ETC manages to deliver excellent performance. This is why it is a go-to choice for dozens of businesses that use it as a means of payment.
Pros
Speed
Ethereum Classic is an efficient blockchain that often outperforms Ethereum. As a result, ETC transactions are processed quickly and efficiently, letting users transfer their coins without any delays. Businesses that use ETC as a payment solute can accept payments in a fast way from clients from all over the world.
Low gas fees
Unlike Ethereum, Ethereum Classic has low gas fees. So, users do not end up spending a fortune on fees when sending $20 worth of ETC. The low cost of ETC transactions is great news for businesses that want to have a decentralized and expensive means of payment.
Privacy
Nowadays, businesses seek to offer the highest quality of customer experience to their clients, and privacy is one of the main elements where the majority of companies fail. The traditional payment solutions are not private, and they prevent consumers from making payments anonymously. ETC, on the other hand, offers complete privacy to users thanks to Ethereum Classic’s blockchain being decentralized.
Cons
Volatility
Volatility is a major point of concern for most cryptocurrencies, and ETC is not an exception. Basically, the market value of ETC is subject to constant fluctuations, which some may view as rather radical. Yet, by using NOWPayments’ auto-conversion feature, businesses can accept ETC and instantly convert it to fiat.
Sustainability issues
ETC runs on Proof-of-Work, a consensus mechanism that has been widely criticized by environmentalists as being unsustainable. Essentially, some experts say that the PoW consensus requires too much electricity, which negatively affects the environment. Nevertheless, the impact of Ethereum Classic is much lower than that of Bitcoin.
How to accept ETC with API
Offering APIs is a given in the sphere of crypto processing. NOWPayments, as a trusted crypto payment gateway service, provides users with an API that enables them to stay completely safe when accepting ETC and other cryptocurrencies. NOWPayments provides you with a reliable API that takes just a few seconds to start.
Follow these steps to begin using your API and accept Ethereum Classic:
- Create an account on the official NOWPayments website;
- Enter your email and create a password;
- Once you confirm your email, sign in to your account;
- Open the Dashboard page and enter your Ethereum Classic crypto address.
- After entering your address, generate your API key by pressing the “Add New Key” button;
- Once you have your API key, you can pick a payment gateway of your choice.
- You also can explore the detailed API documentation here to learn more about NOWPayments’ API features.
Conclusion
Ethereum Classic is a powerful and efficient blockchain with a state-of-the-art cryptocurrency. ETC transactions are inexpensive and take mere minutes. NOWPayments enables businesses and individuals to accept ETC payments through an API.