Ethereum Classic is the favorite cryptocurrency of those who are loyal to the original philosophy of the Ethereum project. Although ETC has been around for almost a decade, it still attracts an interest of the ever-increasing number of new investors. The growing demand for ETC is happening at the backdrop of the overall rise of the crypto market, so it is natural to expect the size of the ETC fam to expand in the coming years. That is why it is important to give your clients an opportunity to pay with fiat and get Ethereum Classic!
Key points:
- Ethereum Classic is the original Ethereum blockchain.
- NOWPayments provides businesses and individuals with tools for accepting ETC payments.
- Merchants can let their clients pay with fiat and get ETC.
What is Ethereum Classic
Ethereum Classic has one of the most interesting stories about its creation in the industry. Ethereum Classic is officially considered to be is the original version of the Ethereum blockchain. Initially, the network was established in 2015. After its launch, the Ethereum blockchain became successful practically instantly and drew the attention of thousands of investors. The secret of the network was that it possessed truly innovative features, which made the second revolution in the crypto world following the launch of Bitcoin.
Specifically, the Ethereum network-enabled users to build decentralized applications based on their particular requirements.
Additionally, the blockchain introduced a new type of tokens, non-fungibles (NFTs). These are unique digital assets that can be tied to certain objects such as artworks. Most importantly, the network offered a platform for everyone to create their tokens and host initial coin offerings.
Although the Ethereum blockchain was running at full speed, it soon encountered a huge problem. In 2016, the DAO, one of the biggest projects of the Ethereum network at that time, managed to raise more than one hundred million dollars in ETH. Yet, during a voting process, the DAO was hacked, and millions of funds were stolen by criminals. The situation led to the division in the Ethereum community. The majority decided to add changes to the network’s code. The share of the investors that did not agree with the decision opted for a hard fork which caused the Ethereum Classic to emerge.
Accepting Ethereum Classic as payment
Businesses and individuals also have an opportunity to accept ETC as payment using NOWPayments.
How to let customers pay fiat and get Ethereum Classic
ETC is a popular asset, and there are many entrepreneurs, merchants, business owners, and freelancers that wish to get Ethereum Classic as payment. Yet, the current market circumstances show that cryptocurrencies are not a very common payment method.
NOWPayments has a special solution for those who want payments in ETC. The fiat-to-ETC feature is available to every partner of NOWPayments, allowing businesses to charge their clients in fiat currencies and get their payments in ETC.
In order to enable the fiat-to-ETC feature, one should take these steps:
- First, you need to set up an account with NOWPayments on the official website of the service.
- Then, in the settings section, you need to specify your NANO public address to which you would like to receive payments.
- In order to charge your client in fiat and receive crypto, you will need to simply issue an invoice and let the customer pay with a traditional currency.
- Moreover, if you use an e-commerce CMS plugin, the fiat option will be available for your clients automatically.
- To pay with fiat, your client will have to pick USD at the checkout.
- hen, they will be redirected to the “Buy crypto” page of Mercuryo, our partner, where they will be able to pay with fiat.
- Once the sum gets paid, we convert it automatically to NANO and send it to the wallet specified in your account.
Those who wish to charge clients in crypto and receive fiat also can enable such a feature. NOWPayments will be more than happy to exchange your crypto for US dollars using a SEPA transfer.
FAQ
Conclusion
Ethereum Classic is truly a legendary cryptocurrency and a good means of payment. Those who want to accept Ethereum Classic but let their clients pay with fiat can easily use NOWPayments’ fiat-to-crypto solution.