Forks are an inherent part of the crypto world which ultimately contributes to the diversity of blockchain projects and broadens the choice for investors. Ethereum Classic is a blockchain which was a result of a fork that happened on the Ethereum mainnet in 2016.
Ethereum Classic retained all properties and characteristics of the original network without adding any new changes. The strong adherence to the principle of “Code is Law” has earned this blockchain’s cryptocurrency, ETC, worldwide recognition as one of the most valuable digital assets in the industry. Today, businesses can derive numerous benefits from accepting Ethereum Classic by offering it as a payment option to their clients.
Key Points
- Ethereum Classic is a hard fork of the Ethereum network that was born out of a division in the Ethereum community
- Businesses that accept ETC enjoy fast peer-to-peer transactions and the absence of fraudulent activities
- NOWPayments has several solutions that can assist companies in deploying their personal ETC payment gateways
How It Came to Be
As mentioned earlier, Ethereum Classic is a fork of the initial Ethereum network which decided to keep all of its original features. The reason behind the fork lies in the lack of agreement among members of the Ethereum community on the matter of the DAO hack. In 2016, the DAO, one of the biggest projects of the blockchain, was subject to a cyberattack that resulted in millions of funds being stolen from users. The part of the community who believed that it was reasonable to go back and revoke all of the transactions made during the attack decided to stay with the new version of Ethereum. While those who believed that the network had to continue existing without any changes opted for the creation of Ethereum Classic.
Advantages of Accepting Ethereum Classic
Fast Money Transfers
Ethereum Classic ensures fast transactions on its network, which lets users from different parts of the world exchange money in a matter of minutes. Compared to the traditional way of sending money overseas when people have to wait for several days before the banks will clear their transfer. Ethereum Classic blockchain functions almost instantly. Such a feature is once again particularly beneficial for businesses and their clients, especially foreign ones. Instead of anxiously waiting for the transfer to occur and hoping that the bank does not freeze it, they can simply send ETC and avoid all the unnecessary hustle.
Ethereum Classic Community
Cryptocurrencies have amassed a large audience, and there are millions of people who are infatuated with blockchain technology and truly believe in its mass adoption in the near future. While the crypto industry, in general, has lots of fans, there are also individual communities that gather around certain coins. Ethereum Classic, as one of the most well-established virtual currencies in the world, has hundreds of thousands of devoted followers. People who hold ETC in their wallets also like to spend their coins on real-life products and services. So, businesses that start accepting Ethereum Classic can be certain that they will raise an instant interest in the crypto community for their products.
Peer-to-Peer Transactions
One of the greatest innovations brought to the world with the creation of cryptocurrencies is peer-to-peer transactions. Before it, when people wanted to send money to their friends, family members, or any other person, they had to rely on the bank. Blockchain solved this problem and managed to establish a system that could help individuals transfer their funds to any part of the world without getting banks involved. Ethereum Classic continues this tradition by maintaining its network decentralized and censorship-resistant, which means that no entity can interfere with users’ transactions. This particularly benefits businesses since they can be certain that their clients’ payments will reach their wallet without any obstacles.
Chargeback-Free
Every blockchain is built to be resistant to any changes concerning previous transactions. This translates into a situation where fraudsters and other individuals with malicious intent cannot strip their victims of any money using techniques which are typical of the traditional banking system. For example, a usual credit card fraud happens when a criminal, after purchasing a product from you, asks the bank for a chargeback. Quite often, such tricks actually end with success. Ethereum Classic can help protect your business from fraudsters since chargebacks are impossible to conduct on it.
Businesses that Accept Ethereum Classic
Snel
Snel.com is a popular service that provides clients with domain names of their choice, as well as offers great web hosting, cloud hosting, and dedicated hosting solutions. The company accepts ETC and a variety of other cryptocurrencies. It has extremely affordable prices and delivers high quality.
1xBit
1xBit is one of the most prominent crypto gambling venues on the Internet, which has been in operation since 2016 and has earned a solid reputation among players. The platform accepts Ethereum Classic alongside a myriad of other altcoins. 1xBit lets users bet on thousands of sports events and play more than five thousand games, including Black Jack, dice, roulette, and slots.
Gamerall.com
Gamerall.com is the Steam marketplace alternative which boasts bargain prices on tens of thousands of in-game items from titles such as CS:GO, Rust, Dota 2, Team Fortress 2 and others. The platform has multiple payment options, including cryptocurrencies, and Ethereum Classic is one of them.
NOWPayments
The examples of the aforementioned companies demonstrate the fact that there is a demand for merchants that accept cryptocurrencies such as Ethereum Classic. If you have a business and would like to begin featuring Ethereum Classic as one of your payment methods, then NOWPayments can help you do it effortlessly and efficiently.
Those companies which host their online stores on platforms such as WordPress and Shopify can utilize NOWPayments plugins which are easy to install and manage. Those who want to accept crypto but would like to receive their payment in fiat can use the auto-conversion feature. Businesses that have decided to make a complete transition to digital assets in their operations can make use of the mass payment option and instantly send crypto to numerous suppliers and employees.
One also can deploy an ETC payment gateway using crypto invoices, a simple tool which will let you get the taste of the crypto industry. NOWPayments services are non-custodial, which means that your clients will send their payments directly to your wallet.
Charities and boggers also can take advantage of all the benefits of crypto transactions and set up a crypto donation button, widget, or link on their website, which will allow them to receive crypto from their audiences. With NOWPayments, your crypto opportunities are truly unlimited.
Conclusion
Ethereum Classic is a fork of the Ethereum mainnet which retained all the aspects of the original network. It is a valuable asset, and it has one of the highest prices per coin on the market. Businesses that accept Ethereum Classic enjoy a variety of advantages, including fast peer-to-peer transactions and a great community.
There are several companies that feature Ethereum Classic as a payment option, and Snel.com is one of them. Ultimately, Ethereum Classic is an excellent choice for businesses wishing to get their share of the crypto segment. NOWPayments will do its best to assist companies in making their venture into the crypto world as smooth as possible with its solutions.