Buy Ethereum Classic (ETC) in Nigeria
What is Ethereum Classic?
Ethereum Classic is a hard fork of the original Ethereum platform that emerged in 2016 after the Ethereum-based Decentralized Autonomous Organization (DAO) was hacked.
The community split into two opposing camps, and the same thing happened with the project.
The ecosystem of the digital currency ETC does not have a single control center; several independent groups of blockchain engineers are working on the project. Each of the teams has its own sector of responsibility:
- Ethereum Commonwealth - Deals with the Callisto Network testnet. Callisto Virtual Coin (CLO) is a fork of ETC and is intended to be a guinea pig. All innovations will be tested on this altcoin before they are integrated into the main network. In addition, this team is responsible for maintaining the official Classic Ether Wallet.
- ETCDEV is a national team of programmers working on network updates.
- IOHK - develops and promotes client-node "Mantis", created in the computer language Scala.
- ETC COOPERATIVE - responsible for marketing policy and public relations.
- ETC LABS - Supervises financial matters and maintains representative offices in Singapore and the USA.
ETC Blockchain is a public decentralized open source database.
The Ethereum Classic blockchain is a platform based on the original Ethereum code for the development of decentralized applications and smart contracts. The structure of the Ethereum Classic network is very similar to the Bitcoin blockchain, it also stores information about all transactions.
The main principal advantages of Ethereum Classic include the following properties of the coin:
- The cryptocurrency managed to preserve the basic principle of ensuring complete decentralization and the impossibility of external factors interfering with the operation of the coin;
- Ensuring complete security of the participants in the crypto network, as well as financial transactions carried out within the site using the ETC token. This is confirmed by the fact that the system regularly becomes the target of prolonged and massive hacker attacks. at the same time, the project has never been hacked and user funds have remained completely intact;
- Since the date of its official appearance on the cryptocurrency market, Ethereum Classic has shown excellent results in terms of daily trading volume several times, surpassing transactions using Ethereum;
- As a significant advantage of the coin, one can single out the support of this project from the majority of the largest cryptocurrency exchanges. at the same time, exchange and trading operations with ETC are often carried out without the need to first convert the cryptocurrency into Bitcoins, which not only speeds up the exchange process, but also makes it more profitable;
- Ethereum Classic has an unlimited emission volume, so users can mine this coin indefinitely.
How does Ethereum Classic work?
The Ethereum Classic cryptocurrency relies on smart contracts that automatically transfer funds from one party to the other after the prescribed terms of the transaction are met. New blocks of the network are generated using the Proof of Work (PoW) consensus algorithm. Miners are rewarded for their work. To initiate a transaction from one user to another, the sender must pay a gas fee.
What Makes Ethereum Classic Unique?
Basic principle of the project: Code is law. No changes will be made to the Ethereum Classic code that violate the properties of immutability, fungibility, or the integrity of the registry. Transactions and registry history can never be reversed or changed.
Where to buy Ethereum Classic in Nigeria?
Anyone can become the owner of the ETC cryptocurrency. It's easy and simple to do! You can buy Ethereum Classic in Nigeria through one of the cryptocurrency exchanges. One of the most popular and reliable exchanges is Binance. This platform has earned good reviews from users and high security.
Choose one of the crypto exchanges:
You can buy ETC through a brokerage trading platform as CFDs (Contracts for Exchange Rate Differences). CFD is a contract whereby a trader does not need to purchase the cryptocurrency itself. The system fixes the value of the asset at the time of the contract execution and the user's forecast. You are simply speculating on the rise and fall of ETC rates.
How to start investing in Ethereum Classic in Nigeria?
The key principle of investment in the financial market is buying assets at a low price and selling them at the highest possible price. ETC cryptocurrency trading is based on this as well. While trading, you cannot place an order on an uptrend. The best option is to wait for the decline in value (this process is called correction), which inevitably happens after each next round of growth.
If you decide to invest in Ethereum Classic in Nigeria, then you must choose the right moment to buy. To do this, you need to be able to analyze the price chart. Based on the analysis of technical indicators, traders make a decision to open or close deals. TOP 5 technical indicators for cryptocurrency trading:
- EMA Ribbons;
- Hash Ribbons;
- Heikin (Heiken) Ashi;
- Stochastic Oscillator.
If you are a beginner, then trading signals will help you figure it out at the initial stage of learning. Try it and you will succeed!
Minimize the risks of a stock trader by creating a diversified investment portfolio, i.e. invest not in one cryptocurrency, but in several at once. The meaning of risk diversification: if the rate of one of the currencies decreases, the profit on other assets will cover the losses. This method tends to bring a stable positive result. That is why single-currency portfolios are very rare in practice.
By combining together a buy-back strategy with the creation of a diversified foreign exchange portfolio, you can significantly increase your income and reduce the risk of bad investments.
This tactic is very popular, and with its help some traders manage to double their initial capital. To increase your chances of success, you need to adhere to a simple algorithm of actions, consisting of several elementary steps:
- Selection of the optimal currency pair on the market. To select, you need to analyze the cost and volume of trading for a specific pair.
- Switching to the desired currency pair with the study of the quotes chart. Better to take into account intervals of 15-30 minutes. If you see a stable decline in the rate, the pair is suitable for the BTER trading strategy.
- The rate should fall by at least 5-15% of the value of the currency over the last day. If the price drop exceeds 25%, traders have lost confidence in the currency pair, that is, it is better to refrain from buying.
- Creation of a request for the purchase of cryptocurrency. You need to set the price of interest in the order or agree to an existing offer. The main thing is not to use all the capital in this strategy.
- When the tokens are purchased, you need to create a sell order with a value that exceeds the purchase price by only 5%.
Having learned how to analyze everything thoroughly and conduct two dozen transactions every month, you will be able to quickly double your capital. The main thing is to be prepared to sometimes lose and roll back a little.
The simplest trading tactic, in which the user opens a position against the trend, hoping to make a profit at the moment the value rolls back to its previous values. The main thing is to use a small part of the capital when implementing the strategy - no more than 2% of all assets. This tactic has several advantages. The first of them is the ability to frequently open deals, and the second is the ability to work on almost all trading floors.
One of the main mental mistakes of newbies who started investing in Ethereum Classic is the fear of locking in losses. It is better to sell the cryptocurrency on time and get out of the position on time than to try to "sit out" the fall in the rate. One of the tools for such situations is placing stop loss orders. These are special orders to sell an instrument if its price drops to a specified mark.
If a trader invests the entire available amount of funds only in the purchase of ETC, then stop losses must be set in order to avoid a strong drawdown on the deposit. If this is not done, the trader can “turn into an investor,” that is, he will have to wait for the asset price to rise in order to close the deal at least without loss.
If a trader has just started investing in Ethereum Classic in Nigeria, then stop losses will reduce the influence of emotions on the trading process. Novice traders often succumb to panic, fear or greed and make mistakes that lead to a loss of capital. It is very difficult to sell an asset at a loss and admit that you are wrong. Stop losses help you not to hesitate in such situations: you think over a trade plan in advance and place an appropriate order in order to avoid serious losses.
Another advantage of stop losses is that you do not need to monitor the market 24 hours a day. If the price rises, you can set a stop loss at the entry point. In this case, even if the price of the coin drops while you sleep, the exchange will automatically sell your assets without loss.
By investing in ETC, you know that you are investing in a project, one of the main values of which is blockchain immutability.
Is Ethereum Classic a Good Investment?
According to the TOP-100, Ethereum Classic ranks 12th in terms of capitalization. It is $ 1.6 billion, the daily trading volume reaches $ 524 million. With a policy of keeping the blockchain immutable and stable, ETC has attracted many investors and developers who use the network to build decentralized applications.
Should traders invest in Ethereum Classic?
From 2017-2018, this cryptocurrency showed the highest indicators of its value, which was caused by the general rise of the crypto market. This indicates that ETC has the potential for serious price gains.
How to buy Ethereum Classic in Nigeria right now?
To buy Ethereum Classic on the exchange, you need to register, go through verification and verify your identity, so that later you can withdraw money to a bank card or electronic wallet. The registration process will take 5-10 minutes without leaving your home.
If you decide to invest in Ethereum Classic in Nigeria using Contracts for Difference (CFDs), then it will not require large investments from you, you only need free time! So go for it!
Choose a broker with low commissions and a reliable trading system. On the online CFD trading platform, transactions are executed very quickly and will allow you to bet not only on the growth, but also on the decline of the ETC cryptocurrency. It is also possible to trade with leverage (or margin) on the platform. But it is recommended only for traders who open positions for a few minutes or hours. Some brokers charge additional fees when the position is rolled over to the next day.
If properly organized, margin trading can be extremely profitable. So go for it, successful bidding!