BitPinas. The team behind Ethereum Classic believes that Ethereum should stay true to its philosophy of the immutability of the blockchain. In this article, we will give you a brief introduction about Ethereum Classic, what happened to Ethereum that gave birth to the Classic after a hard fork, and of course – ways on how you can buy ETC in the Philippines.
This article had a minor update on October 2, 2018.
What is Ethereum Classic
Table of Contents.
- 1 What is Ethereum Classic
- 2 How to buy Ethereum Classic in the Philippines
- 3 (Update) Buy Ethereum Classic from Abra:
- 4 Buy Ethereum Classic from Binance
- 5 Buy Ethereum Classic from Cryptocurrency Exchanges
- 6 Steps in buying ETC in Binance
- 7 Other ways to buy Ethereum Classic
- 8 Best Ethereum Classic Wallets
- 9 Ethereum Classic Philippines Tips
Ethereum gave birth to Ethereum Classic after a hard fork in 2016. Surprisingly, the hard fork is the continuity chain – it retained the Ethereum name, while the old chain came to be called Ethereum Classic.
After a disagreement with another project on top of the Ethereum blockchain, the community is divided to those who improve the Ethereum code and those who think that Ethereum’s original philosophy of immutability (“the blockchain cannot be changed”) must be respected. The forked chain retained the Ethereum name, while the older chain became known as “Ethereum Classic”.
How to buy Ethereum Classic in the Philippines
Ethereum Classic is not available in the Philippines to exchange with fiat money. Meaning, you cannot just go to 7-eleven and exchange your money into bitcoins in Coins.ph.
However, you should note that globally, only bitcoin (and sometimes ethereum) are the only cryptocurrencies that get traded against fiat money. 99% of the time, altcoins are traded with bitcoins and vice versa, not with fiat. So if you think the process below is inconvenient, take solace with the fact that this process is almost the same for virtually every other person in the world.
(Update) Buy Ethereum Classic from Abra:
Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for Ethereum Classic within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.
- Download Abra here! (It will ask for your mobile number, start with the PH area code 63.)
- Buy cryptocurrency on Abra through credit card!
Buy Ethereum Classic from Binance
Binance is one of the world’s largest cryptocurrency exchange in terms of volume. Register for Binance here. For the process of purchasing ETC:
- Register for Binance.
- Move your bitcoins from Coins.ph (or other wallets) to Binance. (Take note of your bitcoin wallet address on Binance).
- Proceed to search for the ETC market. (Type ETC on the search box to find it).
- On the left side of the ETC BTC page, identify how much are people selling their ETC (You can click the one on the “Sell Spread” (the red one) or the number on the Buy Spread (the green one)).
- Buy ETC.
- You can check out our guide on buying in Binance here.
Buy Ethereum Classic from Cryptocurrency Exchanges
Many exchanges globally trade ETC. We will use Binance as an example.
Steps in buying ETC in Binance
- Sign up and have your account ready.
- Have a BTC account via Coins.ph
- Choose your crypto-exchange site, we will go with Binance as an example.
- Open a new wallet by using an Ethereum Classic wallet. You can use a free desktop wallet by ethereumproject or myetherwallet.
- There are also other ETC wallets available in Android and App Store but use them at your own risk.
- Ready your Bitcoins in your Coins.ph.
- Send BTC from Coins.ph to your Binance ETC wallet.
- Create your Binance BTC wallet address on the wallet portion of Binance.
- Buy Ethereum Classic using your Bitcoin in Binance.
- After purchasing, transfer your ETC to your chosen wallet.
Other ways to buy Ethereum Classic
- You can meet with an ETC trader in person or online by joining legit Ethereum Classic Facebook groups.
- Poloniex Crypto Exchange
- Bitfinex Crypto Exchange
Best Ethereum Classic Wallets
Ethereum Classic Philippines Tips
- If you happen to find another ETC trader and decided to meet up, make sure both of you are in a secured public place before making the transaction.
- Bitbit.cash and Coins.ph, two wallets most commonly used in the Philippines don’t support ETC. You have to use an ETC wallet.
- Don’t use the crypto exchange site to store your ETC. Keep them safe inside your wallet.