Ethereum Classic (ETC) is a popular cryptocurrency that represents the original branch of the Ethereum network. In 2016, this network was attacked by hackers, who stole more than $50 million from the platform. To strengthen security, the developers conducted a hard-fork, as a result of which the blockchain was divided into 2 branches – Ethereum (new blockchain) and Ethereum Classic (old).
The capitalization of Ethereum Classic is quite modest, but it still reaches the 17th place in the list of cryptocurrencies as of August 2021. Nevertheless, it is a popular trading asset that brings users good money. Special cryptocurrency wallets are used to store Ethereum Classic. Today we will tell you about the most popular ones.
Overview of the official Ethereum Classic wallet
Core-Geth is considered to be the official wallet of Ethereum Classic. It is supported by the ETC Core development team, so if you are interested in the official ETC client – use the product from the development team.
The main disadvantage of Core-Geth is that it is a command-line wallet. It has no graphical shell, so if you don’t know how to work with the command line, it’s better to use simpler solutions.
Core-Geth supports not only Ethereum Classic, but also other coins such as Ethereum, Ethereum Social, EtherSocial, etc.
Online Wallet for Ethereum Classic
Online wallets are web services for storing cryptocurrencies. You simply create an account, protect it with a username and a password, two-factor authentication and other available measures.
Funds are stored in the service’s accounts, and access data is stored on its servers. This makes online wallets as vulnerable as possible: both third parties (such as hackers) and dishonest service employees can get access to your cryptocurrency. Nevertheless, proven and popular online wallets are safe enough to use.
One of the best platforms to store ETCs is ETCWallet. This online wallet is specifically designed for storing Ethereum Classic, without any extra features that complicate working with it. This wallet allows you to access your funds by private key, keystore file or mnemonic phrase.
Ethereum Classic hardware wallet
A hardware wallet is a separate physical device where private keys are stored in an isolated environment. You can store cryptocurrency on it and receive transfers. To send transactions, it’s enough to connect it to your computer or smartphone – but even in this case, the keys won’t leave the device.
One of the best models of hardware wallets is the Ledger Nano X. This is a hardware wallet from the French company Ledger, available since 2019. It replaces the outdated Ledger Nano S model (2016). The wallet can store Ethereum Classic, as well as more than 1.8 thousand other cryptocurrencies (BTC, ETH and so on).
Ledger Nano X wallet visually looks like an ordinary flash drive with a rotating protective cap. On its body there is a USB-connector for connection to a computer or smartphone, 2 control buttons and a small display showing basic information (currency, transfer address, etc.). When you connect the wallet to other devices, use the Ledger Live app (suitable for Windows, MacOS, Linux, Android, and iOS). You can use it to securely view your balance, send cryptocurrency to other users, etc.
The most popular exchange with ETC storage options
If you don’t trust regular wallets, you can store Ethereum Classic in a cryptocurrency exchange account. From the point of view of an ordinary user, such storage does not differ from an ordinary online wallet – you can access your funds from any device, just enter your username and password and authorize on the exchange.
Nevertheless, the reliability when using cryptocurrency exchanges is much higher – they store the bulk of users’ assets in cold wallets, apply advanced security solutions and take care of their reputation.
The most popular cryptocurrency exchange in the world can rightly be considered Binance. It is the largest trading platform, founded in China in 2017. Creating a wallet is simple – enter your email and password, enable two-factor authentication and identify your identity. After that you will be able to use all the features of Binance.
Exchange wallet allows not only to store ETCs, receive and send coins, but also to buy them with a bank card, exchange them on P2P exchange, trade them on the classic exchange and much more.
Mobile Wallet for Ethereum Classic
If you are looking for a balance between usability and security – try software wallets. These are applications installed on users’ devices (computers or smartphones). In this case, the wallet is constantly connected to the network (i.e., it is “hot”), but the private keys are stored exclusively on the device.
Software wallets come in 2 types:
- Desktop (for computers).
- Mobile (for smartphones and tablets)
From the security point of view desktop and mobile wallets are identical, but mobile wallets are more convenient to use – because your smartphone is always with you. Nevertheless, most software wallets are cross-platform: they offer solutions for all popular platforms – Windows, MacOS, Linux, Android, and iOS.
If you want to use a mobile wallet for Ethereum Classic – try Trust Wallet. It is a software wallet (though exclusively mobile) from the Binance exchange. It supports Ethereum Classic and over 160k more assets (40+ blockchains in total). The wallet is available for smartphones on Android (download via Google Play or via APK file from the website) and iOS (download via App Store).
Unlike the official exchange, the wallet does not require user verification. You can work with cryptocurrency completely anonymously. In addition to the function of storing, sending and receiving coins, the wallet is suitable for buying cryptocurrency from the card and trading tokens. You can also use a special browser for decentralized applications.
Thus, you can use as many as 5 different storage options to hold Ethereum Classic – official wallet, hardware wallet, online wallet and exchange account, as well as mobile app.