The key difference between Ethereum Classic and Bitcoin
As cryptocurrencies are a complex technology it is recommended to know the differences between the coins you want to exchange so as to estimate the chance of profitability. Here is what you should know if you have decided to change ETC to BTC.
Bitcoin is the first cryptocurrency, the father of all other digital coins that are available now in the market. Launched in 2009, it has provided its users with the way to exchange value between each other without any third parties.
A few years later, in 2014, Vitalik Buterin has invented another cryptocurrency Ethereum which is not only the means of payment, but also a whole platform for creating decentralized apps. In 2016, a famous platform called the Decentralized Autonomous Organization (DAO) was hacked and a huge amount of Ethereum was stolen at that time. As transactions are irreversible with cryptocurrencies, in order to make a refund to angry investors, Vitalik Buterin has created a hard fork for his project. Based on Ethereum, the new cryptocurrency Ethereum Classic bears the same key features. This is one of the key things you have to know if you want to exchange Ethereum Classic to Bitcoin or vice versa.
What is Bitcoin mining algorithm?
Before converting BTC to ETC you should have some understanding of how these two cryptocurrencies are created and where their value comes from. Bitcoin creation is based on the algorithm named SHA-256. This algorithm is utilized by the special equipment named ASIC. This equipment resolves computational issues by consuming electricity. The result of this work are the blocks that are linked into one chain and can serve as storage for the data, such as information about transactions. The miner who finds the new block gets a reward for the work he has done (Proof-of-Work).Although Bitcoin could be created on the end-user machines in the beginning, as more users joined the pool with time and the difficulty of finding every new block increased, mining on home PCs has become unprofitable.
What is Ethereum Classic mining algorithm?
If you’ve decided to convert Bitcoin to Ethereum Classic keep in mind the following information about how the latest currency is created. ETC is also created via Proof-of-Work algorithm, but the difference is that it is only suited for end-user machines and can’t be mined on ASICs. Mining of this currency is more profitable for usual people who mine cryptocurrency on their own and do not join the pools.
Ethereum Classic supply
The circulating supply of Ethereum Classic equals to 113,696,779, while its maximum supply equals to 210,000,000.
For Bitcoin, the circulating supply equals to 17,952,500, while its maximum supply equals to 21,000,000.
Volume of transactions
Concerning th pair ETC/BTC, during the last 24 hours, ETC volume of transaction equals to $440,337,413.44. For Bitcoin, this index equals to $12,555,066,548.06.