Ethereum classic wallets are one of the popular types of wallets which are for exchanging cryptocurrency. Many people use this platform for the exchange of money without any need for the middle person.
A wallet is a container that people use for storing something important. There are virtual wallets that won’t have a physical appearance but are used for storing. Ethereum classic wallet is a computing platform that has no centralization and uses smart contracts. Smart contracts are programmable agreements between two or more parties to transfer the money between them without any medium. This money will be transferred based on codes by verifying the code’s legitimacy and code transfer money after being met for that transfer.
Ethereum Classic is an open-source platform that anyone can use and provides a decentralized virtual wallet application that can be used to control money flow in virtual machines. This virtual process can be possible international wide, i.e., and this virtual wallet can transfer money between international network nodes. A blockchain-based distributed cryptocurrency platform where contract agreement plays a major for trusted transfer of money, which is self-executed as they programmed.
Ethereum Classic (ETC) currency is the currency used in this wallet based on classic ether, normally known as tokens. These tokens are stored in wallets that can be used for exchange and to buy products or services.
Creating an Ethereum wallet consists of a few steps: following for the successful creation of your wallet.
- Know about it
Before starting anything knowing about it is important. There are different ways to know about it, such as asking someone who already has experience using it or researching it in different books and websites. You should know about its uses, advantages, and disadvantages. And in which way we can efficiently we can use it. This wallet also needs to know because it is easy to understand the flow of your currency.
- Choosing the wallet
After deciding to create an Ethereum wallet, the first step is to choose the official website to create the wallet. There are different websites or platforms available where you can create the Ethereum wallet. Research is important in these aspects as we can know more details and decide which website is best for creating your wallet. There are different Ethereum classic(ETC) wallets such as
- Ledger nano s,
- Trust wallet,
- Classic ether wallet,
Deciding the wallet you want to create your Ethereum Wallet depends totally on your decision as requirement changes from person to person. Many people suggest different things; choosing the right thing is up to you in the end.
- Downloading and Saving private key
After choosing the website to create your wallet, go through that website, and choose the wallet. The encrypted private key is provided to you after choosing and creating the wallet. That private key is important, so download your private key and copy it. Store this key safely so that you can use it when needed.
You can store it in any storage locations or devices such as
- Pen Drives,
- External USB,
- Hard Copy,
- Cryptic Files, Or
- Any Other Places Where You Can Feel It Safe And Can Access Only By You.
You can get this private key only once, and that is when you created the wallet later; it cannot be retrieved, so back is need to be kept at some safe place.
The private key is like a key that gives the owner access to any fund available in the owner’s wallet. The key needs to be kept secret as anyone who holds the key information can easily access your wallet. This key does not have a particular patter when we see it. It mostly looks like ‘GYF5dsv1564gadjhzsgcuy6549826jdsvgy5bdug’. This key is unique for each user.
- Unlock your wallet
Before starting using the wallet, the last and final step is unlocking the key using the key provided to you by the website went you created the wallet. Go to the wallet and copy and paste the provided encrypted private key in the web page’s required location and click on unlocking button on the web page. Now your wallet is ready to use as you wanted. As mention above, you can use this wallet for the exchange of cryptocurrency based on the requirements.
- Buy Ethereum classic
The fund in this Ethereum wallets is in the form of Ethereum classic. You need to but the Ethereum classic using your flat rate currency such as dollars, Euros, etc. There are various options to buy this cryptocurrency. Different websites are available in the online market to buy them, such as eToro. The prices of these cryptocurrencies are volatile, so that the price may be high or low. Deciding to buy is it at your own risk. Many trades are available for this exchange of cryptocurrency for flat currency.
- Access your wallet
Now you have funds in your wallet as well. You can access your wallet in different ways, such as using your address, private key or key store file, etc. Now your wallet is ready to use as you wish. You can change the way of access to be easy for you to use at the required time. This wallet can be used to buy the product, services, etc. this is like any other wallet and can be used at any point where money can be used.
The above steps show the way to create your Ethereum wallet. This ETC allows smart agreement to be written, deployed, and executed based on the application. This type mainly preserves the’ code law’ and allows for the flow of programmable money.
Security is vital for any wallet. Hackers can hack your details; little flaw can expose your private key.
The below best practices help to fix common security gaps.
- Always using a secured internet connection
- Using good, trustable
- Up-to-date antivirus software
- Do not access unknown or suspicious links which may help the hacker access to your device
- Using a strong password for your online wallet
- Never share your private key with anyone
- Keeping a separate wallet for day-to-day transactions, etc
Ethereum classic wallets are used by many, and many people are interested in using it; many traders use this type of wallet for the advantages it has. Different Ethereum classic wallet platforms can have their advantages. Choosing and creating the wallet is up to the user’s decision, but having minimum knowledge of it may help the future.
Security is the main aspect of these platforms, and being alert is also needed because by clicking one wrong button or link can lead to losing your funds. This wallet’s advantage is that it is programmable, allowing the development loop of a decentralized application developing smart contracts. Asking about this application with the people who are already using it can allow you to know about it more, and going through reviews is also helpful in some cases.