Most of the people that read this guide on how to set up an Ethereum Classic wallet are familiar with Ethereum. At least the one that gets all the attention on the cryptocurrency markets. Quite a few are not as familiar with what is now called Ethereum Classic. Priced much lower than regular Ethereum, this token might have some upside potential as in investment. We’re going to talk about setting up a wallet for the token in case you want to obtain some for yourself.
What is Ethereum Classic?
There is a little history lesson that is in order here before we talk about wallets. For those who aren’t familiar there was an Ethereum fork as a result of something called the DAO. We have published an extensive article on the difference between Ethereum and Ethereum Classic if you are interested. We won’t rehash that here. Instead we’ll just tell you a little about what Ethereum Classic is.
In truth it is the original Ethereum, as its name would suggest. Just like the primary Ethereum, Classic is a decentralized blockchain framework for a cryptocurrency and smart contracts. It came about as a result of a fork that was performed to erase losses from a hack that occurred.
The Ethereum Classic token is called Classic Ether. It is designated as ETC on the cryptocurrency exchanges today. The token can be stored in an ETC wallet, and you can trade it right alongside the regular Ethereum on the exchanges.
Let’s look at a few different options for storing Ethereum Classic tokens.
Get an ETC Wallet on a Cryptocurrency Exchange
One of the easiest ways to get an Ethereum Classic wallet would be to register an account with an exchange like Coinbase. When you create and verify your account you will actually have many crypto wallets for many different tokens. There are advantages and disadvantages to this type of ETC wallet.
On the positive side you can manage your ETC with a convenient app. You can also access it right alongside all your other tokens. Trading one token for another is a simple matter of making a click or a tap on your screen. With Coinbase you can even link your PayPal account for quick and easy payouts.
The negative side is that you are storing your wallets in the Cloud. That means they are vulnerable to a hack of the exchange where you have them stored. We think that most exchanges are safe environments today, but it would still be remiss to park a lot of tokens in one without understanding the risk.
This type of wallet works well for someone that does not have a lot of ETC to store.
Store Your Classic Ether on a Hardware Wallet
Another solution that you might want to explore is storing your Classic Ether on a hardware wallet like the Trezor or the Nano. These handheld devices are about the size of a USB drive and can be carried with you anywhere. Most of them support multiple types of cryptocurrency.
The upside here is that your tokens are going to be more secure than they are in many other wallets. Your hardware wallet is a form of cold storage that does not require an Internet connection. You just connect when you want to make transfers. The private keys are never stored online.
Of course, losing your wallet could be a big problem. If you don’t remember or have access to the recovery seed then you have lost the contents of the wallet.
Hardware wallets are for those who have a lot of tokens and want improved security.
Step-by-step ETC Wallet Method
Finally, there are those who may not have access to a crypto exchange or who may not be able to obtain a hardware wallet. No worries. You can still create an Ethereum Classic wallet by following these steps.
1 – Choose an official ETC Wallet
A little research will guide you to some wallets that are available online that are “official” Ethereum Classic wallets. Official in this sense means that they are offered by reputable providers. If you want the real deal Ethereum Classic wallet you can visit Github and download a client-side Classic Ether wallet.
2 – Download and Save Your Private Key
You should already know that your wallet is essentially a public and private key that you must keep track of. These keys are what allow you to send and receive ETC. Some people choose to store the key on their desktop, others prefer to store it on a USB. It doesn’t really matter as long as you feel the location you have chosen is safe. Don’t forget to make a backup!
3 – Use Your Private Key to Unlock the Wallet
To access a wallet created in this fashion you will need to provide the private key to your downloaded wallet application. On some wallets there will be an option to UNLOCK. Click it after entering the key and you are ready to send or receive Ethereum Classic.
You may feel like Ethereum Classic is a good investment for you. Great! Now you know several ways that you can store and protect your Classic Ether.