Ethereum Classic, alias the “Zombie Coin”, could generate satisfying profits shortly. How so? Well, this could be a byproduct of Ethereum’s shift from PoW to PoS.
Hang on, is tagging Ethereum Classic a zombie coin a little too much? Maybe, but then again, the currency has sustained three 51% attacks, only to continue standing. Despite that, developers are still operating on the coin, and it is very much alive. This article describes why it might be a good idea to buy an ETC bag ahead of the ETH 2.0 launch.
Just a disclaimer to keep in mind; This isn’t financial advice.
Formerly in the Top-10, Ethereum Classic is the first chain that experienced the DAO hack. Subsequently, many of its recent supporters hastily moved to the new chain, now known as Ethereum. They left ETC with just a scanty group. The same was true involving minors, many of whom transferred on to the new chain. Consequently, ETC was left with few miners and, by addition, a smaller hashrate that established the network.
As a result, ETC later endured multiple 51% attacks – a vulnerability of the PoW algorithm.
Notwithstanding so many unfavorable factors, the cryptocurrency seems to be standing tall, even with its price down by 85% from its 2017-highs.
While all of these circumstances are valid, here’s why it may be a very good plan to buy a bag of ETC:
- Ethereum is also a PoW coin that uses the same mining algorithm as ETC – Ethash. Since ETH is transferring from PoW to PoS, a lot of Ethash will be left to spare from all those ASIC miners. At press time, ETH’s hashrate was 249,457 GH/s, and the next natural and wide-known contender is ETC. If and when this does happen, we can expect the fundamentals of ETC to get more vital than ever. This would eventually drive the price soaring.
- Notwithstanding various 51% attacks, the coin is still available to the general public via Coinbase, Binance, Poloniex, etc. Since top markets haven’t delisted it, that must mean that demand for the coin is still lurking.
- As stated, the price was below 85% from its 2017-highs and was merging at press time. Consequently, the news of this shift of ASIC miners from ETH to ETC might push the price even higher.
Therefore, owning a bag of ETC will be based on the opinion that miners might shift to ETC after ETH 2.0. Another underlying idea to contemplate is a split of the ETH chain itself, another fork of Ethereum. This would decrease the chances of ETC’s success.