Using cryptocurrency is as easy as an email and bank account
Using cryptocurrency is easier than you think. In fact, if you have an email or bank account, then you are capable of using cryptocurrency. “Crypto-currency” is simply “digital money” powered by technology that is outpacing traditional finance.
About 70% of your transactions are done via digital money. According to a study[1] by the Federal Reserve, only 30% of transactions are done with cash leaving the remaining 70% being digital (credit, debit, wires, etc…). Using these traditional electronic transaction methods are recorded on the bank’s digital ledger. Making transactions on the Bitcoin or Ethereum Classic network are also recorded on a digital ledger, the back-end technology is just different.
To send an email, you have the recipient’s email address and a message, then easily click the send button to deliver the message. To send money with your bank account, you have the recipient’s bank account number and an amount, then easily click the send button to deliver the amount of money.
Cryptocurrency follows the exact same process! To send money with your cryptocurrency account, you have the recipient’s cryptocurrency account (address) and an amount, then easily click the send button to deliver the amount of money. — That’s it. There are hundreds of free cryptocurrency wallet applications and services that help you create and manage an account for almost all cryptocurrencies.
Authorizing transactions with your bank account is not much different than cryptocurrency. Both are digital transaction experiences after-all. Take your credit card as an example. Your credit card stores your account information and a key to authorize a transaction. Your cryptocurrency wallet stores your account information and a key (private key) to authorize a transaction. The major difference is the bank does not have your private key and no-one, not even the government, can access your account.
In cryptocurrency we have physical devices that store account information and a key to authorize transactions. This is known as a hardware wallet. Your credit card is the exact same thing. Both are physical devices that store your account data and can sign a transaction with merchants. Using a mobile banking app to make ACH, wires, or other transfers? Well, Cryptocurrency has the same experience and arguably cheaper rates and operates 24/7.
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How to create an Ethereum Classic (ETC) account.
Many wallet apps allow anyone to create a new ETC account.
- Choose a wallet you trust. There are plenty of wallet providers that support ETC. You can find a list of popular ETC wallets here.
- Save a copy of your private key. Always save your private key in a safe place. This could be written on paper, an external USB, an encrypted file, or whatever is safest for you.
- Use your private key to unlock your wallet. Your private key is the secret password to unlock and manage the account. It may be used to import or recover your account on other wallet providers.
