Ethereum Classic Needs More Wallet Support
Ethereum Classic is currently in very high demand.
Its market capitalization is rising and the volume is unstoppable. More and more exchanges are offering support for users to easily acquire new ETC. However, with this high demand, one thing is lacking: wallet support.
If we look back at Bitcoin and even Ethereum before the fork, both needed a secure place for users to store their coins. BTC users needed a wallet for payment purposes and ETH users needed wallets to run applications. The development of currency storage solidified their staying power. Although it’s only been two weeks since the split, the major wallets have not offered their support to ETC. Most Ethereum wallets decided to follow the community and support ETH after the hard fork. In order for ETC to survive, its users need a place to store their coins.
Currently, the choices of wallets are very slim. ETC users could leave their coins on the web with the exchanges supporting ETC. By doing so, there is no guarantee it will be secure.The biggest option for ETC users would be Ethereum Mist. It supports both ETH and ETC, depending if the user activated the hard fork. This wallet works well for developers who want to build Dapps with ETC and possibly ETH.
For offline storage, there is Ledger Nano S. Following its release, the hardware wallet updated their software for ETC storage.
With exchange attacks filling the airwaves, ETC users do not feel secure in keeping their coins in the hands of a third party. They want to be in control of their funds. Denying users that access will only cause a decline in ETC. ETC users need to demand wallets and this currency the same way they demanded exchange support.
From what we’ve seen over the past couple of weeks, wallet support is very likely to grow.