Ethereum Classic (ETC) is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum Classic is a continuation of the original Ethereum blockchain - the classic version preserving untampered history; free from external tampering and subjective tampering by developers.
The Ethereum Classic blockchain works in exactly the same way as the original Ethereum blockchain, with one key difference: censorship-resistant transactions are enforced. This means that miners must include all transactions in their blocks, regardless of whether they agree with them or not. This prevents powerful entities from censoring transactions they don't agree with.
The main difference between Ethereum Classic and other blockchains is that it preserves untampered history. This means that any changes made to the blockchain (by developers) can be seen by all, and that no one entity has control over the blockchain.
Yes, you may need to file taxes on your Ethereum Classic trades. For more information, use Ledgible Crypto to calculate your tax burden and successfully file your crypto taxes.
If you're interested in Ledgible’s crypto tax innovation with Ethereum Classic Blockchain, visit our mobile or desktop-friendly website to learn more about our crypto tax solutions. If you're looking for more information on what the cryptocurrency tax rate is or how taxes even work on cryptocurrencies, decentralized financial products, or blockchains like Celo, you can read our blog on the topic here.
Ledgible is a professional-first crypto tax and accounting solution. We help some of the largest tax & accounting firms, along with large institutions and banks, handle cryptocurrencies. Ledgible makes crypto, legible.