Accepting Ethereum Classic Payments with GOPayments
Ethereum Classic (ETC) holds a special place in the cryptocurrency ecosystem, appealing to those who are committed to the platform’s original philosophy. With nearly a decade of history, ETC continues to attract a growing number of investors, largely due to the flourishing cryptocurrency market. Consequently, offering your clients the ability to pay with traditional currencies and receive Ethereum Classic is becoming increasingly essential for businesses.
Key Points:
- Ethereum Classic is the original version of the Ethereum blockchain.
- GOPayments equips businesses with tools for accepting ETC payments.
- Merchants can enable clients to pay with fiat currencies while receiving payments in ETC.
The Origins of Ethereum Classic
Ethereum Classic boasts a fascinating history within the cryptocurrency industry. Initially launched in 2015, the Ethereum blockchain quickly gained traction, attracting numerous investors drawn to its innovative features — which many viewed as a second revolution in the crypto space, following Bitcoin’s introduction.
Key innovations of the Ethereum network include the capability for users to create decentralized applications tailored to their specific needs and the introduction of non-fungible tokens (NFTs), unique digital assets linked to various objects such as artwork. Furthermore, Ethereum provided a platform for users to launch their tokens and initiate coin offerings.
However, the Ethereum platform faced a significant challenge in 2016 when the DAO, a major ETH project, raised over $100 million. A security vulnerability led to a hack during a voting process, resulting in substantial financial losses. This incident divided the Ethereum community, with a majority opting to modify the network’s code. Those opposed to this change opted to form a hard fork, thus giving rise to Ethereum Classic.
How to Accept Ethereum Classic Payments
Businesses and individuals can leverage GOPayments to accept ETC payments, facilitating a seamless transaction experience for clients seeking to use this popular cryptocurrency.
Enabling Fiat-to-ETC Transactions
Many businesses—including entrepreneurs, merchants, and freelancers—wish to enable Ethereum Classic as a payment option. Despite the prevalence of cryptocurrencies, they are not yet widely accepted as common payment methods. GOPayments offers a robust fiat-to-ETC feature for partners, allowing businesses to charge clients in fiat currencies while receiving payments in ETC effortlessly.
To enable this fiat-to-ETC functionality, follow these straightforward steps:
- Set up your account with GOPayments on the official website.
- In the settings, enter your specified public address to receive payments.
- Generate an invoice to charge your client in fiat currency.
- If you use an e-commerce CMS plugin, the fiat option will automatically appear for clients.
- Your client selects the USD option at checkout.
- They will be redirected to the “Buy crypto” page, where they can complete their fiat payment.
- Once the payment is made, it is automatically converted to ETC and transferred to your designated wallet.
In addition, businesses looking to charge clients in crypto while receiving fiat can also take advantage of the features that GOPayments offers to facilitate smooth transactions.
Conclusion
Ethereum Classic is a notable cryptocurrency that provides an excellent payment option for businesses. By utilizing GOPayments’ fiat-to-crypto solution, businesses can easily accept Ethereum Classic payments while allowing clients to pay in fiat, fostering greater crypto adoption and integration within the digital assets space.