Want to jump straight to how to buy Zcash? You can buy ZEC on eToro.
Founded in 2016, Zcash is a privacy-protecting digital currency. It was launched by top cryptographers from MIT, Technion, Johns Hopkins, Tel Aviv University and UC Berkeley. All your Zcash transactions are shielded and completely private. Similar to Bitcoin, Zcash financial data is uploaded to a public blockchain. But unlike Bitcoin, Zcash transaction details and your personal information is kept confidential.
Zcash transactions are verified with “zero-knowledge proofs.” With this process, you can trade Zcash tokens without unveiling the sender, receiver or amount. It also features a selective disclosure option that allows users to share certain transaction details, made easy for compliance purposes and audits.
You can spend Zcash to buy goods and services or exchange the coin for fiat money. Zcash can be exchanged on trading platforms for the U.S. dollar (USD), Euros or other fiat currencies. Most cryptocurrency trades reveal the transaction history and holdings to the public, especially if done on a centralized cryptocurrency exchange.
But unlike other cryptocurrencies and traditional money, Zcash transactions are tracked and managed on a decentralized, public blockchain. Zcash lets you truly own your digital assets without leaking any private information.
Core Capabilities of Zcash
Low-fee Transactions: Zcash supports quick transactions with a low fee of 0.0001 Zcash. It is also supported by a wide range of top digital wallets and crypto exchanges.
Address and Transaction Privacy: Zcash offers 2 types of addresses, shielded and transparent. Shielded addresses are not visible. Transactions between shielded addresses do not reveal either address or the transaction amount. Transparent addresses and transactions between them are open to public viewing on the Zcash blockchain.
Encrypted Memos: A memo field is available for shielded transactions. It lets you encrypt and send relevant information along with the Zcash tokens to the receiver.
Viewing Keys: Owners of Zcash have the option to disclose incoming transactions and the memo field for regulatory compliance or auditing. It does not grant access to the sender’s address unless identifying information is included in the memo field.
Transaction Expiration: You can minimize the impact of non-mined transactions by setting an expiry on your Zcash trade.
Multi-Signature Transactions: You can set up Zcash transactions to require multiple signatures to complete the process. In such cases, 2 or more parties may have to comply with the transaction for it to go through. However, multi-signature transactions are transparent and can’t be made private.
How To Buy Zcash
Ready to get started investing in Zcash? Here's how you can do so in 3 simple steps. Remember, cryptocurrencies are much more volatile than other investments, so be sure to only invest capital you're willing to lose!
- Open an online account.
You'll need a cryptocurrency exchange account to invest in Zcash. Luckily, there are more than a dozen online marketplaces that allow you to trade the digital asset. These exchanges are sometimes referred to as crypto brokerages, but they're essentially the same thing. Crypto exchanges can differ in terms of their fees, security policies and the digital currencies available for trade. A good cryptocurrency exchange to use for Zcash is eToro.
- Buy or Download a Wallet
Digital cryptocurrency wallets can help you store your cryptocurrencies in a secure way. Make sure you protect your passwords and take regular backups to safeguard your digital assets.
You can use several types of digital wallets — web, desktop, mobile, hardware and paper wallets. For the best experience, Benzinga recommends you to pick a wallet with shielded-address support for storing your Zcash. The 2 main types of crypto wallets are software and hardware wallets. While software wallets are computer programs you can use for free, hardware wallets are physical devices that store your crypto offline. If you want to be as secure as possible, use a hardware wallet. - Make Your Purchase.
When you have a digital wallet set up, you need to sign in to your exchange account to start trading. Browse through the cryptocurrencies and select Zcash to view its price. You can also enter “ZEC” in the search bar to find it faster.
When the price of a Zcash token seems favorable for a trade, you can click on the Buy button to execute the order. Make sure you calculate the exact number of tokens you want to buy before going through with the buy order.
Best Crypto Exchanges for Zcash
Depending on the online broker you choose, you will have the option to either buy Zcash or trade it for other cryptocurrencies. Before you start trading Zcash, you need to sign up for an account on its trading platform.
Take a look at some of the popular exchanges that allow you to trade Zcash.
eToro
eToro is a leading cryptocurrency exchange. As 1 of the earliest platforms to allow cryptocurrency trading, eToro is trusted by millions. You can buy and sell more than 91 cryptocurrencies on the platform including Zcash, Dash, Tron and Tezos.
The trading platform provides tight spreads and highly liquid digital markets. You also gain access to institutional-grade algorithmic capabilities, advanced market research and analysis tools.
Best Cryptocurrency Wallets
The best crypto wallet for you depends on your needs as an investor. If you seek to store your cryptocurrency in the safest way possible, you'll need to purchase a hardware wallet. Since hardware wallets are physical devices that aren't connected to the internet, it's impossible for online hackers to steal your funds. Luckily, you can find many great hardware wallet options for under $60.
Best for Hardware: Ledger
Ledger has been making hardware wallets since 2014, and it's the most established brand in the industry. Hardware wallets like Ledger allow you to store thousands of cryptocurrencies on a physical device offline, making it impossible to be hacked by shadowy super coders online. Ledger makes 2 wallets: The Ledger Nano S and the Ledger Nano X. The Nano S is more affordable, and it's more than enough for most crypto investors. If you're willing to spend the extra dough on the Nano X, you'll get some convenient features like extra storage and bluetooth connectivity.
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Best for Mobile: Unstoppable Wallet
Unstoppable Wallet is a dedicated wallet for mobile crypto traders. It lets you store your cryptocurrencies anywhere, anytime. Unstoppable Wallet is integrated with interactive charts and analytical tools to enhance your trading experience. You can store and grow your crypto assets privately without fraud risks or regulatory limitations.
It supports more than 60 cryptocurrencies including Bitcoin and Zcash. With exclusive control over your digital assets, you can easily transfer your funds from Unstoppable Wallet to other e-wallets.
Trade or Sell Your Cryptocurrency
Trading cryptocurrency involves uploading transactional information such as the sender, receiver and the amount transferred to a public blockchain. Zcash is among the fastest blockchain systems and generally takes about 2.5 minutes to confirm a new block. Its competitor, Bitcoin, usually takes about 10 minutes to confirm a new block or transaction.
The value of Zcash has been steadily gaining momentum since its launch in 2016. Zcash reached a record high the following year in 2017 with a market cap of $2 billion. Since then, the token hasn't been able to come close to its all-time highs north of $800 per coin. For this reason, many investors are looking toward other crypto investments in 2021.
Current Crypto Prices
2022 has seen both great highs and low lows for the cryptocurrency market but things seem to be looking up now. Finally geopolitical issues seem to slowly be winding down, especially the weight of inflation on the economy. There is still a long way to go from here but hopefully the bottom has already been reached. For the most up to date cryptocurrency prices, check out our table below.
Is Zcash a Good Investment?
Although Zcash provided absolutely massive returns in the 2017 bull market, it hasn't come close to appreciating to the same degree since. This may be due to its proof of work consensus mechanism, limiting the number of transactions on its blockchain in comparison to proof of stake networks. Furthermore, regulatory restrictions may inhibit the growth of Zcash, as the token is built to be anonymous, and it may aid in money laundering or other illicit activities. All things considered, there may be better opportunities within blockchain investments to be had.
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