How to Buy Zcash
Zcash is a form of peer-to-peer, decentralized cryptocurrency that was introduced in 2016. It utilizes a zk-SNARKS, a series of complex equations, and its aim is to enable users to make transactions with a high degree of anonymity as a way to address the privacy concerns that surround other forms of cryptocurrency, such as Bitcoin (BTC) and Ethereum (ETH).
Zcash uses publicly encrypted blockchain technology and zero-knowledge cryptography (zk-SNARKS) enables users to use the power of dual addresses; one address is transparent and one is completely private. These modes are customizable and allow users to make their transactions viewable to the public or totally anonymous.
What is Zcash
Zcash was created by Zooko Wilcox and began on the same blockcahin technology that Bitcoin utilizes. Initially, it was called Zerocoin, it was then changed to the Zerocash system, and finally, it was coined Zcash.
Zcash is an alternative form of blockchain and cryptographic currency. It enables private exchanges within an open blockchain, which allows users to control who can view points of interest of their exchanges while they are using a global blochain that doesn’t require authorization.
With exchanges, users have the option to select two types of transactions. The first option is a traditional transparent transaction (similar to Bitcoin), and the second option is a shielded, private transaction.
If the former option is used, anyone on the Zcash platform can see the transactions that are made. If the latter option is used, transaction details can be kept completely private. Zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARKS) are what make it possible to keep transactions shielded.
The zk-SNARKS are considered a scientific breakthrough in cryptography. It enables users to prove an action, yet they do not have to showcase every detail of the action. These mathematical proof constructs confirm that all information, including the sender, receiver, and the amount of cryptocurrency being send is kept completely encrypted. It also prevents double-spending.
The Zero-Knowledge Proof System involves two individuals: a prover and a verifier. With this system, the prover has the ability to prove to the verifier that he or she has specific information without revealing what that knowledge really is. In order for this to be successful, it has to fulfill three specific parameters, which include:
- If a statement is valid, an honest prover can convince an honest prover.
- If a prover is untruthful, he or she cannot convince a verifier that the statement is sound by telling a fallacy.
- Zero-Knowledge. If a statement is true, a verifier will not know what the statement is.
Where to Buy Zcash
Zcash can be purchased at the following locations:
Why Buy Zcash
The primary reason to purchase Zcash is because of the two options for trading that it offers. Users can trade publicly or they can trade with complete and total privacy. Users can benefit from both options based on their specific needs.
Because of the total privacy that shielded transactions offer, users do not have to worry that their sensitive information will be compromised, which is a major advantage of Zcash.
Additionaly, Zcash is easy to use, it’s completely innovative, and it is projected to increase in value, which can make it a valuable investment.
How to Sell Zcash
Selling Zcasion is similar to selling any other type of cryptocurrency, including Bitcoin, Ethereum, and NEM. In order to sell this type of cryptocurrency, use the following steps:
- Create an altcoin account
- Fund your altcoin account with Zcash
- Sell Zcash for another type of cryptocurrency that can be turned into a fiat currency, such as BTC or ETH
- Sell your cryptocurrency for fiat currency
- Withdraw your fiat currency from your altcoin exchange account to your bank account
Which Wallets Can I Use for Zcash?
There are several types of wallets that can be used to store Zcash. Some of the most highly recommended wallets for this type of cryptocurrency include the following: