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:
How to Buy ZCASH
In order to purchase ZEC tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for ZEC. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Zcash
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Zcash Coins
- When your ETH has arrived in your Binance account, you can exchange it for ZEC tokens
- Select ETH currency
- Search for ZEC in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of ZEC you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of ZEC you would like to purchase, select the “Buy button”
- Your ZEC order will be immediately filled; your ETH will be transferred into ZEC
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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:
Many of the most well-known forms of cryptocurrency, such as Bitcoin, have had serious problems with privacy concerns. Due to the complete anonymity option that Zcash offers, it addresses the security issues that many other cryptocurrencies face, which makes it a highly promising form of decentralized currency.
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