One way of keeping abreast with the times is to become a crypto investor. While the majority of experts recommend trading in BTC and ETH, we suggest taking a good look at Zcash, one of the most popular Bitcoin-alternative currencies. But before you purchase it, we suggest that you read about all its pros and cons.
Main Reasons to Buy ZEC
First of all, this cryptocurrency is extremely volatile; hence, you will have a hard time predicting its future value. And even if you keep checking ZCash-related forecasts and reviews, you can’t be 100% sure of it. That said, we can still cite several reasons for choosing this digital coin in 2023.
Being one of the well-known private cryptocurrencies, ZEC is extremely popular with investors. Governments of many countries are now trying to tighten their grip on the crypto market. This may damage the value of BTC and other cryptocurrencies. However, it will hardly have any effect on ZEC and its owners.
In fact, the crackdown on cryptocurrencies will only make ZEC more attractive for investors. Thanks to the additional layer of security provided by this digital coin, the information about the value of their transactions will be reliably protected.
Many Zcash investors believed that the scarcity of this cryptocurrency is one of its main advantages. As of today, only 21 million Zcash units have been issued, and it’s projected that this factor will contribute to the growth of Zcash value in the future.
Despite being a relatively new phenomenon, Zcash has already proved its reliability and security. Based on the Zerocash protocol, ZEC is one of the most secure digital coins in the modern crypto market.
Basic Information about ZEC and Its Value
The reason ZCash is so popular with investors is that it provides them with a chance to select between private and transparent transactions.
Thanks to Zero-Knowledge Proof, a unique cryptographic method, Zcash ensures the advanced security of its users’ personal data. This technology hides information about the value of transacted funds and addresses of the parties involved in a transaction.
With a market capitalization of over $1 billion, ZCash is one of the top 60 popular digital coins. Do you still wonder “How much is one ZEC to BTC?” Click here for more information. According to Wallet Investor, its value is 0.002758 BTC. The good news is that the price is constantly growing, making ZEC an even more attractive proposition for crypto enthusiasts.
Zcash (ZEC) allows you to make anonymous transactions
During the early days of the introduction of cryptocurrencies, the transactions were not private. Moreover, people believed that their identity is hidden and no one would be able to track the transactions. However, this was not true at all.
Thus, blockchain was introduced and the privacy settings were revised. Therefore, now the users get a unique code number instead of their name. No one can know the personal information of that user name nor can know the real identity of that person. This makes all cryptocurrencies quite private.
Zcash, however, provided its own unique network system. It allows its users to make anonymous transactions. Therefore, just like blockchain, your payments through Zcash will also be private. Furthermore, it is not possible for blockchain explorers to track the transaction chain.
Benefits of using Zcash
Apart from providing privacy and the feature of making anonymous payments, there are some other benefits of using this currency. It introduces valuable market benefits for its coin holders or users.
So if you have this virtual currency, you can purchase stocks and earn through the stock market. Likewise, you can also make different investments in sectors that accept it as a currency. And you can also make donations through these coins.
Some other benefits include;
The term fungibility means that Zcash is interchangeable with other virtual currencies. Therefore, if you are not satisfied with the performance or you are unable to make much profit, you can change.
The total number of Zcash coins is limited. Therefore, if you are thinking of investing in it, you will gain profits. According to the reports, only 21 million coins of ZEC will be issued in the whole life of this project.
In addition to amazing privacy, ZEC is also known for its security features. A peer-reviewed approach was used to develop ZEC. Therefore, among all the virtual currencies that are present in the market, this one is the most secure.
ZEC is quicker in its functions and that concerns other currency users. If you are using blockchain operating currencies, the overall time span increases especially when the market gets busy. The more the number of transactions, the more time it will take to complete yours. Thus, you might get a step behind. However, this is not the case with ZEC. It alters this system so that the user won’t have to wait for transaction completion.
How to Purchase Zcash Using Bitcoin?
You already know the advantages of ZEC, as well as the main facts about this altcoin. In case you want to purchase it with BTC or any other cryptocurrency, you should follow the instructions provided below.
Step 1. Find a reputable crypto exchange
Use discretion when choosing a platform you’re planning to use. Make sure it has positive reviews written by real users. The crypto exchange should use SSL encryption to ensure the safety of your digital assets during a transaction.
In case you don’t have enough hands-on experience in crypto investment, you should probably look for some beginner-friendly platforms. We recommend using Godex.io, a website that provides a plethora of services and has a user-friendly UI.
Step 2. Select the desired coin pair
Make sure that the website you’ve chosen accepts Zcash and lets you exchange it. As soon as you have found one, you should specify how many Bitcoins or other digital coins you want to spend on purchasing ZEC. If you’ve selected a reputable service, it’ll automatically calculate the amount you will get.
Don’t forget to check the website’s exchange rates – they must be fair and up-to-date. Also, it’ll be great if the platform adjusts its exchange rate. In this case, you’ll receive the exact amount of ZEC coins you hoped for.
Step 3. Confirm the transaction
The crypto exchange will ask you to enter the address of your Zcash wallet. Make sure you double-check this information so you don’t end up losing all your money. Remember – even the slightest mistake can cause irreparable damage.
If you are sure that you’ve entered the correct address, you can confirm your transaction. The service will inform you about the time you have to wait before ZEC coins will be exchanged and transferred to your e-wallet. As a rule, it depends on the number of tokens you want to convert.
If you want to buy ZEC, you need to have a wallet first. This is the same as any other virtual currency. And the most popular one is the “Zcasg wallet”. It allows you to digitally operate in this currency and you can also use it on your mobile and desktop.
Another option is to use the “Hardware wallet”. They are available for all cryptocurrencies and are extremely secure.
The reason why crypto investors are interested in Zcash is the prospects and possibilities it provides them with. If you value your privacy and want to purchase some ZEC coins, you should invest some time and effort into finding the best exchange. According to cryptocurrency trading experts, Zcash will bring you a significant income in the future.