|Circulating Supply||5,728,506 ZEC|
|Max Supply||0 ZEC|
ZCash is another cryptocurrency that has a primary goal of improving on Bitcoin, the worlds leading cryptocurrency. It is completely decentralized and is an open source cryptocurrency that is more secure and more anonymous in comparison to Bitcoin.
Launched in 2016, this project and currency now has a market cap of more than $1.3 billion, has a trading volume of close to $60 million per day and has a current value of $394.14 per coin. There are currently 3.3 million ZEC coins in supply.
What is The Zcash Coin (ZEC)?
The ZCash coin is a cryptocurrency in very much the same way as Bitcoin, using similar technologies that also allows transactions to be completed in a private and anonymous manner.
The team behind Zcash is lead by the lead developer Zooko Wilcox-O’Hearn but arguably, Matthew Green is just as important as him as he is the man that takes care of the cryptography side of things.
ZCash might not be in the top ten of cryptocurrencies at the moment due to a sharp rise in the value of some others but just last year in 2017 it was regularly found the top ten cryptocurrencies.
Whats Special About Zcash (ZEC)
ZCash is basically a Bitcoin at its core and has all of the features that Bitcoin offers its users but also has a number of additional features that make it more secure and more anonymous to use. The following are the areas that this cryptocurrency stands out compared to Bitcoin:
- Anonymous Transactions – Zcash makes use of their very own zk-SNARK cryptography which adds another layer of security for any transactions made. This cryptography uses a secure ledger of transactions that never reveal any information about the two parties involved in a transaction.
- Choice of Disclosure – While the above allows for complete anonymity, you are still able to disclose information if you see fit. Selecting selective disclosure will allow you publically reveal certain information when performing a transaction. This is a handy feature if you are being audited for tax or money-laundering purposes.
- Application Creation – Any company or developers that want to make use of anonymous transactions can build applications on top of the Zcash technologies. Those apps would then be able to send and receive money in an extremely private manner.
- Original Bitcoin Benefits – On top of the above, Zcash also boasts all of the redeeming features that Bitcoin has. This includes fast transactions that are completed between users without a central financial corporation being involved.
As with many other cryptocurrencies, it is also what is coming in the future that causes a lot of excitement. ZCash is said to be receiving a number of updates in 2018, the first one being planned for June. That update is called Overwinter and it is said to be focusing on improving the security of the cryptocurrency even further.
Where to Buy Zcash (ZEC)
Zcash is growing in value and availability all the time and while it might not be available to trade on every cryptocurrency exchange right now like the major coins are, it can still be found at a good selection of them.
Below are just five cryptocurrency exchanges that we know support the trading of ZEC:
If you are looking for somewhere where you can perform crypto-to-crypto trades only,Binance would be one of your best options. This is a popular exchange due to its low fees and the anonymity that it provides.
With more than 50 cryptocurrencies supported, Gate.io is definitely a good choice when it comes to crypto trading. Low fees are again a positive advantage when using this cryptocurrency exchange.
Kraken is one of the oldest and most trusted cryptocurrency exchanges and since its launch in 2011, it has regularly been voted as one of the best. There are currently 17 of the major currencies that can be traded on this exchange.
Liqui was launched in 2016 and is another cryptocurrency exchange that supports crypto-to-crypto trades only. This is great if you want to remain anonymous but not so great if you want to be able to use fiat currencies to purchase your currencies.
If you want your cryptocurrency exchange to have a vast range of currencies that can be traded, Cryptopia is one that you should definitely consider. It has more than 100 in fact and allows only crypto-to-crypto trades which means you will have to own some cryptocurrency before you can trade there.
There will be many other cryptocurrency exchanges that will support the trade of ZCash as well but you should always make sure you have found out a bit more about them before trading there. The five above have made the list because they are deemed to be trustworthy.
Investing in Zcash (ZEC)
Zcash is often thought to be one of the biggest threats to the domination that Bitcoin has in the marketplace due to the added anonymity and security that it offers over BTC. It has also gained a lot of support from those that also believe this to be the case. You will learn that there are plenty of people out there that are holding onto ZEC in the belief that it will continue to grow in value as more updates are added to the technology and cryptocurrency.
If you are not sure whether ZCash would make for a good investment at this point, we suggest, as we do with all cryptocurrencies, that you do some research into their currency and the team behind it before making a decision.
If you are just looking to trade the cryptocurrency rather than become invested in it for too long, this is also a good one to choose due to its value. There will be sharp fluctuations in the value of the coin on an almost daily basis.
Do I Need a Zcash Wallet?
You might have recently heard about another cryptocurrency exchange being hacked to the tune of hundreds of millions worth of cryptocurrencies. There have actually been more than fifteen hackings in the past. This is the main reason why you should be using somewhere else to store your cryptocurrencies when you are not trading them.
You can imagine the feeling that traders have experienced in the past when their investment have been stolen by hackers, so you really do not want to have to experience that feeling yourself.
Simply ensure this never happens to you by using a third-party wallet instead. These can come as hardware or software-based and will offer you additional layers of security.
Ask any experienced trader and they will tell you that hard wallets are easily the best when it comes to the secure storage of your cryptocurrencies. These can be stored well away from the internet and even away from your computer. There are only two hardware-based wallets that support the storage of Zcash right now and they are:
- Ledger Nano S
As one of the cheaper hard wallets, the Ledger Nano S has become an extremely popular option for the storage of Zcash and other cryptocurrencies. There is currently a waiting list for these as demand is so great. You might be waiting up to a month or two to finally get your Ledger.
Trazor was the first hard wallet to be produced and while it costs a bit more than the Ledger Nano, it is still an excellent choice for the storage of your cryptocurrencies. It also looks far more solid if that sort of thing appeals to you.
If for some reason you decide against getting a hard wallet, you should consider getting a software-based wallet rather than leaving your cryptocurrencies on the exchanges. These at least provide a little bit more security and are less likely to be hacked.
Jaxx is one of the more popular software-based cryptocurrency wallets and not only does it allow you to store your Zcash but will also support the storage of many other currencies as well. This can be run on all desktop operating systems as well as Android and iOS.
- Zcash Swing
The Zcash Swing wallet is designed to store only Zcash and it is only for those of you that run Linux on your home computers. This offers great security as it uses cold storage for all of your Zcash cryptocurrency.
Pros & Cons
Now that you know a little more about Zcash and what it promises to offer, you might be thinking about whether to invest in the cryptocurrency. It certainly has a lot going for it as it could be compared to being ‘HTTPS’ compared to the ‘HTTP’ of Bitcoin.
Take a look at a few of the pros and cons of Zcash:
- Has all the same benefits as Bitcoin.
- More anonymous than Bitcoin.
- Developers with an extensive background in cryptocurrencies.
- Directly competing with Bitcoin.
- Could work more on marketing itself.