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Choose your quick section of our Zcash review below.
A Quick Overview of our Zcash Review:
ZCash is a digital asset which has its own decentralised blockchain with the aim of offering its users with anonymity in their transactions.
Zcash Live Price
What is ZCash?
ZCash (ZEC) is a cryptocurrency that has a decentralised blockchain which aims to offer anonymity to users and their various transactions on the blockchain. ZCash is like Bitcoin and it also has an open-source code, but there are fundamental differences between their fungibility and level of privacy.
Key Features and Takeaways of ZCash
ZCash may be like Bitcoin in a few ways but it also has a few key features and takeaways of its own, including:
ZCash is a digital asset which has its own decentralised blockchain with the aim of offering its users with anonymity in their transactions.
ZCash increases its user’s privacy by making use of zero-knowledge proofs, also known as zk-SNARKs, to validate transactions on the blockchain without revealing any information which may compromise user privacy.
ZCash was built on the framework of Bitcoin and shares similarities with it.
ZCash uses a Proof-of-Work consensus method.
ZCash can be used both privately and transparently.
ZCash can be used to buy goods and services, or it can be traded/exchanged.
ZCash Mining
Like a few other cryptocurrencies, such as Bitcoin, ZCash can be mined, and the cryptocurrency relies on miners to add transactions to help ensure that the blockchain keeps running and that it remains decentralised.
All nodes on the ZCash network contribute to confirm the validity of new transactions on the network and miners are the ones that ensure that the ZCash blockchain network remains secure.
The Proof-of-Work consensus algorithm is used when mining and with this, miners compete against one another. When they mine, they use significant amounts of processing power as well as electricity to add new blocks onto the main chain.
The first miner that completes the correct computation for a block is rewarded with standard block network awards along with fees for the transactions that are contained in the new block.
ZCash makes use of the Equihash mining algorithm which makes ZEC coins a cryptocurrency which is resistant to Application-specific Integrated Circuit (ASIC) mining, which is a computer built for a limited set of processes.
This means that miners will not need to fork out heaps of cash on a mining rig to remain competitive when they mine on their own. Most ZCash miners make use of their personal computer systems, or they build a customised mining rig that has multiple Graphics Processing Units (GPU).
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Every ZCash coin can be exchanged for another | There are several legal issues with ZCash and privacy |
| The Fixed supply of Zcash ensures high prices | ZCash is primarily designed for Linux-users |
| There is a fixed supply of ZCash | ZCash is restricted to CPU mining |
| ZCash has prominent levels of anonymity | ZCash mining is not the most profitable |
| ZCash is fungible and interchangeable | |
| ZCash is resistant to ASIC |
Transaction Fees
The precise fees that are involved with trading or exchanging ZEC will depend on the cryptocurrency exchange trading platform or the broker that facilitates the transaction, however, typical, and average fees are indicated below.
| Type of Fee | Information |
|---|---|
| Deposit Fees | 0.001 ZEC |
| Trading Fees | 0.1% to 0.2% |
| Withdrawal Fees | 0.001 ZEC |
Should you buy ZCash?
Yes, you should buy ZCash. Even though ZEC is a late entrant into the cryptocurrency sphere, ZCash is one of the most promising tokens that is well-known for its high levels of anonymity. It is one of the first open-source digital currencies which is based on a blockchain.
The price prediction for ZCash is not an easy feat, but there are analysts who believe that, with the more widespread adoption of cryptocurrencies in the world, currencies such as ZCash are set to increase steadily in value, especially as there is a lot of development potential.
A fundamental flaw in cryptocurrencies such as Bitcoin, is that it prevents mass business adoption as transactions are done on an ecosystem which stores these on a public blockchain, for everyone to see, which violates the need of privacy that many businesses have, especially those centred around private services and tasks.
ZCash allows for its users to transact privately on the public blockchain with all transactions that are conducted remaining private, stored under password protection. This ensures that there is a lot of potential for ZCash to be accepted by these businesses and thus, there is potential for a great increase in value thereof.
How to buy ZCash (ZEC)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase ZCash/ZEC and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ZEC can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ZEC.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ZEC, select the option from the “Trade” Menu. Enter “ZEC” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ZEC_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ZEC/USDT.
Here, you will see that you have the option to buy or sell ZEC either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ZEC through via Limit Order
To buy ZEC and create a limit order for it, you can enter the amount of ZEC you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ZEC through via Limit Order
To sell ZEC, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ZEC that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequentlly Asked Questions
When was ZCash first launched?
ZCash was launched in 2016 and it was previously known as Zerocoin.
Who founded ZCash?
ZCash was developed by Zooko Wilcox-O’Hearn. The ZCash environment is based on the Zerocoin protocol, which was developed by a Hopkins University student, Matthew D. Green.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was ZCash’s ICO and how much did it raise?
ZCash did not have an ICO but follows a unique funding and distribution approach. It started with a closed investor group that funded the company with $1 million to get started on its development and operation.
In return for their initial investment, each of these investors were promised a 10% reward of the total supply in an incremental way that would be paid over the first 4 years.
This is also known as the “Founders’ Reward” and means that despite the amount of ZCash mined in the 4 years, 10% thereof would be distributed in increments to each of the investors.
Is ZCash legit?
Yes, ZCash is legitimate and transparent.
What is ZCash’s total supply?
ZCash has a total supply of 21 million coins that is expected to be mined by 2032.
What is the purpose of ZCash?
The purpose of ZCash is to build a digital currency that protects privacy of its users. ZCash is also a long-term and private store of value and aims to become a working currency.
On which blockchain is ZCash based?
ZCash has its own blockchain.
Does ZCash work with smart contracts?
ZCash has been turned into a smart contract.
Does ZCash have potential to become more valuable?
Yes, since its initial launch, ZCash has performed exceptionally well and there is a lot of potential.
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