The number of digital currencies available for investors and traders of such currencies has zoomed over the past few years. A few of them have delivered more than impressive returns while the others have managed to develop substantial market capitalization. A select few have carved unique niches for themselves in the world of cryptocurrency. Bitcoin is obviously the granddaddy of them all with its genesis block mined way back in 2009. It was also the first currency of this type to scale.
Bitcoin the Favorite But Zcash Looks Promising
What made Bitcoin attractive to users and investors was its promise of anonymity and privacy but it failed on its promise. Those keen to know specific transactions of individual investors just need to examine the transactions that are recorded on the blockchain of Bitcoin and they will come to know all the details of transactions.
Many other cryptocurrencies have caught the fancy of people looking for ways of investing in digital currencies. Zcash is one name that has stood apart primarily because of the technology it uses. Not only does it assure a high level of privacy but it also allows users to remain completely anonymous.
Most transactions in the world of cryptocurrency depend on the use of codes comprising of letters and numbers that any user can identify with. Over a period of time, an address can get attached to transactions. This can affect the privacy aspect and expose the purchasing details and transaction data to others including the banks and government authorities.
Addresses The Perennial Problem of Privacy
Zcash has been designed to address precisely this problem that Bitcoin could not resolve. Its complete privacy of transactions is one of its major USPs and gives it an edge over Bitcoin. Details of the sender, receiver and the amount of a transaction remain under wraps and are known only to the parties involved.
Zcash is one of the few currencies to have been created without an ICO. Mining is the process of creating this coin, just like Bitcoin is created. One cash block can create 12.5 ZECs or coins every two and a half minutes on an average. This adds up to 50 coins every 10 minutes. The developers state that the block reward will be reduced by half after every four years. Undoubtedly, Zcash is a great currency to invest in for those looking to build a portfolio in digital cash.
Investments Can Still Fetch Handsome Returns
Is it too late to invest in Zcash for those who missed the bus earlier? Experts are not giving a clear view given the high volatility of the cryptocurrency market. The circulating supply of ZEC is 3,118,994 and the market cap is $1,268,644,470. It trades at 406 USD and is ranked 25th in the cryptocurrency market. While these stats make interesting reading and do suggest that the coin has hit a peak, many investors are of the opinion that Zcash has more muscle and good to invest in even at this level.
How To Acquire Zcash
Interested in acquiring Zcash? The first step is to create a wallet that is available in desktop and mobile formats. The official Zcash website is the right place to download the wallet which is compatible with both Mac and Windows. The wallet can be used immediately on downloading. However, the transactions will be visible only after a certain time lapse as it has to sync. You must also obtain the private key for the wallet once it is downloaded. For mobile wallet, you will have to install the appropriate app which is presently compatible only with Android systems.
Finding Zcash and withdrawing the cash involve some technical steps, details of which are provided on the official website of the currency. You can also sign up for forums associated with Zcash to get answers to any queries that you might have regarding any of the above procedures.
You can also buy Zcash through cryptocurrency exchanges like Changelly or Shapeshift. Buying Zcash from an exchange will entail payment of a higher fee but it can save you the hassle of understanding all the technological jargons and processes.
The Future of Cryptocurrency
If you are skeptical about investing in cryptocurrency because you believe that the best time for investing is past due, think again. There is a huge upside to investing in cryptocurrency. The market, contrary to popular view, is still young and capable of impressive growth. Many investors and researchers of cryptocurrency opine that even at this level (one of the highest in recent years), the time is good enough to make some smart buys.
Even if it is in a bubble right now as many investors tend to believe, the trend of the future could be towards using cryptocurrency as conventional currency. It is a long term bet that is well worth considering.