How To

How to buy Zcash with bank account?

Zcash has been creating a new buzz in the market after Zooko Wilcox launched it in 2016. Zcash mining is based on the Proof-of-Work protocol. It is an anonymous cryptocurrency that follows zk-snarks or zero-knowledge cryptography and helps in the execution of private transactions without any spam or hacking. It has a total supply of 21 million ZECs which can be released by a process known as mining. On an average, in every 2.5 minutes, a new Zcash block is found creating 12.5 new ZECs. This means that it adds up to 50 new coins in every 10 minutes. Unlike Bitcoin, Zcash will also halve itself in every 4 years, which will result in a maximum of 21 million Zcash coins that will ever be created.

Before purchasing or investing in Zcash, it is necessary for you to download a wallet. It can either be an online or an offline wallet. It is very important to keep in mind all the pin codes, keys and passwords with you, because once they are misplaced, no one can find your Zcash for you.

If we talk about buying Zcash with a bank account, then the process can be a little complex. Till this date (at the time of writing this), there is no direct way to purchase Zcash with a bank account directly, as it is a new currency and no such advanced payment modes have been developed yet to cater to this fast-purchasing service.

If you want to purchase Zcash using your bank account, you will first have to purchase Bitcoin, Litecoin or Ethereum through your bank account. This service is available on various websites nowadays. But it is recommended that you first check the credibility of the website and then start purchasing BTC, LTC or ETH, as there are many websites which keep a record of your personal information and use it later against you.

Once you are successfully able to purchase BTC, LTC or ETH, you can exchange them with Zcash from the websites that offer this service and charge a certain amount as transaction fee. For example, Shapeshift takes about 5 to 10 minutes to transfer any digital currency to Zcash depending upon the market value, and it charges 3.99% as a service charge.

When you have successfully exchanged your Zcash, do not forget to transfer them to an offline wallet which can be downloaded online. Offline wallets are important to store your money, so that you do not lose your money and have a proper control over your transactions.

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