How To Buy ZCash & Store in ZCash Wallet
In the past few months, cryptocurrency markets have been tumultuous to say the least. That said it is worth noting that this industry started from scratch. It goes without saying the journey of many coins is nothing short of remarkable.
ZCash is one of these virtual currencies. Currently, has a market capitalization of $693M and has demonstrated its usability and adaptability in crypto-sphere. More people are taking notice of digital currency and consequently it is critical to have a good grasp of everything relating to them
Before we proceed, let’s understand how the platform works. Z cash relies on a unique network called Zk-snark for the purpose of facilitating safe, anonymous transactions. A more witty comparison would be to label ZCash the “HTTPS” of cryptocurrency while others like Bitcoin are “HTTP”.
In a nutshell, the platform is able to maintain a secure ledger while keeping parties and transaction amounts secret. Consequently ZEC users enjoy absolute anonymity in contrast to Bitcoin since it makes blockchain analysis impossible. Miners help to verify transactions and they in return get rewarded in the form of ZEC.
As a result, the network has been able to grow exponentially from 2016. The combination of blockchain utilization and zero knowledge cryptography is vital to its current and future success.
How to Buy ZCash
Mining of coin on a blockchain is difficult. This is because some level of technical sophistication is necessary to solve the complex algorithms. Besides, it takes time and needs a lot of processing power from your computer.
Luckily, there are exchanges that fast-track the process. There are numerous of them but a few stand out for their security and reliability.
With that in mind, let us look at how one of these, Bittrex, can enable you buy ZCash. This can be done five simple steps and you will be through:
- First sign up to Bittrex and load your account with Bitcoin.
- Login in to the created account and search for ZTC on the bar. Click on the option BTC-ZTC.
- Place a buy order for ZTC that matches the amount of BTC you have and click on ‘Buy ZTC now’ then confirm.
- If your order matches the open sale orders, the transaction can be completed. Bittrex deposits the ZTC into your preferable ZCash wallet.
- Go to your account balance to ascertain your ZTC balance.
How to Store ZCash (Best ZCash Wallet)
It is not prudent to store your coin in hot wallets. A safer alternative would be offline or cold wallets that are impossible to hack. They come in the form of removable devices and I highly recommend Ledger Nano S hardware wallet.