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ZCASH overview

By 7b Crypto Trading Wallet | 7b | 29 Nov 2022


Zcash is a well-known anonymous cryptocurrency that has long been included in the TOP100 by market capitalization. In today’s review, we will briefly consider the main characteristics of the project, the reasons for buying ZEC, the best platforms for operations with coin, and much more.

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What is Zcash (ZEC)? 

Zcash (ZEC) – is a digital currency built on the basis of the original Bitcoin code. However, the protocol includes many improvements, primarily concerning the confidentiality and anonymity of transactions. Network users choose the type of transaction depending on their requirements: transparent or shielded.

Zcash was the first coin based on zkSNARKs — a kind of zero-knowledge protocol. Its specialty is that it allows you to create completely anonymous “shielded” transactions, while ensuring their authenticity and security. The fact of the transfer of coins is recorded in the Zcash network, but information about the sender, recipient and the transaction amount is hidden. Public transactions can also be performed in the Zcash blockchain. In this case, they will look similar to transactions in the Bitcoin blockchain. Due to the fact that the Zcash blockchain does not store information about users’ shielded addresses, the network and users’ wallets are more secure. 

What is Zcash

 

Why should I exchange Zcash?

ZEC is widely used to pay for goods and services, providing the user with optional anonymity. In addition, the development team consists of people with huge experience in cryptography, which causes confidence in the project.

On November 2022, the price of ZEC is approximately $45, the market capitalization reaches $644,252,390. 

 

Where to trade Zcash? 

Choosing the best place to trade cryptocurrency can be difficult, especially for novice traders. The list of reliable trading platforms includes:

  • Binance – an exchange with low fees, its own token, as well as a large selection of professional tools for trading and analytics.

Trading pairs: +2000. 

  • OKEx – an exchange provides a full set of classic trading options: spot trading, margin trading in USDT, futures, etc.

Trading pairs: +700. 

  • 7b – a crypto broker application for your smartphone, provides all the crypto assets available on Binance for trading in a safe and convenient manner.

Trading pairs: +2000.

Where to trade cryptocurrency

 

How to exchange Zcash using the 7b crypto broker app?

Exchanges on a 7b crypto broker is as simple as ABC. You can track the price chart of any of the more than 350 cryptocurrencies directly in the app. 7b allows you to exchange safely and effortlessly. Just download the 7b app and follow the instructions:

  1. Create an account.
  2. Check your balance.
  3. Enter “ZEC” in the search bar.
  4. Specify the desired transaction amount.
  5. Place a market order. 

What to know before exchanging Zcash? 

There are three main recommendations for exchanging cryptocurrency:

  1. Give preference to platforms that have been operating for at least a year, are registered on the main aggregators, and have a positive reputation on the forums.
  2. Do not flatter yourself with unprecedented low fees and exchange rates. This may be a fraud signal.
  3. Enter the recipient’s wallet address carefully and double-check it.

How to buy Zcash? 

Zcash can be purchased effortlessly for fiat funds. Which is another proof of the popularity of this coin. So the easiest way to buy ZEC for fiat is to use platforms with support for a fiat gateway. You can choose one according to the following criteria: reviews on third-party sources, a list of supported currencies, the exchange rate, as well as ease of use. 7b is one of those services that has proven itself well. 

Instruction on buying ZEC

Buying ZEC for the first time might be a bit complicated for a beginner. That is why we have composed a step-by-step instruction so that you could buy ZEC without any problems:

Step 1. Sign up to a service providing trading or exchanging

Step 2. Deposit your account with BTC or ETH

Step 3. Find ZEC/BTC or ZEC/ETH trading pair

Step 4. Enter the necessary sum

Step 5. Confirm the transaction

What is the best time to buy ZEC

According to the most analytical reviews, the best time to buy ZEC is now. Though price fluctuations might occur from time to time, the general trend is upwards.

However it is only up to you to decide, while the information above should not be mentioned as financial advice.

How to sell Zcash

Selling ZEC does not differ much from buying it, however, to avoid mistakes follow this instruction to sell ZEC:

Step 1. Login the exchange platform you use

Step 2. Find ZEC/BTC or ZEC/ETH trading pair

Step 3. Enter the necessary sum

Step 4. Confirm the operation

Step 5. Exchange BTC or ETH to fiat (Optional)

What to know before buying ZEC

Before buying ZEC acknowledge yourself with some helpful tips, which might save your funds:

  1. Limit the amount of ZEC you keep in a hot wallet. This better protects your funds from attacks that compromise your computer.
  2. Stay calm when the prices go up and down – the volatile nature of cryptocurrency causes huge price fluctuations, however it does not mean you should buy and sell hundreds of times a day.
  3. Never entrust your funds to dubious services, while some of them might eventually turn out to be scam or fraud.

Zcash use cases 

Zcash use cases

ZEC is the internal currency of the Zcash network and is used in the following areas:

  1. Payment of reward to miners. 
  2. Making cheap and anonymous payments. Due to its features, ZEC is widely used for paying for goods and services in real life.

 

FAQ 

Is Zcash a good investment? 

Yes, Zcash is one of the most popular anonymous cryptocurrencies that is used for everyday payments. Behind its development are experts with many years of experience in cryptography, who provide a high level of security and anonymity of this project. The forecasts of many experts are optimistic.

 

How do I invest in Zcash? 

Learn how to properly diversify your investment portfolio. If the cryptocurrency is selected correctly, then the chance of incurring losses is reduced. Buy ZEC for fiat or cryptocurrency. 7b is a secure service for crypto-to-crypto purchases. Create an account, transfer funds for the purchase, select a cryptocurrency for the purchase, indicate the purchase amount, and click “Buy”.

 

How to trade ZEC for beginners? 

For a novice trader, it is very useful to have a demo account to try your hand, and various strategies without fear of losing funds. 7b is the best place for beginners: log in to your account, check the balance, select a trading pair, set the amount, and place a market order.

 

What is Zcash Blockchain?

Zcash is a decentralized cryptocurrency that was built on the basis of the original Bitcoin code. This is one of the first anonymous cryptocurrencies. The anonymity of ZEC is due to the use of the zk-SNARK protocol, which implements the principle of zero-knowledge proof.

 

 

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