Cryptocurrency has long been in the TOP-30 and is one of the most popular coins, but its turnover on large exchanges is relatively small. For example, at Binance, the daily ZCash turnover is only 0.15% according to CoinMarketCap data (107th place in the list). Bitfinex has about 0.4% (29th place). This data can change, and much depends on the currency pair with which the ZEC cryptocurrency is quoted, but the coin is clearly inferior not only to LTC or DASH but also to its direct competitor Monero.
In terms of exchanges, the turnover is relatively uniform – there is no such exchange, which would account for more than 50% of trades. This is a positive point, showing that the coin is interesting to different traders. The shares were distributed as follows:
- just over 20% is accounted for by Lbank, a relatively small Hong Kong exchange. You can buy ZCash for BTC, ETN, USDT;
- About 13.5-14% falls on Estonian HitBTC. Here you can buy a coin for Bitcoin and USDT (the electronic equivalent of the US dollar);
- 10% of the turnover falls on YoBit, where the coin is sold mainly at the MTC;
- the rest of the turnover is distributed between the exchanges Bit-Z, Binance, Huobi, Bitfinex, WEX, Bittrex, etc.
There are few exotic pairs on the ZCash list: ZEC / TRY (Turkish Lira), ZEC / PLN (Polish Zloty), ZEC / ZAR (South African Rand). The fact that crypto can be bought for national money speaks of trust, but from among cryptocurrencies ZEC can be purchased only for “freely convertible” ones.
You can store ZCash on accounts of cryptocurrency exchanges (a priority option for those who resell cryptocurrencies every day and who value transaction speed). But in the light of bankruptcy only in 2018, BitConnect and the hacks of Coincheck and Binance, we would recommend considering the option of electronic wallets. You can download the official wallet from the cryptocurrency site, you can download other wallets with multi-currency support.
Important! Whatever wallet is chosen, it must be synchronized with the official ZCash platform. Therefore, I recommend that you immediately go to the official website and select supported wallets from the proposed list:
- online wallets: Jaxx, Coinomi, Bitpie, Guarda Wallet, HolyTransaction, FreeWallet, Cryptonator, Waterhole Pool, Stratum SmartWallet, Carbon Wallet;
- hardware wallets: Ledger, Trezor;
- cold wallets: ZCash and WinZEC (Linux, Windows), Kozyilmaz (MAC).
The most popular is the Jaxx (hjaxx.io). It has an attractive user-friendly interface, optimized for both desktop computers and mobile devices. There is multicurrency support (about 7 cryptocurrencies). From a security point of view, JaXX is considered one of the best: secret keys are stored on the user’s computer, there are a simplified backup and recovery mechanism.
In terms of mining, ZCash is very attractive in comparison with the MTC cryptocurrency. Here, protection against the creation of ASIC (expensive highly specialized equipment) is deliberately installed. Compared to Monero, mining ZCash on video cards is more profitable. Emission occurs in the same way as MTC mining – when creating new blocks. The reward for creating the block is divided into 2 parts – the reward for transactions and the reward of the founders, which is 20% of the cost of the block in the first 4 years, which will subsequently be reduced to 10%. The creation time for one block is about 150 seconds, the block size is about 2 Mb.
In order to start mining ZCash, you need:
- buy a video card (options: Radeon RX 470, Geforce GTX 1060 or 1070);
- Connect to the pool (recommended by the developers: Coinmine, Suprnova, Flypool, Nice Hash);
- Download programs and sync them. The site has a detailed guide for the miner.
For those who do not want to mess with either wallets or exchanges, there is an alternative option – Forex. ZCash is a popular cryptocurrency and is used as a tool by many brokers. LiteForex is no exception. Not so long ago, a broker offered a set of cryptocurrency pairs with ZCash, which you can learn more.
Attempts to create completely anonymous cryptocurrencies were made earlier and are repeated further. True, to ZCash clones and forks, judging by the level of capitalization, is far away. Among the most successful pursuers I will name:
- ZenCash The appearance of this coin can be compared with the appearance of BCH. Cryptocurrency appeared in mid-2017 and is a direct fork of ZEC. It differs from the original in the method of distributing the remuneration of miners and a multi-level protection system. Encryption and data transfer tools: Zen Talk, Zen Pub, Zen Hide. It is difficult to say about the prospects of this fork, as it is stable between 120 and 130 places in terms of capitalization.
- ZClassic. This fork appeared in November 2016, breaking apart due to disagreements of the community regarding the encryption mechanism. Adherents of ZClassic considered that some elements of the blockchain in this network remain open, which is not inherent in a perfectly anonymous cryptocurrency. True, judging by the exchange rate and capitalization (below 200th place), the prospects for ZClassic are illusory. The explosive January growth of 2018 was replaced by a fall of 80% and was explained by the desire of investors to get Bitcoin Private.
- Bitcoin Private. The coin appeared in March 2018 and quickly hit the TOP-30. It is a symbiosis of the Bitcoin blockchain and ZClassic. It’s too early to talk about its advantages and prospects, but so far investors have liked the idea of a startup.