Buy ZCash (ZEC) in Qatar
Coin developers continue to create new coins. However, only those who solve users' problems survive the competition and demand. Zcash, a cryptocurrency that provides anonymity for transfers thanks to a zero-disclosure protocol, has proven to be one of those. However, it cannot view transaction data on the blockchain using services such as Blockchair. An overview of Zcash Cryptocurrency (ZEC) provides information about the project. In addition, you will learn how to buy ZEC and how to invest in Zcash.
There is an alternative to mining for those who want to buy Zcash in Qatar - buying coins from exchanges or online exchanges. You can pay with any e-money or other cryptocurrency. The coin can be bought on exchanges that support it, namely:
Always choose reliable and trusted exchanges. It would help to compare rates before you buy a cryptocurrency, as conditions vary.
Investing wisely in Zcash
Trading is suitable for users who know how to identify demand zones, trend formation and pattern formation. Expert publications, analysis of information, and your own experience can help. The skills allow you to buy and sell coins on time. In addition, high volatility makes it possible to make good profits on fluctuations. So if you are planning to invest in Zcash in Qatar, CFD trading is a good choice.
Where to store Zcash cryptocurrency
Some wallets support the holding of this cryptocurrency. They come in several types:
- Official desktop ones.
- For smartphones.
- Third-party desktop ones.
- Hardware-based ones in the form of a flash drive.
One of the most trusted and reliable wallets where you can store Zcash are:
1. IQ Wallet
History of Zcash (ZEC)
The coin is relatively young - it appeared on October 28, 2016. Work on the project began in 2013. It was headed by cryptologist Zuko Wilcox, who Bitcoin inspired.
Being a fan of BTC, the specialist was dissatisfied with its low anonymity due to the possibility to track transaction information. So he had the idea of creating a coin with the merits of Bitcoin, but with higher privacy and security.
Cryptographers and scientists from leading universities in the US and Israel were involved in the development. In addition, renowned advisors (coin specialists) - Gavin Andersen, Vitaly Buterin and others - were invited as consultants.
Zuko's idea was implemented less than three years later - the coin was created on the zk-SNARK protocol. It allows you to confirm transfers without revealing details about them, thanks to a sophisticated algorithm developed back in the 80s. As a result, the anonymity of the transactions is proved mathematically. Furthermore, once the transfer is completed, information about it is automatically deleted. This made the coin unique, with no counterparts in the crypto market yet.
The developers did not apply pre-money or ICO before launching, distinguishing this coin from its counterparts.
How can ZCash be used?
Here you have decided to buy ZCash, but what to do next? How to use cryptocurrency?
The primary purpose of ZCash is that it can be used to send/receive funds quickly, cheaply and privately.
The ZCash team hopes that they can become a global payment system that people worldwide will use.
Imagine sending funds to a person who lives in another country. You would have to use an intermediary in the form of a bank or a service like Western Union. Whichever option you use, the commission will be very high.
For example, sending $200 to South Africa will require you to pay a commission of 14.6% of the amount, or $29.20! This is a considerable fee for someone who already doesn't have much money. These international payments are commonly referred to as "Rimes" Rimes's a multi-billion dollar business industry that brings in vast amounts of money for the intermediaries.
Not only that, the transfer itself can take several days depending on the receiving country! These are the reasons that make ZCash a great alternative.
Why is ZCash a cryptocurrency that can change that?
Simple, its system can confirm a new block every 2.5 minutes. A block is a container containing multiple packets. However, instead of packets, the block includes transactions! This is even faster than Bitcoin, which generally takes around 10 minutes to confirm a block.
It is cheaper to use the ZCash platform than to send funds using a bank as far as fees are concerned. Although the commission varies depending on the busyness of the network, it won't even be more than a few cents!
Another advantage of ZCash over Bitcoin is the way miners work. Miners in the two blockchains use the same consensus model called Proof-of-Work (POW), but ZCash is fairer in this regard.
Think of mining as solving a complex puzzle. To verify a transaction in a blockchain, miners use their computer's processing power to solve these puzzles (or equations). Once the puzzle is solved, the transaction in the blockchain is validated. The reward for miners for solving the puzzle is new blockchain coins, in this case, ZEC coins.
Bitcoin mining has become very difficult as people have started using expensive ASIC devices.
Ordinary miners have lost almost all their chances to get the rewards. It's kind of like a race with a Ferrari when you're driving a Vauxhall. Who will win in this race? The Ferrari, of course! That's how dishonest Bitcoin mining has become - people with lots of money and powerful equipment can guarantee themselves a reward.
ZCash, however, is different. ASIC devices do not work with ZCash, which allows using CPUs or GPUs for mining. In addition, they are much cheaper than ASIC devices, so ZCash mining is available to more people!
However, even this system has a problem. ZCash developers will take 20% of all transaction fees for the first four years. They say that this helps to support the development of the project.
The movement of the cryptocurrency market is complicated to predict, but it is always possible to learn about the reasons that could affect the ZCash exchange rate in the future.
Firstly, ZCash has done an excellent job and partnered with JP Morgan, a large financial institution that uses the Zero-Knowledge Proof protocol in its blockchain project. Having a large institution like JP Morgan as a partner lends serious credibility to the future of ZCash.
Second, a potential problem for ZCash could be its use for criminal purposes. Again, this is because of its ability to send and receive funds anonymously, making it ideal for criminals.
Governments worldwide are beginning to develop measures by which they can start to regulate the cryptocurrency industry, and the existence of an anonymous payment system is not to their liking. However, ZCash has a possible solution, which has been dubbed "View Key".
Each ZCash owner has access to its view key, allowing users to disclose transaction data. This key can also be shared with regulators to conduct verification. Although to do so, the user must voluntarily share it, which a criminal is unlikely to do.
ZCash has performed very well since its inception in 2016 and has managed to take its place among the top 50 cryptocurrencies. In fact, at the end of 2017, it reached an all-time high with a market capitalisation of over $2 billion! This figure has since declined but still stands at more than $1 billion.
When analysing a cryptocurrency, one should look at market trends and competing and related cryptocurrencies.
For example, it is often the case that the resounding success of an ERC20 token ICO affects Ethereum. But, on the other hand, the rise of ETH is prompting many investors to turn their attention to its "stubborn twin", Ethereum Classic (ETC).
The introduction of innovations in Litecoin cryptocurrency (many have long perceived it as a testing ground for new solutions before implementing them in bitcoin) can also positively affect the first cryptocurrency's exchange rate.
Finally, when a "super-anonymous" cryptocurrency like Monero grows, many are fascinated and forced to watch the rate of other similar digital currencies, including ZCash.
Whether to buy Zcash cryptocurrency
If a user plans to buy ZEC or invest in Zcash, the main characteristics of the cryptocurrency are highlighted below:
- Low fees, which makes the coins profitable for monetary transactions.
- High anonymity makes it impossible to identify the transactors and discredit the coins.
- High security, as it is impossible to trace the owner involved in transactions with large amounts. The wallets themselves are better protected than Bitcoin.
- Zcash coin is suitable for trading due to its high volatility.
- Energy-efficient mining due to lower GPU load compared to Bitcoin.
- Cryptocurrency is often used for questionable darknet transactions.
- Many governments have a negative view of anonymous cryptocurrencies and have taken legislative steps to regulate them.
Whether or not to purchase Zcash is up to you. Momenta remain promising and are even showing growth. Moreover, many analysts and agencies give optimistic forecasts on it. So it's worth taking a closer look at buying it.