How to Buy Zcash (ZEC) – 3 Simple Steps

What is Zcash (ZEC)?

Zcash is a decentralised and open-source cryptocurrency that ensures strong privacy protections. Its shielded transactions hide the sender, recipient, and value on the blockchain. It is a new project headed by Zooko Wilcox. It has many features, and it overcomes bitcoins most urging issues like traceability. Zcash has many features more than bitcoin. The transactions of Zcash will be private which means that both the recipient and the sender are being kept a secret. Zcash stands on the top of bitcoin.

Zero-Knowledge proofs, or zk-SNARK

With the help of zk-SNARK, you can prove your knowledge about something without giving out any information about the thing itself. It is used in Zcash just to prove the transaction is valid and does not create new coins, without giving out details about the amounts and recipients.

How Zcash is born

Like other altcoins, Zcash didn’t have an ICO; it works the same way as Bitcoin does. Every 2.5 minutes on average, a ZCash block is found creating 12.5 new ZECs, which adds up to 50 new coins every 10 minutes on average. Then every four years this block reward amount will halve too, and it is resulting in a maximum total of 21 million Zcash coins.

How to Buy Zcash(ZEC)?

1. Get a wallet

To buy Zcash, first, you have to create a wallet.Wallets come in both desktop and mobile forms. You can download the official Zcash wallet for mac or windows for a desktop wallet. After you install it, you can use the wallet right away, but won’t be able to view transactions before you let it sync for a night or so, it depends on your network connection.

Once it is installed, you can go to the own addresses tab, right-click the address the customer has created for you and then click get the private key.

zcash private key

Keep the private key backed up very carefully and securely on papers. If you lost your private key, then you will not be able to access your money. The private key is an essential thing because once it lost the person who acquires this will control your money. Nobody can help you if it is lost from you. After that double click, the public address in the Own Addresses tab will let you copy it. This is the address you will later need to capture your Zcash out of the exchanges and into your wallet. Keep it somewhere accessible, it is not that much of a secret, and it starts with a “t” the same way bitcoin addresses typically start with a “1” or a “3”.

zcash address

 

Then the next step is that how to hold your Zcash on your mobile with the  Coinomi MultiWallet. If you rather use the native client, then feel free to skip right ahead and see how and where you can buy Zcash.

When you have completed downloading the app, hit “create a new wallet”, then write down the passphrase and to make sure that you backed it up correctly, you have to go through the process of typing. Then you can find a menu on the left side with all of the assets you have chosen, go to Zcash then swipe right to access to the “Receive” tab. Then you will get the address there, by using this address you can access your Zcash out of the exchanges.

2. Find a Zcash Exchange

Now you can buy Zcash on  CEX.io’s exchange. Next, you have to know how to sign up and get verified on an exchange named Kraken from where you can buy Zcash.

First of all, go to Kraken and sign up for a new account. Then the next step is to go to your email inbox and get the confirmation email.  Then search for the “Get Verified” tab get your approved so you can deposit funds into it. It also contains the updated details regarding the different tiers of verifications, what documents they need and what restrictions regarding withdrawal they have.

kraken verification

Scroll down to the verification form. Once you have completed, hit the “Get Verified” button, and you should see this:

 

kraken verified

 

It will not take too long to get your first tier verification; you will get it within an hour. Once you have verified, then you will be notified by email. Then you can go right ahead and fund your account. By using Bitcoin or fiat currency, you can fund your account.

Once the account is funded go to the”Trade” tab, then look up the trading pair that relates to how you funded your account. For example, if you funded your account by using bitcoin look for ZEC > ZEC/XBT Then Look for the sub tab “New Order”, switch the order type from “Limit” to “Order”, took how many ZEC (The symbol for ZCash) you want to buy and go the Buy button.

 

buy zcash kraken

 

To make sure everything is right you have to go through your order details, after checking the details, if it is correct you can click submit button. Now you just bought your first Zcash. The last thing left to do is draw it out of the exchange so you can have full control over it.

3. Withdraw Your Zcash

You can withdraw your Zcash by going to The Funding Tab > Withdraw > Zcash > Add New Address.

 

Zcash withdraw

Then it will give a confirmation email making sure you approve of this newly added address as your withdraw address and will help you to double check whether to know this is the correct address or not.

Now you will go back to Funding > Withdraw > ZEC tab, and select the address that we’ve just added from the drop-down menu, fill up the amount, click “Review Withdrawal” and check the details are correct or not. If they are correct, click Approve.

You will get your Zcash to your backed up address within a few minutes; you are now the proud owner of your Zcash. You can trace your address in any block explorer that’s tracking the Zcash Blockchain, such as ZCha.in by simply pasting your address into the search bar.

Additional Methods for Buying Zcash

You can choose simpler instant exchanges such as  Shapeshift or Changelly to buy Zcash. It doesn’t need identity verification, and this process is much easier.

For Example, on Shapeshift, all you do is select Bitcoin as the as the currency you are exchanging, and hit “continue”. Then add in your Zcash address check the rate that you’re getting, check the “Agree to terms” and hit “Start transaction”.

The next page includes the rate at which the exchange is taking place, and the upper and lower limits to the amount you can exchange in one go, all you need to do is send a bitcoin transaction to the address that is created.

You can repeat this process at any time. Zcash you bought will be sent to your address within a few minutes. You can also use Changelly for buying Zcash, which works pretty much the same. You can choose one which gives you better rate at a given moment and for a given amount. Altcoin News, zcash altcoin news,zcashaltcoin mining, best altcoin to mine,zcash altcoin price, zcash altcoin market cap, zcash altcoin exchanges, altcoin bubble, altcoin profitability, zcash altcoins price today, zcash price chart, zcash mining software.

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