ZCash is a decentralized and open-source cryptocurrency that offers privacy and selective transparency of transactions.
Zcash is a fork which came out of the Bitcoin protocol, building on the work carried out by Bitcoin’s core developers. If you are a crypto enthusiast, you might have been wondering where and how to buy Zcash.
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Here is a step by step guide to buying Zcash.
Step 1: Selecting a wallet
The first step for investors is to decide which wallet they want to use in order to store their Zcash coins. They may either download the official Zcash client wallet or select one of the best cryptocurrency wallets available.
The official Zcash wallet was initially developed for Linux, though it now compatible with both Windows and MacOSX courtesy the Zcash community. Since specifically made for Zcash, it is best suited and most compatible with Zcash features.
However, Zcash, like all other cryptocurrencies can be stored in both 3rd party hot and cold wallets, which will comprise of internet wallets, hardware wallets, local wallets, and exchange wallets. Some such examples, where transactions on Zcash are allowed are Kraken, Binance, HitBTC, Poloniex, Cryptopia
Step 2 – Buy Zcash
After the wallet has been created, ZEC tokens can be bought in two different ways. While the first option is to buy Zcash, directly with fiat currencies, the second option is to buy it in exchange for Bitcoin or Ethereum.
Zcash can be bought with fiat currency on some exchanges like HitBTC and CEX.IO. The number of platforms that will exchange Bitcoin or Ethereum for fiat currency is more in number, which is just much more convenient. One such exchange is Coinbase, which stressed a lot on client identification.
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Step 3: Exchange Bitcoin or Ethereum for Zcash
This step is relevant only you are buying Zcash, by exchanging the more readily available cryptocurrencies available in the market.
Firstly a mail will be received by you, after you have opened an account, in order to verify the email you received. Subsequently, click the “Funds” tab and search for BTC or ETH, choose “deposit”, copy the BTC or ETH deposit address and paste it to the exchange that you withdraw the money from. The process might take up to one hour (vary according to different exchanges). After the completion of all these steps, you will be left with Bitcoin or Ethereum in your HitBTC or Binance account which then is to be exchanged in search for ZEC/BTC or ZEC/ETH. The last step here is to enter the amount and click “buy.”
Zcash, which at press time was trading at 54.17 USD, will be a good investment, though you might want to glance across our article about the pros and cons of ZCash, in order to take more informed decisions.
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