Buy ZCash (ZEC) in the Philippines
Crypto-assets have created a furore both in the financial market and in the minds of ordinary people. Moreover, the emergence of cryptocurrencies has changed the economic structure in many countries. This article will learn about ZEC cryptocurrency, how to buy Zcash and why to invest in Zcash.
What is ZEC?
Zcash is a privacy-protecting digital currency based on science and cryptography. Under the bonnet, it is a decentralised blockchain that aims to provide increased privacy compared to other blockchains.
Zcash uses zero-knowledge cryptography, called zk-SNARKS (zero-knowledge short non-interactive arguments), which allows the user to use two addresses, one transparent and one fully private. That gives users the ability to make their transactions public or completely anonymous.
How do I buy ZEC in the Philippines?
Before you buy ZEC, you need to create your virtual wallet, with which you will get a unique address where your cryptocurrencies will be stored.
To sell or buy Zcash in the Philippines, we advise you to choose only reliable and widespread among many users, exchanges or crypto-exchanges.
A cryptocurrency exchange is a site where you can buy or sell any cryptocurrency at the current market price. The most popular exchanges where exchange transactions take place every minute are:
3. Huobi and others.
Ways to invest in Zcash
While Zcash crypto was created to make anonymous quick transfers, it is more often used for earning money. However, there is a convenient method to invest in Zcash in the Philippines. One of the most effective methods of making money from cryptocurrency is CFD trading.
A CDF is an agreement between two parties - the seller and the buyer - to transfer the difference between the current value of an asset (at the time of contract conclusion) and its future value (at the time of contract closure).
Trading is suitable for users who know how to identify the demand zones, the beginnings of a trend and build patterns. You need to read the news, study the market and expand your knowledge in this area. This way, you can buy and sell cryptocurrencies in time to profit. The high volatility of crypto-assets will allow you to do so.
History of cryptocurrency creation
The cryptocurrency Zcash is the first confidential token using a new cryptographic scheme, zk-SNARK, which was created based on Bitcoin's open-scripted code on the ZPCash blockchain algorithm.
Renowned entrepreneur and crypto investor Steve Waterhouse has released a clear sample comparison of the two cryptocurrencies. He said: "if Bitcoin is an HTTP-type internet protocol, then for Zcash, the secure protocol would be HTTPS, with an advanced level of data encryption for absolute user security."
Zcash was developed and released in 2016 by the commercial Electric Coin Company, led by Zuko Wilcox. The young and ambitious guy had long watched the popularity of Bitcoin, but some things confused him. He drew his attention to the fact that all financial transactions with Bitcoin were in the public domain for any user. As a result, this amounted to considerable risk and lack of security, per se.
Anyone who knew your Bitcoin wallet address could see how much money was in it and other additional details.
Zuko realised that if confidential information fell into the hands of fraudsters, it could end badly. That's why he developed the Zcash algorithm, which prevents your transaction data from getting to a third party.
The developer copied Bitcoin's outgoing cypher and improved it, making it faster and more secure.
Key features of ZEC
Let's list the main features of the cryptocurrency that motivate users to buy ZEC:
- Efficient and convenient - ZEC transactions are fast and very secure.
- Low transaction fees.
- Audit and regulation - Zcash users can disclose private addresses and transactions according to regulatory requirements or external audits.
- Decentralised and attack-resistant - Zcash is decentralised and not controlled by a single authority. The network is global and managed by thousands of users and devices.
- Private addresses and transactions - Privacy is a core value of Zcash. People use the network to send and receive Zcash coins anonymously without revealing the sender, recipient, or transaction amount.
- Multi-user transactions.
Zk-SNARK technology for ZEC cryptocurrency
Zk-SNARK stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. A short, closed blockchain with complete non-disclosure allows users to exchange information while keeping their identities anonymous.
The Non-Disclosure Argument was developed in 1980 by scientists at the Massachusetts Institute of Technology. It outlines circumstances where it is possible to confirm a financial transaction without the need for a password.
The Zcash cryptocurrency stands out from other cryptocurrencies in that it uses a non-disclosure cryptography scheme, known as zero-disclosure (resolution). As a result, the ability to trace transactions and other exchange transactions, such as Zcash to USD, is entirely confidential. With this concept, users are protected from fraudulent activity.
It's just as important to know where to store your cryptocurrency. We offer you several reliable wallets of different types:
1. Trezor Wallet is a hardware wallet for storing cryptocurrencies with cryptocurrency exchange functionality. The wallet is cross-platform and can be synced with your work PC or smartphone.
2. IQ Wallet - a custom app running on Android and iOS, allows you to store crypto assets of various networks (blockchains) securely.
3. Coinpayments Wallet - a complete cryptocurrency platform for storing and settling various cryptocurrencies. CoinPayments mobile app offers a complete solution to store conveniently, transfer, receive and convert your cryptocurrencies.
Just choose the wallet that's right for you!
The cryptocurrency appeared as an improved version of Bitcoin, copying it in many ways. For example, coins are mined as a result of mining. The minimum value is called Zatoshi and is 0.0000001 ZEC. The maximum amount of coins mined, like Bitcoin, is limited to 21 million.
Mining is expected to end in 2030.
What features affect the Zcash outlook
First of all, the decentralised cryptocurrency network with a standard blockchain system of Zcash currency allows for complete anonymity and confidentiality of transactions regardless of their size and number of participants.
According to observers and crypto market experts, this coin feature allows us to talk about an optimistic forecast for the development of Zcash cryptocurrency. In a few years, it is possible that this electronic payment instrument could equal bitcoin, which has conditional anonymity.
Second, all information about transactions made with the coin is encrypted, which also affects the forecast of Zcash cryptocurrency. At the same time, the cryptosystem itself operates based on innovative cryptographic payment confirmation methods, which distinguishes this currency from other similar digital currencies.
The maximum issue of Coin Zec, as with bitcoin, is 21 million coins. This prevents the possibility of inflation and benefits the Zcash exchange rate against the dollar. The entire 21 million ZEC coins will be mined by around 2050.
Each time a new block enters the network, a new coin appears, acting as a reward for the transaction. This takes about 150 seconds on average.
The project's funding model differs from "fair start",, pre-mining and ICOs. According to forklog.com, Zcash developers receive a "founder's reward": in the first four years, miners receive 80% of the coins mined, the team gets 20%. Part of the "founder's reward" goes to the non-profit Zcash Foundation, which spends the funds to develop the project.
Gradually, the rewards will be halved, just like in the bitcoin blockchain. This reduction will occur every four years or after 840,000 blocks have been generated.
Zcash cryptocurrency outlook and development
The developers of the Zcash project understand how important it is to develop and improve their technology actively, so they are working hard on all aspects. For example, in 2018, they changed the code in the algorithm, which accelerated the generation and calculation.
The Electric Coin Company has decided to make dramatic changes to the ZEC project in 2022. They plan to release their open-source wallet, which will allow developers to interact with Zcash owners directly. In addition, they will be able to launch or test new wallet features quickly.
The developers plan to move to a more environmentally friendly and energy-efficient PoS (Proof-of-Stake) consensus algorithm, allowing the team to integrate interoperability capabilities, which means Zcash can be compatible with different blockchains. For example, the development of interoperability with the Cosmos blockchain, which BNB, LUNA, BAND, Exodus and others are based on, is now a priority.
Electric Coin Company wants to improve the user experience for ZEC holders and the commercial use of the coin soon. It could serve as an additional incentive for users to invest in Zcash. In addition, the team wants to enter the North and Latin American markets.
As we can see, the Zcash Foundation scientists are constantly looking for more effective solutions to problems and improvement of the main principle of operation - zero disclosure. Such technical improvements increase the popularity and value of the crypto-coin on the market.
ZCash has performed very well since its inception in 2016 and has established itself in the top 50 cryptocurrencies. In fact, at the end of 2017, it reached a record high price with a market capitalisation of more than $2 billion! It has since declined but is worth more than $1 billion.
Governments worldwide are beginning to discuss how they can regulate cryptocurrencies, and they might not like the idea of an anonymous payment system. However, ZCash has a possible solution called "View Key".
Each ZCash holder has access to its view key, allowing users to disclose transaction data. This view key can also be shared with other users, such as regulators or law enforcement, allowing them to verify transaction history. If you have goals in life, always learn something new. Learn how to trade and how to make money. Good luck!