Buy ZCash (ZEC) in New Zealand
Over the past decade, the number of cryptocurrencies has skyrocketed. Some were able to find their place in the sun and successfully work in a certain area, while others cannot boast of such achievements so far. Basically, development concerns are interoperability, privacy, and security.
A relatively new and interesting cryptocurrency is ZCash, which will be discussed below.
Today we will look at how to invest in ZCash in New Zealand.
What is ZCash cryptocurrency (ZEC)?
Zcash (ZEC) has one of the very important features that many other cryptocurrencies do not have - anonymity. This is very important in modern conditions, when services regularly appear that allow, based on the information recorded in the blockchain, to trace the entire history of payments of any user.
Zcash was created in 2016 and was the first cryptocurrency to be based on the zk-SNARK (zero knowledge proof protocol) technology. Yes, at the moment it is included in the TOP-100 coins and one of the most popular anonymous cryptocurrencies.
Zcash (ZEC) is an open source cryptocurrency founded in October 2016 by Zuko Wilcox. It was the first coin to be based on a zero knowledge proof protocol. The fact of the transfer of coins is recorded in the ZEC blockchain, but information about the sender, recipient and the amount of the transaction is hidden. It is one of the most popular anonymous cryptocurrencies.
What are the benefits of cryptocurrency (ZEC)?
Compared to many other coins, the Zсash (ZEC) cryptocurrency has several undeniable advantages:
- Anonymity is the main advantage of this cryptocurrency. Due to the fact that no information is recorded on the blockchain other than a timestamp, transactions are untraceable, and the identity of the sender and recipient cannot be established.
- Fungibility - this means that each coin has a "clean" history, ie. it is impossible to know in which transactions it was used. Thanks to this, none of the ZECs can be compromised. This problem is very relevant when it comes to Bitcoin. Some stores and organizations do not accept BTC as payment, which was previously used to purchase prohibited goods (drugs, illegal weapons, child pornography).
- Security - due to the fact that the Zсash blockchain does not store information about user keys, the network and user wallets are more secure.
- Energy efficiency of mining - unlike Bitcoin mining, which requires a large amount of energy resources due to the fact that a computing device needs to perform a large number of operations in a short time, the amount of RAM is crucial for Zcash mining. In short, video cards for mining Zcash consume much less electricity than ASIC devices for mining Bitcoin, which, in addition, require a serious cooling system, and it also consumes energy resources.
What are the disadvantages of cryptocurrency (ZEC)?
As for the cons, here we can only name one real drawback of Zсash. It concerns the speed and scalability of the network. So, it takes 150 seconds or 2.5 minutes to form a block in the Zсash blockchain, and from 6 to 26 transactions are processed per second. There are already cryptocurrencies that are capable of "more." For example, the InstantSend function of Dash cryptocurrency allows you to deliver a transaction to the recipient within a few seconds after it was sent.
Some online publications also mention as a minus the fact that due to its anonymity, the Zcash cryptocurrency is used in criminal industries to sell drugs, weapons, etc. However, it has long been known that no other currency, including Zсash, is used as actively as the dollar in the "dark" economy.
How to buy Zec cryptocurrency in New Zealand?
You can buy ZCash in New Zealand in a variety of ways.
Start investing with a small amount to gain experience, and then increase the size of your investment little by little.
Most often, the purchase of Zcash is carried out on cryptocurrency exchanges, since the coin is popular and is already present on many trading platforms.
Another convenient analogue for buying ZCash is the use of Contracts for Difference - CFDs. Buying ZCash on a CFD brokerage platform is pretty easy for novice traders as you are simply speculating on the ups and downs of ZCash without owning the asset itself. It is thanks to the simplicity and convenience of the interface that any beginner can achieve good results.
Crypto CFDs are CFDs on digital assets. Regardless of the movement of the asset price, whether it goes up or down, you can earn money without owning, buying or selling the cryptocurrency itself.
To make it easier to understand and visualise, you can register and open a free demo account. With a demo account, you can try out all the transactions on the platform in practice without risking any real money.
The arsenal of market analysis tools, the possibility of using leverage and low transaction limits make trading on the brokerage platforms convenient and attractive for beginners.
Where to store ZCash cryptocurrency?
You can store ZEC cryptocurrency in the following types of wallets:
- Paper Wallet is a sheet of paper on which the private key (or Seed-phrase for its recovery) and the address for crediting the cryptocurrency are printed. You can create it completely free of charge using a special generator service. In general, almost any medium that shows a private key and a cryptocurrency address can be considered a paper wallet - for example, a metal plate, etc.
- Hardware is a special device for storing private keys in an isolated environment. A hardware wallet can resemble a simple USB flash drive, key fob, credit card, etc., and usually has a connector for connecting to a computer or smartphone, control buttons and a small display.
- Software is a special program or application that allows you to store private keys in the device's memory. The device in this case is the user's computer or smartphone. A software wallet allows you to store, receive and send cryptocurrencies. Also, such storages often have additional options - for example, inside applications, you can change the cryptocurrency, buy it from a bank card, and so on.
- Online wallets are web storage for cryptocurrencies. The easiest way is to compare it with a regular electronic wallet : you register with the service, create an account with a username and password, protect it with two-factor authentication, and go through verification. An account on a cryptocurrency exchange can be considered as a special case of online wallets.
How to start trading with ZCash (ZEC)?
To start trading ZCash cryptocurrency, you can try a demo account. For beginners, the advantages of trading on a demo account are obvious - they can gain experience without risking their own money. You can spend several years on the theoretical study of the exchange, but, participating in real trading, you will be completely confused. A demo account helps to quickly get used to the exchange and in a peculiar way lowers the entry threshold for young traders - they do not need to have a special amount that is not afraid to lose during the first trading.
Remember: only real trading with a real account can bring you profit! Therefore, do not stay too long on a demo account, fund your real account and start real trading!
Is ZCash a good long-term investment?
No specialist will be able to give an unambiguous answer to the question of what will happen to the Zec cryptocurrency. The economists are divided into two diametrically opposed camps. And everyone has their own opinion:
- The first camp claims that ZCash will grow. They reinforce these statements by the fact that the coin is supported by a large number of influential investors. In addition, the system makes a good return on investment from ordinary users who are interested in the anonymity provided by the system. Therefore, there is a ground for development. Even a detailed forecast was made (very conditional)
- The second camp sees the prospects for cryptocurrency in black. Simply put, experts insist that the rate will fall. The argument is that there are many cryptocurrencies that offer many more options, albeit without maintaining anonymity. They have cooler investors and higher stability, so the user is more interested in them. Naturally, no one here thought about drawing up a schedule for the fall, but the mood is pessimistic.
The comments and opinions expressed in this article should not be construed as investment advice. Do Your Own Research Before Making Any Investment Decisions.
Is the ZEC cryptocurrency in demand?
Zcash cryptocurrency is in high demand in the market and is supported by most of the leading trading platforms. Thanks to Zcash's ability to combine privacy with functionality, the project continues to gain traction.
On the other hand, regulators in some countries have expressed concerns about privacy-focused coins and have a policy against anonymous cryptocurrencies, which forces services in this niche to abandon their use in their activities.
Both the first and the second scenario are more than likely. But I want to believe in the best. Moreover, cryptocurrencies are strongly influenced by the policies of leading states and the activity of criminal organizations. If the former is unprofitable for the anonymity of ZCasH, then the latter are delighted with it. If nothing happens to upset the equilibrium in the coming years, Zec will be relatively stable, and even pick up a few hundred dollars. It may even reach the thousand dollar line.
Is it worth investing in ZEC cryptocurrency?
Now is by far the best time to invest in digital money. Every day, new cryptocurrencies appear and more and more companies, users, investors and banks want to have the coveted electronic money. Meanwhile, the prospects for the cryptocurrency market are expanding every day. Cryptocurrency, no matter how dubious in its stability, has nevertheless occupied its niche in the world of financial assets that are gaining popularity. Electronic transactions, investments, trade and mining have already entered and established themselves in the global economy.
However, before making a choice in favor of a particular cryptocurrency, wallet and exchange, it is important to understand your needs. Do you need a cryptocurrency to trade quickly and get money here and now, or are you looking for a long-term perspective? It is necessary to carefully study the electronic asset market and their course, try several digital platforms for buying and selling electronic money.
It is important to keep in mind that cryptocurrencies remain high-risk assets for investors. However, with significant investment experience, you can earn or invest in future prospects. Study the market, stay tuned for new news in the world of cryptocurrencies and a big profit for you!