Zcash was launched in October 2016 by a developer named Zooko Wilcox. The ZCashblockchain owns its own cryptocurrency, which is also called ZCash, or “ZEC”. Over-all, there will be an all-out of 21 million ZEC coins, which is the same amount as Bitcoin. It is anticipated to reach this amount by the year 2032.
The main purpose of ZCash is to support interested users to send and receive funds rapidly, cheaply and most prominently — confidentially. Zcash was created with an aim to have a blockchain that would allow people to send and receive funds secretly. In fact, the ZCash support team has plans that one day it will become a worldwide payments system used by people all around the globe.
Soon after its issue in October 2016, the first ZEC was instantaneously traded for 3,300 BTC, and it worth an eye watering $2 million. As the admiration of Zcash increased, the market capitalization cultivated, peaking at over 2.5 billion dollars in January 2018, and presently sitting at just under $1 billion, Zcash is considered as the 25th largest cryptocurrency by market cap with a current mingling supply of 3,492,356 ZEC. Currently, there is an extensive list of merchants that accept Zcash and other cryptocurrencies as payment, and around $43,000,000 (approx. 5000 btc) in transactions are completed per day, a steep drop since its previous high of $500 million transacted per day in January 2018.
HOW TO PURCHASE ZCASH:
Lately, Zcash amalgamated with the international banking group JP Morgan in order to incorporate Zcash technology into the JP Morgan Quorum blockchain. By doing this it has become the first zero-knowledge security layer has been combined with an enterprise blockchain. ZEC can be used as payment tool everywhere that vendors are willing to accept it. Notably, the multi-currency Jaxx wallet, available for both iOS and Android, has combined support for ZEC.Interested users can purchase ZEC on a number of cryptocurrency exchanges, which includesBittrex, Poloniex, and Shapeshift. In some cases, depending on the particular exchange, users can go for ZEC directly with fiat currency, otherwise, they will need to use bitcoin or another cryptocurrency for their purchase. Following mentioned exchanges, crypto apps and wallets support Zcash:
Few benefits of using ZCASH is listed below:
Fast and easy payment: Any user does not require any paper or credit card, the address of the person or company that the money is being transferred, should suffice. Additionally, the processing of the payment transfer is relatively fast as it takes just a few seconds.
Security: No one else except the person who owns a wallet can process payments or transfers using it.Millitary grade cryptography is used for security purpose.
No/Low fees: There are no payment processing banks or companies involved so transaction fees are almost eliminated.
International usage: Crypto currencies are not destined to the rules of any government, country-to-country transaction fees, interest rates, and exchange rates. Hence it is not problematic for international use.
As far as there are many benefits few limitations are also linked with Zcash. Zcash users have issues with denial of service or we can say network issues. Only one connection is permitted from one given IP address. There is no way of recuperating digital currencies that were deposited in the system or mobile that got lost. In addition, any complaint cannot be funneled with the police. Users have issues with irreversible payments as well. We can say that it is still in its early stages and still requires numerous years of exposure to the world system before the masses can begin to accept its use.
Millions of concerned users of Zcash struggling with above mentioned issues are contacting us to get their queries resolved at the earliest. We have been helping those users and updating them about pros and cons of Zcash. Concerned users can communicate with us at our Zcash Toll free number +1-877-753-8094 .
We are available round the clock throughout the year for Zcash user’s help.