Zcash is the alternative to Bitcoin cryptocurrency. It was released only two years ago, in 2016. This digital cash resembles BTC, as it uses a Blockchain technology. However, this coin possesses some distinctive features.
First of all, it has a better level of anonymity. All the transfers, as well as the senders, are hidden. But they are still displayed on the chain. Users can optionally disguise the info about transaction amounts and the addresses. The digital cash has a limited amount of 21 million.
The currency uses a complicated hash algorithm, thus mining is very source-consuming and slow. But still, you can obtain ZEC through various Internet platforms. We will describe the ways on how to manage this.
The Direct Method of Buying Zcash
There are lots of ways to buy Zcash with fiat currencies, in theory. However, in practice, you will hardly do this in Ireland. You need to find the appropriate website. It is possible worldwide. It may be the crypto exchange or broker.
Brokers, in as many words, are the platforms which allow users buy and sell different virtual money. You have to find that one supporting the coins. First of all, you need to keep in mind charges. Different websites determine the commission on their own. However, it also largely depends on the payment option:
- Plastic cards. They are Visa, Mastercard or Amex. While obtaining the cash be ready to pay relatively high fees. They may be 3-5%.
- Electronic wallets. Paypal, Skrill or Neteller. You will be charged with around 5%.The max obtainable sum in these cases will be from $1,000 to $5,000 per day on an average.
- You can use bank transfers as well. SEPA is the most common method in Ireland. It is slow; however, you can deposit and cash-out a lot more – up to $500,000, with a small charge of 4%.
- Cryptos. If you already have Bitcoins, for example.
We suppose it is better for you to check the websites offering you direct options. They may turn out to be scammers, featuring no actual service. Usually, they have a poor operating history. Examine the feedbacks and the reviews. Your safety is just your business.
Trade Zcash with Bitcoin or Ether
First of all, you need to obtain the wallet. There are companies producing specialized hardware for cryptocurrencies. You can get one for ZEC. It costs $100 approximately. This variant is the most secure. Unlike software storages, this one cannot be hacked. The official Zcash website offers applications for Windows, Mac as well as for Android and iOS. Also, exchange accounts act as online storages. Thus, you can hold the coins there.
You can find other services offering you Internet purses. However, it would always be better to assume additional measures. You have to keep the private keys somewhere else. Keep them safe. Also, for more security, make a backup of your wallet periodically.
Find Trading Platform
It is time to go to the appropriate trading platform. After that, you need to buy the cryptos such as Bitcoin or Ethereum. Fund your account with dollars or euros.
As we mentioned previously, there are many options to do that – from online wallets to credit cards. The most beneficial way will be to use SEPA due to small fees. The process is simple – find the “BTC-USD”, fill in the desired amount and press “buy”.
Exchange Acquired Cryptos for ZEC
Then, swap the coins for Zcash. Being on the platform, you need to make an order. The best variant is to choose the limit one. You indicate the limited max buy price. For instance, you set up max 0.032 BTC for 1 ZEC. The order will activate if the rate reaches this point, or falls to this point.
When it is executed, you receive the crypto. Afterward, you can either withdraw them to your wallet or continue to trade. Due to the rate fluctuations, you can gain significant profits, buying for less and selling for more. Thus, further speculating is a good chance to make a fortune.