Zcash Brokers - Deposit Method

Zcash is an open source, decentralized cryptocurrency that uses zero-knowledge cryptography to greatly enhance the privacy of transactions. Unlike Bitcoin, Zcash hides your entire transaction history so nobody but you knows your transaction details. For instance, users can stay completely anonymous even if your public Zcash address is known, because no body can view where the transaction went, the value of the transaction, or from whom the transaction was from. No one knows how much Zcash is attached to any one particular Zcash address as everything is anonymous. Therefore, Zcash is all about privacy. It’s the sole feature that differentiates Zcash from Bitcoin, as Zcash is actually a fork of the Bitcoin protocols code. Unlike many cryptocurrencies being created today, Zcash’s primary use case is to be a simple, private currency. Rather than some complex platform or utility token used to access and use their platform. Therefore, Zcash is an attractive cryptocurrency for users looking for an alternative to the current fiat currency society uses today.

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The “$” Symbol and Zcash

Unlike many of the cryptocurrencies available today, Zcash has an unofficial symbol or sign used to represent the cryptocurrency. However, because it is unofficial there is no keyboard sign for this symbol that we could find. The Zcash sign is strongly resembles the dollar sign “$” as it is a “Z” with the vertical lines in the middle on each end. Another way to represent the Zcash cryptocurrency is by its ticker symbol or code, (ZEC). As for fractions of a single unit (1 Zcash), there is no limit to the number of denominations, and they do not yet have a name. This is common for cryptocurrencies to not have official names for these things as they are still in the very early stages.

Exchanging Zcash

Zcash can be exchanged for other cryptocurrencies as well as fiat currencies on a variety of cryptocurrency exchanges. The most common crypto to crypto pairs Zcash can be exchanged for are; ZEC/BTC, ZEC/ETH, ZEC/USDT, and ZEC/LTC. As for Zcash/fiat currency pairs there are far less pairs available, but the most popular ones include; ZEC/USD, ZEC/TRY, and ZEC/KRW. Additionally, there are more and more traditional online trading brokerages accepting Zcash as a viable deposit method. Many of these brokers will allow users to deposit Zcash, and the broker will then exchange it for fiat currency that is held in the users trading account. Traders who wish to stay anonymous may choose to use this method of deposit on trading brokers who allow it.

Banking with Zcash

People who hold Zcash, store it in their personal cryptocurrency wallet rather than in a bank. There are a number of third party crypto wallets that support Zcash, such as online web wallets, desktop software wallets, mobile wallets, and hardware wallets. The most secure wallets are hardware wallets. While there is a large selection of crypto wallets, some of them do not support the shielded (private) transactions of Zcash. Therefore, it is important to know which features the wallet supports if you want to maintain your privacy. With these crypto wallets, users can send their Zcash directly to an exchange or trading brokerage in a secure and inexpensive way.

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