Want to make a transaction, but completely hide the amount from prying eyes? Introducing Zcash. It has the ability to protect the privacy of transactions using zero-knowledge cryptography.
“If Bitcoin is like http for money, Zcash is https—a secure transport layer.” – Zcash
Table of Contents
- 1 Zcash
- 2 Value Activity
- 3 How to buy ZEC in the Philippines
- 4 Step by Step Guide to Buy Zcash from the Philippines Using Bittrex
- 5 Recommended Zcash/ ZEC Wallets
- 6 Can I send my Zcash back to Coins.ph or Bitbit?
- 7 Overall
Bitcoin and most altcoins have a transparent transaction history. Anyone can check a public address and look at how many coins it has.* Zcash makes everything anonymous.
With Zcash’s “shielded transactions”, both parties can choose to anonymize the transaction completely.
*Note that anyone can check the funds in a public address but there is no way to know who is the person behind it.
How does it work?
For example, Person A wants to send 1 ZEC to Person. Both of them have to use their “z-addr”. The miners will then approve the transaction using *zk-SNARKS. If they want to use the conventional transaction, they can use their “t-addr” or transparent address.
*zk-SNARKS – Zero-Knowledge Succinct Non-Interactive Argument of Knowledge – It is the process of proving a transaction without revealing any information.
ZEC coins price surged on December 2017 around $308.51 a piece. It reached its highest on January 8, 2018 of around $876.31. As the time we write this, ZEC’s price is around $284.54.
How to buy ZEC in the Philippines
As an altcoin, you can own a ZEC by using your cash to buy Bitcoin and trade it to ZEC. You can use cryptocurrency exchange sites such as Binance or Bittrex or any of your choice.
- How to Transfer BTC to Bittrex Using Coins.ph, BuyBitcoin, and Abra
- Beginners Guide on How to Buy Altcoins from Bittrex
What if the exchange does not accept new users?
Lately, a lot of crypto enthusiasts are having a hard time registering to a crypto exchange site. If this is the case, feel free to choose another secure exchange site. The interface may change but the process of trading Bitcoin to an altcoin is almost the same.
Step by Step Guide to Buy Zcash from the Philippines Using Bittrex
- Send bitcoins from Coins.ph to your BTC wallet in Bittrex.
- Go to Bittrex’s ZEC page.
- Buy ZEC using instructions in this article.
- Once you are done, transfer your coins from Bittrex to your ZEC wallet.
Recommended Zcash/ ZEC Wallets
You can check the full list of ZEC Wallets HERE!
Can I send my Zcash back to Coins.ph or Bitbit?
No. Bitbit only supports Bitcoin and Coins.ph has the ability to support BTC and ETH (select users).
If you want to thread extra careful about your cryptocurrency transactions, Zcash is your answer. They also shared that users of Zcash can get to enjoy the advantages of a public blockchain while making their information private.
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Notes and Disclaimer:
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- This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research.