Bitcoin. The emergence of it has shown us, the people, that independency is our solemn right. Blockchain is an innovative technology that was first applied to Bitcoin. By virtue of it, we do not rely on any third-party or entity. We are given the opportunity to be the sole and only keepers of our funds.
Although, there is a cryptocurrency that provides even a higher level of independency, namely anonymity. It is called Zcash. More good news is that a major cryptocurrency exchange – CEX.IO has just launched the trading of it. But, first things first.
What is Zcash?
A group of developers, under the leadership of Zooko Wilcox-O’Hearn, have designed a cryptocurrency that works in a similar way to Bitcoin, however, it is faster, more stable and has a killer feature implemented on the protocol level – anonymous transactions. Zcash is not the only and the first-of-its-kind ‘private cryptocurrency’; when it entered the market, Dash and Monero had already been in existence. However, Zcash has outdone them all. Its privacy is at the highest level, due to the following reason.
The zero-knowledge proof method was invented in the distant 80s. It was the main inspiration for the Zcash core team, when they were busy solving the most tricky problem: How would you make blockchain transparent and private at the same time? It is what it actually sounds like.
Here’s a simple example: Let’s say you have a color-blind friend. How would you prove to him that two ‘identical’ balls are different in color? He can hide them behind his back and covertly switch the two balls in his hands a couple times. When he shows you the balls, you exactly know which is which and tell him. By repeating this cycle again and again, your friend will eventually make sure that the balls are different in color, without even knowing the color.
Similarly, the nodes of Zcash network are able to validate the transaction without revealing and knowing the details of it. In practice, everyone sees that a transaction took place, but no one knows where it came from and where it is heading.
Zcash on the market
The younger the currency is – the higher is its volatility. Zcash is barely a year old. The first block was mined on October 28, 2016. Since then, the price has been at completely different points, from $4000 (at the time, it was about 6 Bitcoins) to $40 and $400. The eventual price is about $250. It was the first and crazy year for Zcash. Lots of traders lost on it, still, there is a significant amount of those who have succeeded. The price predictions in the community are mostly positive. Zcash is probably going to have another ‘four-digit-price party’. It just needs some time to prove itself to the traders who lost at the beginning. Now, the key to success is to monitor the market continually. That’s how you make sure to never miss the boat.
A short aside on CEX.IO
Before coming up to direct pros of Zcash trading on CEX.IO, it is better to set the record straight.
What is CEX.IO?
For those who are out of subject, CEX.IO is a multifunctional cryptocurrency exchange, where you can buy/sell, or trade Bitcoin, Ethereum, Bitcoin Cash, Dash and, eventually, Zcash. All cryptocurrencies are available for trading with the following fiat currencies: USD, EUR, GBP.
Hallmarks of CEX.IO
- One of the most user-friendly interfaces among the cryptocurrency exchanges. CEX.IO has managed to meet the needs of two completely different core audiences: Novice users and experienced traders. The interface contains all the required trading tools, although doesn’t look too overwhelming and obscure for a beginner.
- Legal compliance is one of the most important conditions on CEX.IO. All the users pass through a verification process. So this way, CEX.IO ensures the legality of all money kept on the exchange.
- Security on the side of digital data, which is users’ cryptocurrency funds and private information, is guaranteed by full data encryption. CEX.IO is certified for the PCI DSS – a standard that stands for the Bank card data security.
What’s good about Zcash trading on CEX.IO
Zcash happened to be in great demand recently. Thus, it turned out that there is a strong shortage of services where you can trade it.
CEX.IO is perfect for beginners
As compared to major cryptocurrency exchanges, CEX.IO remains one of the most user-friendly ones. Not to mention that it is one of the few where you can trade Zcash, in particular.
Zcash trading on CEX.IO includes 3 fiat currencies
In addition to Zcash/Bitcoin trading, which mostly fits experienced traders, CEX.IO offers the trading of Zcash to USD, EUR and GBP. It is more convenient for those who are not actual traders and just want to acquire some Zcash with fiat money immediately (Once you put in the order, the money will almost instantly appear on your account).
This is an essential attribute, because there is a vast lack of services on the market where you can trade Altcoins with fiat money.
CEX.IO is very selective when it comes to Altcoins
CEX.IO is sort of quality guarantor. It’s not only about the services offered, but also about the tokens listed on the exchange. The team will never implement a certain cryptocurrency, unless there is full confidence of its network stability and successful future, as far as it’s possible, of course. So, if you ever asked yourself: “What are the best representatives of Altcoins”, you can take a look at those listed on CEX.IO. Obviously, Zcash has all the reasons of being one of them.