Privacy is a bigger concern today than it has ever been before. With social media and the internet making everything much more public, millions of people are worried about just how private their information is. This type of concern is also true in business and in every industry, but especially in the cryptocurrency industry, where everything is digital.
While all cryptocurrencies claim to be extremely private and secure, that, unfortunately, isn’t always the case. There have been several data breaches and hacks that have taken place so far. Even with the increased security of cryptocurrencies, the existence of hacks and other breaches is always possible, so you need to be careful.
However, there is one cryptocurrency that ensures to make privacy and security their number one concern and protect their users as much as possible, and that is Zcash. This article will look at what Zcash is, some features of it, and why some people in the cryptocurrency space and beyond are looking to buy Zcash.
What is Zcash?
Zcash is a cryptocurrency that was created back in October 2016. It has the primary goal of using cryptography to provide better privacy for the users of the coin, which is a huge benefit to many investors. Like many cryptocurrencies, Zcash allows making secure and private transactions and payments. In addition to their privacy, they have many other benefits for users that we will touch on later.
Zcash (ZEC) is one of the top 20 cryptocurrencies out there on the market, according to their total market capitalization. However, many believe the sky is the limit for the currency, due to their increased focus on privacy.
What are the Features and Benefits of Zcash?
Now that you know a bit of basic information about what Zcash is and what they are trying to do, let’s look closer at the features and benefits of Zcash. Of course, the most popular and best feature of Zcash is the focus and dedication to privacy and security.
The decentralized and open-source nature of Zcash allows for all transactions to be private and protected. They also have shielded transactions, which will hide the sender, the value of the transaction and the recipient. However, the blockchain itself is still public, and transactions are still verified, so Zcash has the benefits of being both private and public.
In addition to their beefed up security and privacy to ensure users (and their funds) are safe, there are other things to be excited about when it comes to Zcash. One of these is the lightning fast transaction speeds that Zcash can offer. While Bitcoin transactions take an average of 10 minutes or so, Zcash’s can be done in just a few minutes at most. Faster transactions mean it holds a lot more viability as a daily currency.
Zcash as an Attractive Investment Option?
As you can see, there are many different benefits and features that Zcash can provide as a form of digital currency for making transactions and payments. However, many people are purchasing it as an investment and not to use day to day. So what makes Zcash an attractive investment option? Of course, be sure to do your own research before investing in cryptocurrency or making any other kind of investment.
One thing that makes Zcash a very attractive investment is just how fast their rise has been. Despite its price sitting at under $100 for most of 2017, it had had its price rise to over $800 by the start of 2018. While it has calmed down quite a bit since then (like most of the crypto market), it shows that this coin has the potential to grow.
Another thing that people love about Zcash is that it is open-source and decentralized. This naturally makes it more secure and extremely adaptable, which is incredibly important in the crypto industry where things are always changing and evolving. The scarcity of the coin (limited to only 21 million, the same as Bitcoin) means that investors don’t need to worry about an infinite number of the coin being created, thus rendering them all less valuable.
Also, because it utilizes zero-knowledge proofs (which they call zk-SNARKs), when it comes to validating and verifying certain transactions, it has a practical use for companies and businesses of all kinds. This means that for companies that want to try out the blockchain but want to do so with the most security and privacy possible, Zcash is a logical cryptocurrency to work with.
If this occurs and Zcash starts working with bigger and bigger companies, the price could skyrocket, and it could be one of a few cryptocurrencies to hit it big in the mainstream. While there is no guarantee that this will happen, several big companies and banks have begun to experiment with the blockchain, so it seems logical that they will eventually utilize the technology.
Even if Zcash doesn’t get the support of those massive companies entering into the crypto market for the first time, they have still been getting a lot of notoriety and attention recently. It is regarded as one of the best and more adaptable transactional coins with a utility that few coins can match.
In conclusion, while Zcash definitely focuses on security and privacy first and foremost, it is far from the only benefit they offer investors and users. As a result, many feel Zcash is a good investment and will continue to be. However, it is important to always do your own research when it comes to cryptocurrency investments. Your own research and thoughts should tell you whether or not it is a good investment for you.