The crypto currency Zcash

Zcash Logo
Zcash Logo

Zcash is a cryptocurrency that was created in 2016 by the Zcash Foundation. Zcash has a lot of similarities with Bitcoin. Zcash also has a maximum of 21 million units and the technology behind it is also very similar. However, Zcash has one big advantage over Bitcoin. With Zcash, you remain truly anonymous if you want to. Zcash calls itself the https of blockchains. Https means, that the transactions on the blockchain are encrypted and there is no chance for attackers to tap private data.

Is Zcash really secure and anonymous?

Basically, the security features on Zcash are very good and users remain anonymous. However, the user has the choice of whether or not to perform a so-called "shielded transaction". Only with this type of transaction anonymity is really preserved. However, a study from 2020 showed that over 99.9% of all transactions with Zcash do not use this feature and would therefore theoretically be traceable.

Of course, even users of normal transactions with Zcash are not easy to identify, but theoretically it would be possible. The fee for a transfer is the same for both types, Zcash doesn't want anonymity to cost more. We can only speculate about the reason why users still use the normal transactions. Possibly, most users do not inform themselves about the technical details of cryptocurrencies and therefore do not know about the feature. Another reason could also be that people don't care about anonymity. Unfortunately, we don't have a definitive answer either.

Mining with Zcash

New Zcash are created through mining, similar to Bitcoin. In Zcash, miners also confirm transactions and receive a fee for doing so. A fee is deducted from each transaction and given to the miners, this helps the miners to be profitable. Otherwise, there might eventually be no miners left and sending and receiving Zcash would become impossible. In addition, miners receive a reward for a found block every few minutes. If you want to mine Zcash yourself, we recommend that you join a mining pool. This way you will increase your profits. Before doing so, however, you should carefully calculate whether mining Zcash is profitable at all. If a country has high electricity prices, it can happen that you invest more than you earn.

Zcash Review: What is Zcash?

Low fees with Zcash

Besides anonymity, Zcash offers another advantage. This is the biggest advantage, because with Zcash a transaction costs only 0.00001 Zcash. With a price of about 100 Dollar per Zcash, 1 transaction costs around 0,001 Dollar So for 1 Dollar, you can make 1000 transactions. With other cryptocurrencies, the fee is sometimes already between 0,1 Dollar and a few Dollar, so here Zcash offers an enormous advantage for users. The developers of Zcash have also noticed this and are now increasingly trying to enter the mobile market and enable mobile payments with Zcash. Due to the low fees, this strategy could definitely pay off.

The community does not seem to be convinced

Even though the price of Zcash is over 100 Dollar, the community does not seem to really believe in Zcash after all. Before the big crash of 2018, Zcash was briefly worth over 600 Dollar, but while other cryptocurrencies are setting one new record after another, Zcash is lagging behind. Quite logical, since the big selling point of Zcash is anonymity, but since this is not used, the argument seems to convince only a few people. Maybe the developers will manage to convince people with the switch to mobile payments, otherwise it looks bleak for Zcash.

Mining is also out of date. When Bitcoin appeared, there was no other option and back then no one could have guessed that the energy consumption of cryptocurrencies would eventually take on such dimensions. Therefore, modern cryptocurrencies are increasingly moving away from mining and trying to find new and more sustainable solutions to solve the energy problem.

Advantages of Zcash

  • Very low fees
  • Anonymity

Disadvantages of Zcash

  • Mining is not environmentally friendly
  • When the price goes up, so do the fees
  • The community does not believe in the project
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Services where you can earn Zcash for free:

Rating Name Country Earnings Currencies Type
of Service
Payment
Proof
Start
Faucetpay USA Middle Bitcoin Bitcoin Cash Dash Doge Ethereum Litecoin Tron Zcash Bitcoin Faucets, Paid Clicks 2019
Autofaucet Dutchycorp France Good Bitcoin Bitcoin Cash Cardano Dash Doge EOS Ethereum IOTA Litecoin Monero Ripple Stellar Tether Tron Zcash Bitcoin Faucets, Paid Clicks, Paid Surfing 2018
Firefaucet India Good Bitcoin Dash Doge Ethereum Litecoin Monero Tether Tron Zcash Bitcoin Faucets, Paid Clicks, Paid Surfing 2018
Globalhive Netherlands Middle Zcash Bitcoin Faucets 2020
ESFaucet Canada Middle Bitcoin Bitcoin Cash Dash Doge Ethereum Litecoin Ripple Stellar Tron Zcash Bitcoin Faucets, Paid Clicks 2019
Faucetcrypto Panama Middle Bitcoin Bitcoin Cash Bitcoin SV Dash Doge Ethereum Litecoin Tron Zcash Bitcoin Faucets, Paid Clicks 2017
Bucksify Iceland Middle Bitcoin Dash Doge Ethereum Litecoin Tron Zcash Bitcoin Faucets 2019
BTCBunch USA Low Bitcoin Dash Doge Litecoin Tether Tron Zcash Bitcoin Faucets, Paid Clicks 2021

Zcash is on shaky ground

Zcash trumps with anonymity and low fees, but people don't seem to care. At Coingecko, Zcash is falling further and further behind, and the price isn't really going up either. Whether or not the new focus on mobile payments will catch on remains questionable. At the moment, it doesn't seem to work out for Zcash. If nothing changes with Zcash in the next few years, the project will probably die. Therefore, before investing in Zcash, you should carefully consider whether you want to take the risk or not. Personally, we don't expect Zcash to ever earn a place in the upper echelons again, but maybe Zcash will surprise us. In any case, we are curious, what the future holds for Zcash.

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