We are continuously working on adding new high-quality coins and tokens to Bankera Exchange, our global digital asset trading platform. Today, we are happy to welcome yet another top cryptocurrency – Zcash (ZEC).
The emergence of Zcash
In October 2016, a hard fork took place on the Bitcoin blockchain. It resulted in a split of the chain that can now be regarded as the birth of a new cryptocurrency – Zcash.
Originating from Bitcoin, Zcash has an identical hard cap of 21 million ZEC coins. Like Bitcoin, Zcash transactions are validated with the help of proof-of-work consensus mechanism. However, these are probably the only similarities between the two projects.
Unlike Bitcoin, Zcash is a project focused on privacy – a feature that is not very common in the cryptocurrency world. Transparency is widely regarded as one of the key advantages that distributed ledger technology brings to the market, offering public access to details of every transaction with the help of blockchain explorers.
Making public information private
It is worth noting that, unlike other blockchains that support only public or only private transactions, the privacy of Zcash transactions is customizable. There are two types of transactions available on the Zcash chain: transparent t-transactions and anonymous z-transactions.
Transactions between two t-addresses work just like the ones of Bitcoin: Zcash sender, receiver and transaction value are publicly visible. Z-to-z transactions also appear on the public blockchain but the addresses, transaction amount, and the memo field are all encrypted, hence not publicly visible.
Every party participating in the transaction can choose what personal details they would like to disclose. In z-transactions, neither the sender nor the receiver addresses are displayed, while the transfer amounts are also kept in secret and are not accessible to the blockchain users or validators.
The transactions are validated using a unique technology. The technology does not require the exact transaction details to be disclosed in order to confirm that the transaction had actually happened and that the amount of cryptocurrency that was sent to the receiver address is correct.
How to trade ZEC on Bankera Exchange?
At Bankera Exchange, Zcash is paired with four major cryptocurrencies: Bitcoin (BTC), Ether (ETH), Tether (USDT), and Banker (BNK). ZEC deposits, withdrawals, and trading have already been enabled on the platform.
What is more, BNK holders can trade all BNK pairs commission-free. For example, it is more cost-efficient to convert ZEC to BTC by first converting ZEC to BNK and then BNK to BTC.
Steps for trading ZEC
To take advantage of fee-free trading on Bankera Exchange, follow our quick step-by-step tutorial demonstrating how to trade ZEC:
Step 1. Transfer the amount of ZEC cryptocurrency you would like to trade to your Bankera Exchange account.
Step 2. To convert ZEC to BTC, for example, firstly select the ZEC/BNK pair from the left-hand side menu.
Step 3. Choose your desired order type from Market and Limit order options.
- To trade using Market order option, simply input the amount of BNK you would like to purchase.
- To trade using Limit order, fill in the order form with the price you would like to pay and the amount of BNK you want to purchase.
Step 4. Click “Buy”.
Step 5. Once the order gets filled, exchange your purchased BNK to BTC by repeating the steps. That is it!
Do not have an account with us yet? Sign up for Bankera Exchange and start trading today!
If you have further questions about how to trade ZEC on Bankera Exchange, please contact our support via [email protected].
Please note that the information provided in the blog post should not be considered as financial advice. While Bankera Exchange makes best efforts to choose high-quality coins, we recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.