The world of cryptocurrencies is continuously expanding, periodically reaching real records. The results achieved by Bitcoin have enticed, on the one hand, companies to give birth to new cryptocurrencies and, on the other, investors to direct their interests towards this new world. Among the most discussed tokens we find Zcash, which is able to ensure the total anonymity of the users who use it, unlike other cryptocurrencies.
Its birth comes from a division (Fork) of Bitcoin in an attempt to solve the problem of secrecy and anonymity. The technology used by Zcash, called “Zero Knowledge Demonstration”, allows to hide the data related to the transaction, including the data of the sender, recipient and value of the transaction. The currency is decentralized, given that the open source ecosystem allows individual users to send and validate transactions, not having to entrust their money in the hands of a centralized entity. The consensus system on which it is based is Zero Knowledge Proof, which operates with an encrypted key to verify the user’s identity. So let’s find out how to buy Zcash (ZEC).
Why Buy Zcash
As anticipated, ZEC was born from a Fork of Bitcoin, in order to solve problems related to privacy. In fact, the developers have solved the problem of anonymity, even though the blockchain is in the public domain. Given the total anonymity, many countries, including Italy, wanted to prevent its use because in no way it was possible to trace the sender and the recipient.
The reason why it is worth buying Zcash is simple, in addition to total anonymity, this token, in fact, allows transactions at lower costs than Bitcoin and Ethereum, equal to 0.0001 ZEC. In addition, transactions via Zcash also allow the insertion of a linked text, always ensuring anonymity. Among the advantages of the token are the high level of security, low transaction costs and encrypted messages, while the disadvantages include the slowness of operations and the higher cost expected for private transactions.
Where to Buy Zcash
You can buy ZEC through the online broker platform eToro. This online broker is regulated and authorized by the Cyprus Securities and Exchange Commission (CYSEC certification) as well as the Financial Conduct Authority (FCA). Indeed, eToro is the best platform to start buying cryptocurrencies safely. The platform adopts a very attractive protection and safeguard system. In detail, users’ assets and funds are protected in separate funds from the Company’s, so that any failure could never reverberate on users’ accounts. From a privacy point of view, the data and details of each user are treated in accordance with the directives and regulations in force regarding the protection of personal data.
How to Create an Account on eToro
Signing up on the platform takes only a few minutes and is totally free. First, you need to open the official eToro website. Once inside, you will need to click the Start Investing or the Register heading. At this point, you will be asked to fill out the registration form, indicating your personal data and personal details. You will then have to choose a user name and a password for access, as well as accept the conditions of use of data and the company policy. Finally, the registration is complete by clicking on the Create an Account button.
How to Activate Your eToro Account and Start Trading
After completing the registration you can start using the platform, even in DEMO mode. Opening the website, a message will appear at the top asking you to confirm the registration. The initial advice is to start investing using the virtual money and the virtual wallet. However, eToro Demo can also be used without depositing a real amount of money. When we have acquired enough information about the main investment techniques and feel ready, we can confirm the registration by making a first deposit.
It must be said, however, that until the account is confirmed, it is still possible to make investments using real money, up to a maximum of 2000 euros. Always for the verification of the account it is good to be prepared to know how to answer the CYSEC questions. Once you have completed these steps you can start investing in cryptocurrencies and other assets. The minimum deposit limit provided by the platform in comment is 50 euros.
How to Buy ZEC on eToro
ZEC is a great cryptocurrency to start your own account, given the advantages of this token, such as data security, transaction anonymity and encrypted messages. A first way to invest is to perform mining operations, which is the extraction of new ZEC cryptocurrencies through the blockchain verification and validation system. Such operations are simpler than Bitcoin mining, considering that developers have simplified the extraction of Zcash.
It is also possible to buy Zcash through eToro. The purchase procedure is very simple: search for ZEC on the platform, check the trend on the chart, click on Investi and follow the on-screen directions to complete the procedure. The coins purchased are conseravte in the wallet provided by eToro.
To top up the account there are several solutions. A first payment method, most used by users, is the transfer of funds by credit card. Another safe and reliable method is PayPal. A more professional choice is the bank transfer, although it has a longer processing time, about 3-5 working days. Finally, you can also recharge your account via Skrill and Neteller.
Costs and Commissions
Registration at eToro is free and there are no commissions on the direct purchase of securities, as well as on management operations. On withdrawals, however, there is a fee of $ 5. Another fee is the overnight fee. This is a percentage of interest on positions that the user decides to leave open overnight. Likewise, there is a weekend commission, three times the overnight fee, which is calculated on positions left open over the weekend. Finally, using the dollar as the main currency, eToro applies normal currency conversion and exchange costs for deposits and withdrawals.