Planning to buy Zcash digital asset? Well, Altcoin investment is essential to greater success. We’ve made it easy with our complete guide on how to buy Zcash in the UK.
Zcash (ZEC) is a decentralized open-source cryptocurrency that provides transaction privacy via the use of zero-knowledge cryptography. It’s one of the few cryptocurrencies that does not reveal the details of the sender or the receiver. It means it is an anonymous way of trading digital assets, which is what has attracted lots of investors and traders.
However, ZEC cannot be said to be completely anonymous, as is the case with other cryptocurrencies. Every payment made is visible on the blockchain, only the participants are not revealed.
Zcash can be exchanged for money or spent to buy goods and services. In other words, it can be used as a store of value or for transaction purposes. If you’re looking to buy Zcash for either of these purposes, the guide below will help assist you a great deal.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY ZCASH IN THE UK
- A Step-by-Step Guide to Buying Zcash (ZEC) in the UK
- How to Sell Zcash
- How Does ZEC Work?
- Things to Consider When Buying Zcash in the UK
QUICK GUIDE: HOW TO BUY ZCASH IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Zcash.
- Enter how many Zcash coins you want to buy.
- Check the details and confirm your purchase.
A Step-by-Step Guide to Buying Zcash (ZEC) in the UK
Once you’ve decided to buy ZEC, here are some steps you could follow to buy it:
Step 1: Open an online account
You need to compare different brokers or cryptocurrency exchanges to find the ideal one for your trading or investing needs. You need to research the proper exchange using due diligence because you want the best service from only the exchange that can provide such service.
After selecting the right exchange, the next step is to sign up for an account at the exchange’s website. You will need to enter your name, email, and other similar details to create an account with the selected exchange.
Some exchanges will require you to submit ID documents for verification purposes. Once you’re provided these documents, your account will be created and you will be ready to link your payment option to the exchange where you can deposit funds.
Step 2: Deposit funds into your account
The next step is to deposit funds into your account before buying Zcash. Most cryptocurrency exchanges will only accept deposits in crypto assets, so you may have to first buy cryptocurrencies like BTC or ETH before pairing them with ZEC. That’s one of the surest ways to buy Zcash, except if you find an exchange that accepts direct funding of your account with fiat currency.
If you select the exchange that allows direct fiat payment, you may be given several payment options through PayPal, credit card, debit card, or direct bank transfer. Also, remember that each of the methods has different charges, so it’s important to select the one that’s suitable for you.
Step 3: Buy Zcash
After depositing funds to your exchange account, the next step is to purchase the amount of Zcash you want. To buy ZEC, go to the section of the portal and click on the button that reads “Markets” or “Exchange” depending on the crypto exchange you registered with.
Select the right pairing from a list of pairings on the portal. For example, if you are buying ZEC with euros, you should see the ZEC/GBP pairing. If there is no such pairing, you have to buy Bitcoin first by choosing the BTC/GBP pairing. When you’re purchased BTC, you can buy Zcash by choosing the BTC/ZEC pairing.
You can proceed t the “buy” tab where you can enter the amount of Zcash you want to buy A notification to review your order will be sent to you. After reviewing, click the submit button to complete the order. Once the order is executed, you will receive an email notification and the amount of Zcash you bought will be credited to your exchange account. From there, you can decide whether to withdraw to an e-wallet or trade the Zcash with another token.
Step 4: Store your Zcash in a wallet
After buying Zcash, you may be wondering how you can store the token. While crypto exchanges provide the means of keeping your ZEC tokens, it’s not the safest option for you. Instead, get a crypto wallet that supports Zcash tokens. You can either choose a harder wallet or a software wallet that is connected online.
How to Sell Zcash
Okay, so you’ve purchased your Zcash and it has appreciated. The next thought is probably how to sell it to gain profit. You can sell the Zcash token on the same exchange you bought it using the same process. But this time, you will be reversing the pairing order.
Select the BTC/ZEC pairing order you wish to sell on the exchange and fill the order form. As usual with the buying order, the exchange will ask you to review the sell order before hitting the sell button. A notification will be sent to your email, informing you when the order has been executed.
How Does ZEC work?
Zcash is a fork of Bitcoin (BTC) and works on the proof-of-work algorithm. As a result, mining is determined by how much RAM you have.
Zcash makes use of zero-knowledge cryptography, called zk-SNARK. It enables the network to a secured ledger while keeping the information about the sender, the receiver, and the amount transacted privately.
ZEC also enables users to choose whether to send public or private payments.
Things to Consider When Buying Zcash in the UK
If you are looking to buy Zcash cryptocurrency, you need to take note of the following things before making that buying decision
Developments within ZEC
The level of developments going within the Zcash community can determine the price of the token in the future. The team of developers at ZEC is seriously trying to make the crypto asset widely acceptable. As a result, they have partnered with organizations like JP Morgan on blockchain developments. This is a good thing for investors who are looking for a future increase in price.
Understand the volatility in crypto
Cryptocurrencies are very volatile. This means caution should not be thrown to the wind when investing in them. As a speculative asset, Zcash can change in price at the slightest notice, so an investor should be prepared to accept the risk before investing.
The availability of a token also affects its relevance and use case. Fortunately, ZEC is one of the most popular cryptocurrencies and is readily available in several crypto exchanges. Trading in cryptocurrency will not be an issue for anyone.
There are thousands of cryptocurrencies in the crypto space right now, and only a few of them are popular and highly regarded. Thankfully, Zcash is one of such widely known crypto assets.
If you’re looking to start, the Zcash buying and selling guide above will come in handy for you.
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Virtual currencies are highly volatile. Your capital is at risk.