Zcash Price Prediction: To The Moon, Despite Regulations?
As one of the leading rivals of monero, zcash is a privacy coin that has exciting prospects. However, there is some controversy over such coins, with some debate over its zero-knowledge proof cryptography. How do these factors impact zcash price prediction and its future? Let’s jump in.
The problem with bitcoin and cryptocurrency
Contrary to popular belief, cryptocurrencies like bitcoin are not as private as most people think. While they are pseudonymous, they don’t guarantee your complete anonymity.
For example, bitcoin is pseudonymous because no personal information about you is revealed. Still, the transactions and your public addresses are recorded and accessible on the public ledger, as with blockchain transactions.
While this looks foolproof to the untrained eye, anyone with enough resources to do chain analysis could potentially uncover the real identity behind the public address.
With many cryptocurrency exchanges requiring their users to go through Know Your Customer (KYC) verification to explicitly define their identities before using the exchange, users who require some level of anonymity are left at a disadvantage.
Privacy coins to the rescue
This is where the utility of privacy coins shine. Privacy coins are a class of cryptocurrencies that power private and anonymous blockchain transactions by obscuring their origin and destination. With privacy coins, users are totally anonymous and virtually untraceable.
Privacy coins use cutting-edge privacy technology to defy the best efforts of blockchain analysts and help keep you free from prying eyes while making transactions on the blockchain.
Privacy coins employ different strategies, like stealth addresses, CoinJoin, ring signatures, and zk-SNARKs, to effectively guarantee your anonymity and untraceability. Some well-known privacy coins that use these strategies include monero, zcash, haven, and beam.
With the ongoing tussle between the detractors of privacy coins and its proponents, who are dedicated to preventing cryptocurrency from being dragged down to the same level as centralized financial institutions, the journey ahead for privacy coin blockchains requires continuous innovation to stay ahead of its rivals.
Today, most major cryptocurrency exchanges have delisted privacy coins from their platforms.
Zcash coin review
Zcash is a cryptocurrency with a decentralized blockchain created to provide anonymity and untraceability for its users and their transactions. In addition to acting as a private digital currency, zcash focuses on efficiency and security to enact speedy transactions that are resilient to hackers.
The cryptocurrency was created in 2016 by the Zcash company led by entrepreneur and computer security expert Zooko Wilcox-O’hearn and a team of blockchain engineers and computer scientists.
It differentiates itself from competitors like Monero by offering users the option to choose between public and private transactions at will, as opposed to its more rigid counterpart.
Public transactions are made with transparent addresses, known as t addresses, and private transactions are made with shielded addresses, known as z addresses.
Zcash can verify shielded transactions without disclosing the senders’ or the recipients’ balance or transaction history. It uses a cryptographic technology called zk-SNARKs to allow cryptocurrency holders to prove a transaction’s validity without revealing personal information. This technology is based on a cryptographic principle called zero-knowledge proofs.
What is zcash used for?
Like bitcoin, zcash is a peer-to-peer cryptocurrency that is designed to function primarily as a payment token used for everyday purchases and other transactions anonymously. In essence, You can use zcash for anything, including a store of value.
While detractors widely criticize privacy coins for potentially providing a haven for illegal transactions, supporters argue that these tokens have legitimate use cases.
People opt to protect their privacy when transacting on the blockchain for various reasons. In addition to cryptocurrency transactions being ultimately more public than cash transactions, other reasons might include:
- Individuals anonymously purchasing pills for chronic medical conditions.
- Couples discreetly purchasing taboo adult toys.
- Companies trying to protect trade secrets from competitors.
These are some legitimate reasons why people might opt for privacy coins.
Where to buy zcash
With investing in cryptocurrency being the rage right now, it’s time to take advantage of this new and different type of opportunity. You can purchase Zcash on many major cryptocurrency exchanges. However, there is a caveat. Some exchanges offer a limited version of zcash due to regulations and the risk of being sanctioned.
Exchanges that offer private, shielded support for zcash include:
- The Rock Trading
While some more regulated exchanges that offer transparent-only zcash support include:
The exchange you decide to buy zcash on depends on your particular needs. While transparent-only support is not precisely what zcash was made for, it’s not totally out of the ballpark. Zcash prides itself as a privacy platform that allows you to choose when to transact privately and publicly. It’s all about the users’ choices. Will these restrictions affect the zcash price prediction? You’ll have to wait and see.
Zcash Price History
When zcash launched in late October 2016, its founders elected not to launch an ICO or give free airdrops to its supporters. Instead, they elected to allot 10% of all coins mined for the first four years to the Zcash Company, its employees, the investors, and the non-profit Zcash Foundation. This is one of the more controversial decisions involving zcash.
Nobody could have opined an accurate zcash price prediction because what happened next rocked the market and shocked a lot of people.
The zk-SNARKs encryption technology gained a lot of traction at the time of the launch of zcash, which led to a sudden surge in demand that saw it hit its all-time high of $5,941 just a day after launch on October 28, 2016. However, it rapidly dropped below $100 within a few weeks.
Zcash then soared to an $880 high in January 2018 but went back below $100 within a few months, where it remained until it reached its all-time low of $18.94 in March 2020. It managed to hit $318 in May 2021 and stayed above $200 after it eventually dropped until it reached its most recent high of $276 in November 2021.
Today, zcash price is $141.74. With a 24-hour trading volume of over $414.5 million on Coinmarketcap and a market cap of $1.9 billion, zcash currently ranks 65 on the most prominent cryptocurrencies ranking by market cap.
While zcash isn’t without its concerns, it offers a vital service that will become more important as cryptocurrency enthusiasts shift towards a more privacy-centric culture.
If all goes as planned, the zcash price prediction expected to reach its highest since its all-time high of $5,941 in 2016 by the end of 2024 might be possible with its plan to
- launch an official wallet,
- switch from proof of work to proof of stake consensus mechanism,
- and focus on interoperability between 2022 and 2024.
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