ZEC is the cryptocurrency that offers improved privacy for customers. ZEC enhances privacy through zero-knowledge proofs. It validates transactions without showing details that can compromise customer privacy.
As of 22nd June, 2020,1 Zcash was equal to 0.005489 BTC. The cost of ZEC was 51.395, and that of BTC was 9363.280. The market cap of ZEC was 484,442,062, and that of BTC was 172,384,539,096.
To convert Zcash to Bitcoin, do as explained below.
1. Register for Beaxy
The registration happens through using an email address. There exist several platforms where you may change Zcash to Bitcoin, but consider Beaxy. Apart from that, you do not need the KYC or ID confirmation when using it.
2. Registration verification
Open your email address and confirm the subscription to the conversion platform. In case you do not receive an email, ignore this second step.
3. Determine how much Zcash you would like to exchange
Determining how much to exchange is a vital part when converting Zcash to Bitcoin. After signing into Beaxy, determine the amount of Zcash you want to change to Bitcoin. After you have selected the number for Zcash, it will auto-fill the BTC total, and the exchange will show the amount of Bitcoin you’ll get.
After specifying the amount of Zcash, you will change to Bitcoin; click on the Exchange button. Upon doing this, the exchange rate, time, and so on will get displayed. You must verify the information here, and you may even modify the amount of Zcash you want to change.
5. Provide a Bitcoin address
After verification, click on the Following Step icon. You will get prompted to enter a BTC address. Be cautious when providing the coin address, and in case you do not have an address, you can get one of the many cryptocurrency wallets that exist.
6. Conversion data
Upon providing the correct Bitcoin address, the Next Step icon will get activated. When you click on the following step, a display that presents the real details of the exchange will appear. The information displayed is the one before performing the actual change.
7. Confirm and pay money
After confirming that the information is okay, go ahead and click the Confirm and make a payment icon. The Zcash address belonging to Beaxy will appear. You will send your Zcash coins to that address to trigger the conversion as per the information displayed earlier.
So, get your Zcash wallet and copy the address or scan the QR code and transfer Zcash on it. You only have thirty-six hours to send the money. If you fail to send the money, the process will get canceled. It is good to send the money immediately before the ZEC/BTC exchange rate changes.
After you change Zcash to BTC, the conversion process will begin. A few confirmations occur before the real deposit becomes successful. The confirmation process may take up to thirty minutes.
The conversion activity takes place almost immediately, but the system consumes the remaining time. The process comprises the three steps below.
a) Getting confirmation.
b) Changing Zcash to Bitcoin.
c) Transfer BTC to a wallet.
You have to wait for ZEC transactions to get enough processes on Beaxy to convert it to Bitcoin. When that happens, you will get informed that the conversion was successful.
Convert ZEC to other currencies
1. Using a converter such as Beaxy, select the Zcash currency on the left drop-down and the coin you wish to change it to on the drop-down on the right. Next, click on View all offers to see all the exchanges for Zcash to other currencies.
2. Enter the address of your new currency wallet to get the changed total and then click next. The converter will create an order, and you will see the address of the ZEC coin.
3. Move Zcash from the wallet to the address given above. The funds will get changed, and you will receive the cryptocurrency in the account.
In addition, you can also easily convert Zcash to Litecoin, Tether (USDT), Ethereum, XRP (Ripple), Ethereum Classic, Bitcoin Cash, and others cryptocurrencies.
Zcash came about in 2016. This coin was based on the Zerocoin protocol. It is centralized and open-source. ZEC focuses on privacy, enabling selective transparency of processes. ZEC transactions may be transparent or shielded via the zero-knowledge proof, which lets the network maintain a secure ledger of balances. The details of the parties involved in a transaction and the amount transacted won’t get revealed. Instead of showing the spend-authority and transaction figures, the transaction metadata and the zero-knowledge proof shows that no one is dishonest.
Besides privacy, ZEC works the same way as all other cryptocurrencies. All ZEC transactions get verified by nodes on the blockchain. Blocks get added by an open network of machines with the help of an algorithm called Equihash. This technique checks the amount of RAM a miner devotes to acquiring the blockchain.
ZEC got created to lower the effect of specialized mining tools, enabling small machines to fight for rewards better.
Another rare ZEC feature is how the crypto got designed to get distributed. In the first few years of the blockchain activity, eighty percent of its block reward got created to go to miners. The remaining twenty percent got assigned to the Electric Coin entity, the ZEC foundation, and their primary workers and stakeholders. This aid ended in 2020.