In the cryptocurrency world, we bring yet again another remarkable coin, making its way past great barriers. Zcash classic or Zclassic is the new hip in town, much similar to the Bitcoin, yet a lot different from it in major ways. And we are about to discover just that in the next few passages.
From Zcash to Zclassic
Before we over on to the liking of Zclassic, lets get to know what is Zcash.
Differing in the aspect of security, Zcash is nothing like Bitcoin as it is designed to provide the user greater security and privacy. This is achieved by recording and publishing all the transactions made on its own blockchain. Yet at the same time sender and receiver’s details are kept secret and so is the amount transferred.
The encryption process which secures the information is based on a cryptographic technique, Snark. What the technique does is to provide and ensure secure transactions at the same time making it sure that no other information is released or given out.
The technology used by Zcash surprisingly keeps certain information in the dark while other open to the public eye. The technology keeps certain details regarding the transaction hidden while others not so and follows complete transparency in those cases.
Zclassic is a fork of Zcash: by removing the 20% fee, it allows the miners to ear their fair reward, and the coin development can be supported by the community.
Being an implementation of the Zcash chain, Zcash is a fair, open source crypto currency coin.
In the first day of trading there was a limit of around 11 Zcash coins between all the miners, and traders. As of now it is trading at around 0.075 BTC.
Current market value
In the last 24 hours the surge in ZClassic (ZCL) is marked by 167.94% while over the last week that stats go like a stupendous 2,145%.
The coin is trading for a market capitalization of $177m on Friday 29th December and across the last twenty-four-hour period more than $120m worth of ZCL has changed hands over the various exchanges on which it’s traded.
For Zclassic the daily inflation is around 7200 coins or about 5 BTC worth, compared to Zcash which will boost up in less than two weeks to about $468,000 USD or more precisely about 620 BTC at today’s rate. The hashrate seems to be at 6-7% rate.
How and where to buy ZCL
Like always, we use this portion to help you explain the procedure of buying the coins, this time instead of Binance, we will use Bittrex to exchange and trade coins.
Like Binance, it is one of the major exchanges and has great volumes of the crypto coins traded every day. It is safe, reliable and convenient and using it also pretty simple, so follow the following steps to trade through this exchnage.
Step 1: You Buy Bitcoin or Ethereum
Step 2: Open up Bittrex Account
Step 3: You deposit the Base Currency
You can now deposit the BTC/ETH that you’ve bought from your local exchange to your newly-opened Bittrex account. You will use the base currency to buy the altcoins of your choice.
Step 4: You select the base currency Market
Step 5: Buy the coins
These steps allow you to trade ETH/BTC for ZCL and then you can store them in a wallet.
Wallet to store
The best way to keep the crypto coins secure is to keep them in a wallet. You might get one when you happen to get an exchange account, yet it is not safe to use that one and you don’t have much control over it. So have a personal wallet to store all t he coins and control them your way.
And apart from this there are always chances of the exchange going down, so better to stay safe then take risk, personal wallets are always better. This brings us to the end of today’s discussion, stay tuned for more info on the tech world and comment in your views regarding ZCL.