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We’re living in a world where cryptocurrencies are getting more and more attention, especially those like Zcash, which offer something that rarely others do. We're talking about a privacy-protecting digital currency that has managed to achieve a lot and revolutionize the way in which cryptocurrencies function. You will soon learn all about it, but for now, it is important to know that you will find it across a large number of crypto-friendly casinos, so it won't hurt to know more about it, in case you wish to use it in the future. What is Zcash and why choose it over any other cryptocurrency for your deposits and withdrawals across online casinos?
About Zcash
When the world first heard about a digital currency, people were blissfully unaware of how banking would change for good. The pioneering Bitcoin made a boom, shook everyone to the core, and for great reasons. It was the first-ever cryptocurrency to run entirely independently from the central banking system, on a public blockchain, with each transaction and balance recorded for anyone to see. This meant decentralized banking since banks had no control over it whatsoever, but it also meant a massive lack of privacy, due to the public records. That's why, Electric Coin Co. set out on a mission to create a coin that would be a privacy-protecting one, first and foremost.
ZCash (ZEC) is the second-best privacy coin, right after Monero, that took Bitcoin’s open-source code, changed it radically, and built a new one to serve 10 billion users. The team behind it, consisting of cryptographers, John Hopkins and MIT alums, experts in the field, created a new blockchain that would function on zero-knowledge proofs, a cryptographic method that proves something is true without unveiling how. The novel method is used in Zcash for the first time ever, where a prover, without exposing anything else other than the validity of the statement itself, can prove the truthfulness of the statement.
This means that this coin brings the privacy everyone was lacking with other cryptocurrencies, and ensures that the users’ transaction history and balance are accurate when they are transacting, without actually having to reveal them. Its blockchain, when someone sends ZECs is assured that the coins being sent are authentic and that the sender’s balance will cover the transaction to the recipient without ever having to expose details about the transaction or the balance.
But this is not the only thing that makes the coin differ from others. It is also self-funded, thanks to the fact that its community, to further decentralize its governance, established a new development fund, where miners are rewarded with 80% of its issuance but 20% goes to the three organizations behind it. 8% go to the Community Grants to support further developments and support third-party developers, 7% go to its inventors, and 5% to support the Foundation’s work.
And while Bitcoin’s transactions are all transparent, with this crypto you can make both such but also private transactions. This means that you can transact the normal way, like with any other crypto, or shield and encrypt all your information and wallet history and addresses and disable public view.
With so many other options to learn about, make sure you stay with us, as in the next section we’ll tell you how to get started with it and how to maximize your online gambling experience using it.
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Getting Started with It
It is not easy to let go of one crypto and start with a new one, and the majority of crypto enthusiasts need convincing when it comes to whether they should make the switch or not. That’s why we believe that after you read about how easy this coin is to use and how much you get with it, you’ll certainly decide to make the switch.
You’ll be relieved to learn that the getting started process would be pretty much like with any other crypto. First, you need to join a crypto exchange platform. While its creators recommend Gemini, if not available in your country, you can go with any of the leading exchanges like Binance, Coinbase, or Bitfinex, for instance. The minute you create your account, connect a payment method of your choosing to complete the purchase of ZEC in the fiat currency of your preference.
The next step, of course, is downloading a crypto wallet. Be it hardware, desktop, or mobile, any crypto wallet you can use to send, receive, and store your ZECs would be a great option, but we can suggest mobile wallets like Trezor, Flexa, Ledger, and Zingo!. You can download their respective apps on both Apple App and Google Play Store, so depending on the operating system of your device, go with the one that suits you. Once the app launches, a Seed Phrase will appear on the screen; copy it or write it down to save it in a secure location. You'll need it in case your phone gets lost or stolen or you want to use the app on a different phone, for instance. After you press I Have Saved the Feed, your wallet will be ready for use and you can transfer your ZECs from the exchange platform to it.
Now, assuming your coins have arrived in your wallet, it is time to learn how to use them across online casinos. Stick with us as that's exactly what we'll share with you in the following section.
How to Deposit at Online Casinos with Zcash?
Given the fact that this crypto has managed to do a lot in terms of how digital currencies can be used, it has gained popularity among online casino players. Players love that transactions can be concealed, and that’s why plenty of operators have started offering it already. You’ll find at least a dozen here at WoO, so make sure you do your search and find the right site for you to join.
After you do, you will need to create an account with your chosen casino. Provide the needed personal details and in no time, the account will be ready to be funded. To actually fund it with Zcash, do the following:
- Enter your player account and find the Cashier page.
- Look for ZEC on the list of accepted cryptos and press its logo.
- The casino’s crypto wallet address will appear in a pop-up, and you need to copy it.
- Access your wallet, specify how much you wish to transfer, and paste the casino's wallet address in the designated field.
- The second you press send, the coins will immediately become available on your casino balance.
How to Withdraw Winnings with It?
Withdrawals with Zcash are possible, of course, and requested pretty much the other way around.
Basically, you will need to paste your wallet address in the designated field, right after you set the amount you wish to cash out. The casino will need time, usually 24 to 48 hours, to review and approve your request, but once that happens, the coins will reach your wallet immediately.
Fees and Limits
Transactions with Zcash come with a fee that’s only a fraction of a cent. It is one of the most cost-efficient cryptocurrencies out there, and that’s another reason why it is so popular among online casino players.
No extra fees will be charged on the casino’s part, so you can rest assured that that’s the only fee you’ll need to pay when making deposits and withdrawals with it.
Allowed Countries
Being decentralized in nature, Zcash is accepted globally. However, as you may as well know, cryptocurrencies are banned in some countries, so if you're from such a country, you won't be able to use this coin.
For example, if you’re from Russia or China, you won’t be able to get access to it and use it. But, on the other hand, if you’re from crypto-friendly countries like El Salvador or Malta, you can rest assured that you’ll be able to purchase and transact with it whenever you want.
Accepted Currencies
Depending on the exchange platform you join, you may be able to purchase your ZECs using your native currency. If your native currency is a mainstream one, you most certainly will.
Most exchange platforms accept the US dollar, the euro, the Canadian dollar, and the UK pound, for instance, so if you're lucky enough and you see that your native currency is on the list, you can start cheering as you won't need to pay conversion fees!
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FAQs
Is Zcash’s official website offered in many different languages?
Actually, no. Even though it is a coin offered globally, probably for clarity reasons, its creators and the community decided to keep things simple and offer info on it in English only.
Will I be able to reverse a deposit I made with it?
Unfortunately, no. Just like with any other cryptocurrency, transactions are irreversible, since they are untraceable. So, the minute you confirm a transaction, the coins are processed and cannot be retrieved. That’s why you must double-check the wallet addresses when transferring your ZECs.
Can someone trace my Zcash transactions?
Yes, if you made a transparent transaction, like with Bitcoin. But, if you opted for the private transaction, no one can trace it, as it is similar to paying in cash at a supermarket: no one will ever know who spent it and where it came from, as there are no public records of the transaction.
Will I be able to use it on a desktop device?
Yes. Wallet apps can be downloaded and installed on desktop devices, no matter the operating system of the device, so if you don’t want to use a mobile device, you can always use your PC or laptop to download the app and have your ZECs there to use them as it suits you.
Does Zcash have a social media presence?
Yes. Its social media profiles are run by the community, not the founders, but they are as legit as they get. You have its Facebook and Twitter profiles to check out whenever you're in for some news about the coin, but you also have the Telegram and GitHub profiles. On GitHub, you can contribute, file a bug report, or view the source code, so if interested in any of these things, this is where you need to do it.