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Zcash appeared in 2016 into the crypto market as a fork of the Bitcoin source code. The project was first named the Zerocoin protocol, then Zerocash, before the developers settled on the final iteration of the ledger - Zcash.
The coin was designed to improve many of the flawed aspects of privacy and fungibility of Bitcoin. Zcash (ZEC) attracted many users due to its unique implementations and was deemed one of “the most anonymous cryptocurrencies 2018.”
In this article, you will be able to find out more about the pros and cons of using Zcash as a payment method at online gambling websites.
Zcash relies on zero-knowledge proofs, a technology that enables transaction data to be validated without requiring any of the data to be revealed to the parties involved. The coin makes use of zero-knowledge proofs termed zk-SNARKs (zero-knowledge succinct non-interactive arguments of knowledge) to achieve this type of private validation.
Zcash has two types of addresses: private (z-addresses) or transparent (t-addresses). Transactions with transparent addresses (t-addresses) are just like those with Bitcoin. A Z-to-Z transaction is visible on the public blockchain, but the addresses, transaction amount, and the memo field are all hidden via encryption. The coins can be transferred between a z-address and a t-address and vice versa.
The most notable feature of Zcash is its privacy implementations, namely the zero-knowledge proof technology. In theory, this protocol should make the coin even more private than Monero.
While the coin is renowned for its anonymity, there is also the ability to make transparent transfers as with Bitcoin.
Like Monero, Zcash coins are fungible. In this blockchain, the coins do not have a history attached to them, so all have the same value which does not attract unwanted attention from law enforcement authorities.
Although Bitcoin and Zcash have the same cap of 21mln coins, Zcash has a block generation time of 1 min, while BTC has a 10-minute block time. The reward per block for Zcash is set at 5 ZEC, while Bitcoin generates 12.5 BTC.
The most obvious advantage is the versatility of the coin, which enables users to opt for completely private and untraceable transactions or transparent ones.
ZEC transfers are also low-cost and fast, with network fee fluctuation between $0.001 and $0.002 or even less. Compared to many other crypto coins, the transaction settlement time is faster due to the fast block generation and validation time.
The disadvantage of using Zcash would be that it has not seen much adoption from online merchants and businesses.
Who accepts Zcash? When using Zcash for gambling or betting, some casinos offer the option to deposit and withdraw funds without having to sign up or submit any of your personal information. You just look for the site’s address link, click on it and make your transfers, and this way, you will stay anonymous during the whole casino gaming experience. Keep in mind that this feature is not available on all ZEC casino sites.
Gambling with Zcash is like using Bitcoin, Monero casino, or any other cryptocurrency. After you have purchased ZEC, you select the amount you want to credit to your gambling operator. You can send the funds either from the exchange you bought the coins or make the transfer from your own Zcash wallet.
The z-addresses feature, which is the one with stronger privacy features, can only be enabled from within a Zcash wallet that supports shielded addresses. T-addresses are just like regular transparent crypto transfers. After signing up on a Zcash casino, you use the address provided by the casino for ZEC and deposit the amount you want to play from your account.
There are not many casinos that offer Zcash payment options. And while there are plenty of crypto-only gambling venues, you will find a more limited selection in terms of games and sports betting options.
Like Monero, Zcash is reputed to have enhanced anonymity compared to other coins, such as Bitcoin.
While with Monero, your transaction is obfuscated somewhere with other Monero addresses (which is still hard to track), your Zcash transaction is not visible on the ledger with the Z-to-Z address transfer.
Zcash is a great choice for those who want to gamble online and enjoy complete anonymity. All your activities with your ZEC happen off-chain, so the blockchain will never feature any record of your gambling activities.
Due to its properties, ZEC is safe to use for both Zcash casinos and betting, provided you find the online casinos and bookies that accept the currency.
Zcash is available on several exchanges, such as Binance, Gemini, Bittrex, Coinbase Pro (not available for UK users), HitBTC, Kraken, Huobi, and Bitfinex. The most common pairings in which you will find Zcash is with BTC, ETH, USDT. There are also several fiat options, as USD pairings against ZEC are supported by reputable exchanges, such as Gemini, Binance.US, Kraken, and Bitfinex. Kraken also supports a pair with the EUR fiat currency.
As we previously mentioned, in order to use z-addresses, you will have to use a wallet that supports this feature. Hardware wallets, although secure for storage, do not have the option of shielded transfers. If you are not interested in using z-addresses, you can opt for any wallet that supports ZEC storage.
After you have set up your wallet, go to your exchange of choice and deposit either fiat or another crypto into your balance. For fiat deposits, you will most likely be required to present some form of identification. Complete the buy order by specifying the amount you want to purchase. After the amount has been credited, withdraw it into your wallet.
You can also get Zcash by mining it. You will have to set up the proper software miner, but unlike BTC, you do not need an ASIC. ZEC is based on the PoW Equihash protocol that is memory intensive, which means that it can be mined using your PC by adding more RAM power.
Zcash has yet to gain widespread adoption in the online gambling world, but many punters who are interested in maintaining their anonymity while playing can look into ZEC, as it is offered by some reputable casino platforms.