Zcash also termed as ZEC, is a crypto currency network that was started in October of 2016. Similar to other crypto currency networks (e.g. Ethereum or Bitcoin), Zcash allows anyone to send and receive scarce tokens (coins) that can be used similarly to cash on the Internet. Zcash is powered by software which is directly derived from Bitcoin’s core software, but with slight modification in order to improve user privacy. In this post, we will see how to buy Zcash (ZEC) In India.
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The members of the Zcash network who relay, bundle and validate user transactions into blocks are, like in Bitcoin, are called as miners. These miners are rewarded for their honest participation in terms of transaction fees and newly mined Zcash, and they must solve a math problem (Like Bitcoin’s mining algorithm) in order to make the privilege of participation. Similar to Bitcoin, anyone can become a miner on the Zcash network with an Internet connection, powerful computer, and open source Zcash software as Zcash is an open blockchain.
Method 1: Exchange Bitcoins or Ether from ZEC in International Exchanges:
Exchange Bitcoins to buy Zcash is a highly reliable and faster method for buying Zcash (ZEC)s. You have to buy Bitcoin or Ether from your local exchanges and then send it to international exchanges. There are some exchanges where you can convert your Ether or Bitcoins to Zcash (ZEC) or any other currency. List of the famous exchanges includes Kraken, HitBTC, Bitfinex, Poloniex, Bittrix, OKcoin and so on. We will discuss some of them:
Bitfinex is one of the largest online platforms in the world for crypto currency trading. It is simply categorized as an advanced trading market for crypto currencies. In addition to Zcash (ZEC)s, it also offers to the trade of crypto-currencies like Ethereum, Monero, Litecoins, Ethereum classic, Dash and Bitcoin. Fees for conversion of coins are 0.1% of the cost of the transaction.
We have published a detailed post on step by step procedure to buy crypto coins through BitFinex.
At HitBTC exchange you can deal with a large number of crypto coins, Tokens, ICOs, and Fiat currencies at a single place which makes it better than other international exchanges. Apart from technical benefits, the page of HitBTC is eye-catching, simple to use, low advertising popup windows.
Method 2: Use of Coin Conversion Sites
Another method of coin conversion is the use of sites like ShapeShift. Before using this method you should have one Zcash (ZEC) wallet to receive your Zcash tokens.
This method is another trusted way for Zcash (ZEC) purchase since it permits the users to trade Zcash (ZEC)s with a list of other crypto currencies. There are more than Five hundred crypto currencies in the market. This way allows you to convert your Bitcoin(BTC) or Ether (ETH) into a wide range of coins.
Shapeshift: It is the trusted site that helps the users in converting Zcash (ZEC)s with any other types of crypto currencies. It is similar to Changelly except the fact that it asks for huge charges. It does not require any verification, in order to buy Zcash (ZEC)s. Read Shapeshift Review.
Changelly: It is also one of the best Zcash (ZEC) purchase sites like shapeshift since it permits the users to do transfers or exchanges in a fast way, in comparison with the other sites. It does not need any verification for Zcash (ZEC) trading. Miner Gate launched this platform in 2013 and it satisfies all the needs of the users. It contains a user – friendly interface and imposes only a minimum trading charge of around 0.5% and supports Euros and Dollars (USD). Read Changelly Review
Method 3: Buying Zcash (ZEC)s with Fiat Currencies (Through Credit Card)
In India, Zcash (ZEC) purchase cannot be done through companies like Coinbase. But the following are some of the websites that facilitate Zcash (ZEC) buy and sell directly through Visa/Master Credit/Debit cards:
Before buying via Creditcard makes sure that you have read fee and charges of conversion.
We have discussed possible different ways to buy Zcash (ZEC) in India. But these methods are not limited to Zcash (ZEC); you may apply the same methods for other coins too. Hope you enjoyed this post and it will be helpful for you. Please share your feedback and experience in the comment section below.