Using ZCash to Deposit Funds into Betbit

Zcash (ZEC) is a digital currency quite similar to Bitcoin. However, it gives you the freedom to choose if you wish to send your coin either publically or privately from one party to another. Although the coins are hosted on a public blockchain, they are almost impossible to trace. Using advanced cryptography; the sender, recipient and transaction information remains private. This is done using a cryptographic technique called zero-knowledge proofs, which can guarantee a transaction without revealing the information around them. To achieve this, the consensus rules are encoded into zk-SNARKs. Zcash is also a fully fungible currency, as it removes the shielded coins from their history. As such the origins of the coins are unable to be traced; this makes the ability to match one coin to another almost impossible.

As for anonymity, it’s said to be even better than that of Dash or Monero.

You can read up more about Zcash at (https://z.cash/)

The speed of costs of ZCash transactions

The cost of a ZCash transaction is nominal. It can flucuate bewteen $0.001 and $0.005 per transaction. At the time of writing the transaciton time per clock of ZCash is 2m 31s. Here is a link for up to date info on the ZCash transaction times.

ZCash Wallets

Zcash is supported by a variety of wallets from physical to virtual based. Some wallets that are popular are…

  • Hardware-Based:

    • - Ledger (Smartcard design based, OLED Display, Affordable)
    • - Trezor (Cold Storage, High-Level Security, Portable, Expensive)
  • Software Based:

    • - Freewallet (Coins can be easily topped up via any currency, Cold Storage, Easy User interface)
    • - Coinomi (Strong Security, Easy to view value updates, Android Only)

At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Zcash. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.

Buying and Selling Zcash

Average Transaction Fee of 0.1%. As it’s a very popular coin you are able to buy it on quite a few exchanges:

  • - Poloniex (US Based, Supports Marginal Trading)
  • - HitBTC (UK Based)
  • -Bitfinex (Hong Kong Based, Supports Marginal Trading)

You are also able to convert it easily using a service such as Changelly and Shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.

What are zk-SNARKs

zk-SNARKS is basically a form of zero-knowledge cryptography using advanced algorithms in cryptography. It allows you to prove possession of certain information without revealing what the information actually is. As such one party can prove to another that a statement is true, without revealing anything more than the statement itself. Also, it adds to the security of the coin as no one would easily be able to falsify the transactions.

Mining Zcash

Zcash is a fantastic coin to mine. It has a block average of about 2.5 minutes, but the block rewards are over four times bigger than that of Bitcoin. They also have a supply total of 21 million coins, similar to Bitcoin. Zcash, after all, was hard-forked off Bitcoin. It does require Proof of work; however you don’t need complex machines to start mining, and it works equally well using Nvidia cards compared to AMD cards. You are even able to use CPU Mining (although it will be a bit slower).

In order to mine you can use tools like the EWBF Miner or even a simple application such as Minergate. It is advised that you join a miner pool to get the most value out of your mining. Some of the more popular mining pools for Zcash are Slushpool, Bitfly, Antpool, Minergate, and Luckpool.

ZCash faucet

Faucets are great ways to get to know more about coins. These can be by playing some specific games, and the payments are very little in comparison, but it can get you started. If hosting a faucet on your own site, however, you are able to earn some coins based on the volume of traffic through your site.

Some common faucets for Zcash are Zecfaucet and ZcashBucks.