Zcash is a cryptocurrency that places a particular emphasis on providing improved privacy over other similar platforms. In particular, it aims to improve efficiency over the market-leading Bitcoin, despite having been forked from the top crypto. Zcash shares a codebase with Bitcoin, and also has the same fixed supply of tokens equal to 21 million.
With Zcash continuing to climb the cryptocurrency leaderboard, there are now a variety of payment methods available for the altcoin. One of these is PayPal, which is also becoming an increasingly popular way to purchase online material such as cryptocurrency. In less than two decades, Zcash has established itself within the top 200 companies on the Fortune 500, being used globally to purchase goods and services on a daily basis.
So this article will assess the viability of using PayPal to purchase Zcash.
Steps to Buy Zcash With PayPal
Purchasing Zcash with PayPal is not a difficult process, but it does require you to go through the following steps:
- Most users wishing to purchase Zcash via PayPal will seek out an online peer-to-peer exchange.
- You then need to register for an account with an exchange that is compatible with PayPal.
- This process involves providing some identifying details, with contact methods, identification documents, and some other relevant information usually required.
- Once you're successfully registered, you will receive a temporary password, via email.
- You can then use this to log into your exchange account and begin your transaction process for Zcash.
- Before completing your transaction, it is advisable to establish a virtual wallet, which can be used for the storage of cryptocurrency.
- You need to link the PayPal account to the exchange, before purchasing Zcash, and then finally transfer the coins to your downloaded wallet.
Best Places to Buy Zcash With PayPal
There are a wide variety of different exchanges that are available for the purchase of Zcash via PayPal. Thus, when choosing a particular platform, it is important to take certain factors into consideration.
Firstly, the security provisions associated with an exchange are particularly important. Some of the bigger exchanges have particularly stringent security measures put in place, and this can make them very attractive for those seeking to purchase Zcash with PayPal.
Similarly, licensing can vary hugely from one exchange to another, and it's important to seek out an exchange that is licensed in a responsible and easily recognisable fashion.
Fees should also be taken into consideration, as these can really impact on the level of profit that you derived from your custom transactions.
Finally, it’s also important to understand the other cryptocurrencies that are supported by a particular exchange, as this can provide more transaction options for consumers.
Pros and Cons of Buying Zcash With PayPal
What Are the Transaction Fees on PayPal?
Transaction fees associated with purchasing Zcash via PayPal should be non-existent, and any exchange accepting PayPal should have a merchant account. This should eliminate fee charges from your PayPal transactions, and any fees associated with the payment method will simply be those accredited by the exchange. There can also be small transaction fees charged by platforms, but none of these is specifically related to PayPal and will apply with other payment methods as well.
Zcash to PayPal: Can I Transfer Zcash to PayPal?
At the time of writing, PayPal doesn't recognise Zcash as a transferable currency, and it is therefore impossible to transfer a customers’ balance directly into PayPal. It would be more viable to convert Zcash into a traditional fiat currency, and then create a PayPal balance, though.
PayPal to Zcash: Is It Possible to Convert My PayPal Funds to Zcash?
There is no reason why you cannot convert your PayPal funds into Zcash, as this is a viable payment method and one that is recognised by the majority of Zcash vendors.
Frequently Asked Questions
The goal of Zcash and Bitcoin is essentially identical - to provide an alternative form of digital currency, based on a unique and incorruptible blockchain. With this goal in mind, the developers of Zcash are completely transparent about the influence and inspiration of Bitcoin. But Zcash also aims to improve on the privacy provisions that are associated with the transactions and cryptocurrencies in general, while also including a Proof of Work algorithm that is improved over the Bitcoin blockchain. It is with innovations such as these that Zcash hopes to compete at the very top of the cryptocurrency market in the years to come.
There isn't currently a mobile version of Zcash, as the Electric Coin Company that developed the platform has only provided official support with Linux.
Zcash was first released in 2016, and at this time the monetary token associated with the project also came into existence.
As mentioned previously, there is a major crossover between Bitcoin and Zcash. But the Electric Coin Company has described its mission as delivering a platform that can empower everyone with economic freedom and opportunity. Particularly in the developing world, Zcash can play a role in ensuring everyone gains access to financial services. Zcash also has an ethos that is focused on personal privacy, with its developers asserting that this is essential for universal human values, such as dignity, intimacy and financial stability. It is hoped that over time Zcash will become one of the most widely used cryptocurrencies, and can make a massive contribution to the financial system as a whole.
The Zcash Foundation is a non-profit entity that is tasked with overseeing the Zcash project. The foundation is intended to manage and improve the protocol associated with Zcash, ensuring that it meets the interests and desires of all users. The Zcash Foundation receives funding from pledges made by some of the stakeholders associated with the Zcash project and has thus far done an effective job of consistently building and expanding the project.
Zcash has always been based on consensual governance, in which its community is actively involved in its future direction. This is considered extremely important in cryptocurrency circles, as the entire concept of the currency was always intended to be democratically run, and not based on the hierarchy associated with traditional currencies and issuance.
This is very much dependent on the individual and their particular needs, but the first thing to note with PayPal is that there are three main types of accounts available. Consumers can choose from Personal, Premier and Business for their transactions. It is unlikely that any user would particularly require a Premier account for this type of purchase, but those with a Business account may consider using them. However, a Personal account would seem to be the most obvious, as Zcash transactions are generally not being purchased with a business reason in mind. Nonetheless, this may change as the platform continues to evolve in the years to come.
Zcash is not one of the absolute top cryptos, but it has been successful enough to establish itself in the top 30 cryptocurrencies by market capitalisation, while also increasing massively in value since its launch just a few years ago. As the Zcash project continues to develop, many believe that it will escalate in value in the future, and could become one of the most recognisable altcoins.