Isn’t it familiar for you to hear about the Bitcoin’s privacy problems? Multiple cryptocurrency critics attacked the whole industry based on these security issues. In spite of the criticism, the cryptocurrency community already provided various solutions specifically for the privacy demanding use-cases. Zcash (ZEC) is an anonymity-first cryptocurrency, and it is it’s a most significant advantage.
Zcash was designed to offer exceptional privacy for cryptocurrency users. Founded by Zooko Wilcox, the coin was fast to become one of the favorites of the cryptography community. Even Edward Snowden himself complimented the coin’s architecture. He specifically praised the professional and scientific approach taken during the coin’s development.
However, despite multiple positive Zcash price predictions, the coin’s financial results weren’t as bright. Zcash price chart shows that the price peak of the currency happened pretty much at the time of its launch.
At the time, it took around 4,290 USD to buy one coin. The current record wasn’t even approached ever since. Does it mean that the coin isn’t worth investing in? Let’s get through the Zcash’s price predictions, history, and technological benefits.
Why is Zcash valuable?
The community highly values Zcash for its unique approach to transaction and address privacy. It helps the coin to be useful for both businesses and individuals. Zcash is different from other cryptos in several ways.
First of all, Zcash offers two types of wallet addresses. A shielded address is a type of account that has advanced privacy of transactions. Zcash protects any deal between shielded addresses from being exposed to third parties. Transaction amount, address and encrypted memo are all hidden.
Transparent addresses are similar to the Bitcoin’s, being openly viewed in the blockchain. However, they are also pseudonymous and do not necessarily reveal the owner’s identity.
Another feature of Zcash are the already mentioned encrypted memos. They are a way to send sensitive information in connection with payment. The Zcash network fully encrypts and securely delivers the info with no disclosure of anything important. Here you can learn a little about how the coin works with Binance Academy.
The next two features are some of the most important for the positivity of future Zcash price predictions. They are the viewing keys and payment disclosure technologies.
Viewing key is a service that allows shielded transaction’s owners to share the info about incoming them. In this way, any Zcash user can comply with the government and corporate rules to be open for auditing. The address of a sender won’t be disclosed until the info is stored in the encrypted memo field. The payment disclosure feature helps to provide the info about transaction-specific details, also useful for regulatory compliance.
All these features, combined with tradition Zcash’s sophisticated privacy-focused technologies makes it a handy financial tool. Zero-knowledge proofs and multi-signature transactions help to make the coin especially suitable for safe financial operations.
That’s what makes Zcash a truly valuable coin. More information about the coin on BitcoinWiki.org
The hype surrounding Zcash began long before cryptocurrency appeared on the market.
Today it is the only currency whose mining launch was broadcast on YouTube. The developers abandoned the ICO and the preliminary sale of tokens on crowdsale. The coin entered the market at an incredible price of several hundred dollars. For comparison, the starting price of such a popular bitcoin and a number of other cryptocurrencies was less than $1.
Analysts argue that the high starting price of the Zcash was associated with a powerful advertising campaign and media hype, which was fueled by both the developers themselves and the attracted investors. For example, the well-known company Digital Currency Group, one of the first to invest in Zcash, is notable for its high prestige in the market of electronic payments and cryptocurrencies.
However, as soon as the hype subsided, the price of the Zcash dropped to $20. However, already at the beginning of 2017, the value of the coin increased to $80. In the spring, no significant changes in the course were observed, but in the summer it went up sharply, on July 1 ZEC cost $400. Analysts associate such a rapid rise with the then actively spreading news that the ZEC is about to appear on Bithumb, one of the largest and most cryptocurrency exchanges. However, this did not happen in the summer, and disappointed investors began to drain the coin, lowering its price to 190 dollars.
In general, the graph of the cost of the Zcash for 2017 is characterized by sharp changes. The rate either fell sharply or suddenly soared. What is the reason for such inconstancy? Oddly enough, with the specifics of the promotion of the coin.
Many experts note that the advertising policy of the Zcash Foundation is very similar to the manipulation of news feeds. The network launches information that encourages investing in a ZEC, users are buying a coin en masse, the price is rising. The information line is not confirmed, then the coin is poured, the price drops. To some extent, it resembles Pump & Dump manipulations in the cryptocurrency market.
The coin was still accepted at Bithumb, and the company’s management was able to disown accusations of artificial manipulation of the rate. The second reason is the attraction of large investors, which naturally increased interest in cryptocurrency. So, Naval Ravicant, who had previously invested in Twitter and Uber, Barry Silbert, who founded the popular SecondMarket platform worldwide, and even Roger Ver, whose brainchild is Blockchain.info, invested in Zcash.
ZEC price chart is on a continuous downward trend since the start of the year. The bearish cryptocurrency market significantly damaged the crypto and darkened most of positive ZEC predictions.
Zcash is one of the coins that were most vulnerable to the downtrend of the market. The currency didn’t manage to provide something significant enough to prevent its price fall. However, the whole market is currently in the same situation.
Only the newly developed coins like, for example, the BitTorrent coin have positive market expectations. The current state of Zcash is very close to the same as Bitcoin Cash. Even the Zcash price chart looks very similar to the same of BCH. Both coins didn’t offer anything prominent in recent years and are experiencing dramatic price drops.
Zcash Technical Analysis
Well, there is not actually any technical analysis expertise of Zcash cryptocurrency. However, here is the aggregate rating for ZEC from several traders & analysts on TradingView.
Zcash Price Prediction for 2020, 2022 – 2025
As of now, Zcash doesn’t look good like either long- or short-term investment. I wouldn’t recommend to HODL the coin until some very bright news came to sight. However, let’s look at the various points of view.
#1. WalletInvestor Price Prediction for 2020-2025
ZEC is a bad long-term (1-year) investment. The price of Zcash may drop from 35.621 USD to 10.309 USD. The change will be -71.060019%. In 2020, the price of ZEC will be $56.994. In 6 years the price can change to $284.968.
#2. DigitalCoinPrice for 2020, 2025
In 2020, the coin price may drop more to $12.85. However, it will recover by 2025 to $76.24.
#3. LongForecast Zcash Price Prediction for 2020-2022
This year will be more negative for the crypto, the price will drop to $9.62. It actually won’t change in 2021, the average rate is $10.65. However, in 2022, the ZEC price can double to $23.
#4. TradingBeasts Price Prediction for 2020-2021
The price will slightly change up to $46.634 by the end of 2020. ZEC price will gradually increase. In 2021, the price of one ZEC coin will be $68.087.
Buy ZEC at the Best Rate
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Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment vehicle.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment. Website personnel and the author of this article may have holdings in the above-mentioned cryptocurrencies.