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What is Zcash?
Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.
Learn more: https://coins.community/zec/
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Privacy currency yep.
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A privacy feature for your money that’s optional?? Right? Why don’t banks just allow anybody to come to the teller’s window and check the account balance of anybody else? Am I confused or misunderstanding the comments about Zcash?
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lol a little.
With bitcoin, everything is public on the blockchain. Anyone can view your transactions. The thing that makes it private is, no name is associated with the account, so no one will know who you are, unless you tell them.
Zcash works the same, but gives the option to hide your transaction log. There is a benefit to both really. When you pay someone publicly, you have the proof to show the entire world.
Public payments work well if your sending money to say, Amazon and want to make sure there are no disputes. But you may want to send money to your mother, who is currently hiding from a drug dealer, even though she swears shes been clean for over a year… But tells you she needs money for food… and your husband wants you to cut her off… and the local gangs has been asking questions about your mothers whereabouts. In this case, you may want to send it privately.
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LOL. When I first saw the topic Zcash, I wasn’t going to click on it. Never heard of it. They say the only dumb question is the one you don’t ask. I took the risk of making myself look like a complete idiot but got an answer from you that opened up my understanding. Thank you so much.
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Information is currency. Found a link to use for the latest news about Zcash. Sharing it.
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In a blockchain you do need some privacy and Monero and Zcash are the forerunners- also Monero is able to make transactions untraceable with technology called ring signatures. Zcash uses advanced cryptographic techniques to make sure transactions are accepted without all the data being visible, and the technology behind it is called Cryptonote.
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I created an account at a site that has faucets for various cryptocurrencies. Zcash is one of the coins. What I do is collect Zcash coins and then exchange them for Litecoins at that same site.
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