Are you looking to consolidate your cryptocurrency portfolio? Or do you want to branch out into new tokens? Either way, there is no need to deal with fiat currency exchanges and Know Your Client (KYC) requirements. Instead, you can swap one coin for another at the most profitable rate. Today we tackle the murky issue of exchanging your private Zcash for the ever-rising Bitcoin. We’ll cover the differences between ZEC and other cryptocurrencies and explain how to make most of them by finding the right exchange service.
How Is Zcash Different From Other Coins?
Zcash is among the few cryptocurrencies that put your privacy first. While Bitcoin records every transaction, Zcash allows users to choose which information to share, if any. Not only is this token backed by solid science, but it’s also versatile. Instead of the sole option of transparent t-addresses, ZEC provides private, or shielded, z-addresses too.
With two types of ZEC addresses, you can choose between four different transaction types. These options range from fully private operations between two z-addresses to a fully transparent transaction between two t-addresses. If you value privacy and want to keep your cryptocurrency spendings and earnings secret, get a z-address to supplement your transparent wallets for Bitcoin and Ethereum.
How to Choose the Right Cryptocurrency Converter?
Privacy-conscious crypto fans often run into trouble when looking for a reliable ZCash to Bitcoin converter. Most token exchanges require you to register an account, create a branded wallet, and share personal data, from an email to your real name and credit card information. If you’re unwilling to risk your personal info leaking in the next crypto converter security breach, you need to look for a reliable, privacy-first exchange that fits several criteria:
- No registration. Crypto-to-crypto exchanges don’t need your contact info to run transactions. So plenty of websites don’t require you to share your email or any other details.
- Private or shielded addresses support. Some converters do not work with private addresses. So you won’t be able to send or receive tokens unless you find a converter that’s more supportive of your desire to keep crypto exchanges private.
- Personal data storage. Suppose you share an email and receive an order ID from a converter. This information should be deleted within a week or a month of the transaction after the company is sure you haven’t run into any issues with the exchange.
If you think no crypto converter fits the bill, we have a couple of suggestions for you. You can go for Binance or Gemini, which are both great, but Godex is our converter of choice. The privacy-first exchange offers instantaneous, anonymous, and intuitive conversions. You don’t need to create an account, you can use Zcash z-address, and your transaction data is deleted after a week.
How to Make Most of a ZEC to BTC Exchange?
Most privacy-conscious cryptocurrency exchanges share a set of simple features. However, the best come with additional perks and goodies that will make your transactions even safer. When choosing among converters, keep an eye out for:
- Cryptocurrency wallet integrations. Instead of using the web interface, you can use the tried-and-true wallet to find the best exchange rate and swap ZEC for XMP or BTC. Coin-specific wallets rarely boast exchange integrations, but cross-currency wallets are known to use one or more integrations to make your life easier.
- Fixed-rate exchanges. Volatility is arguably the best and the worst attribute of any cryptocurrency. The exchange rate can swing wildly within one hour, and it won’t always be in your favor. To protect your assets from sharp dips, look for a converter that fixes the rates at the time of order. This feature will prevent you from using advanced investment techniques, but it’s vital for novice traders and those who value strategy over luck.
- Order processing speed. Any converter offering fixed-rate exchanges will ensure your coins are transferred as fast as possible to protect its assets. Industry-standard processing speed is anywhere from two minutes to half an hour. However, large orders (over 1 BTC) can take longer to process, so you’ll need to be patient.
- Security breach history. No cryptocurrency converter is 100% safe from breaches. However, some exchanges have been hacked one or more times; others went bankrupt because of their faulty security measures. Entrusting your assets to converters with a shoddy reputation is a risk not worth taking when there are plenty of reliable options with an unblemished reputation for security.
If done right, swapping Zcash for Bitcoin takes only a couple of minutes and keeps your identity secret. Plenty of exchanges convert coins at enticing conversion rates and without registration. But you should also look out for fixed-rate transactions, exchange limits, and fees. Pay attention to security breach history too, before you pick your favorite converter.