- ZCash (ZEC) is a cryptocurrency founded in 2016 with improved anonymity and security compared to Bitcoin.
- ZEC can be mined using a computer or an ASIC miner, but it is recommended to use an ASIC miner due to network difficulty.
- ZEC has a maximum supply of 21 million coins, and once all are in circulation, they can only be acquired through buying from individuals or exchanges.
- In Australia, popular exchanges like CoinSpot offer ZEC trading, and a step-by-step guide on how to buy ZEC includes signing up, verifying the account, depositing funds, buying ZEC, and storing it securely.
ZCash (ZEC) was founded back in 2016 when a group of scientists wanted to make a cryptocurrency that is similar to Bitcoin but has additional features. This cryptocurrency was firstly called Zerocoin, then Zerocash, and eventually it became ZCash. ZEC is basically a fork of the Bitcoin, but developed with improved anonymity and security.
It was primarily designed to be as anonymous, safe, and efficient as possible. Not only that but, with ZCash, you can even use full transparency that is similar to the Bitcoin one during the transfers. ZCash can be mined by your computer, if the graphics card is capable of mining, or by an ASIC miner. Still, we highly recommend you to mine using an ASIC miner, as the network difficulty has gotten quite far, making the PC mining not worth the costs and time.
The maximum supply of ZCash is 21 million coins and there are about 13.7 million circulating. This means that, once there are all the 21 million circulating, they can no longer be mined. At this point you will be able to acquire them only by buying them from an individual or on an exchange.
However, it’s important to note that the bakers’ actions need to be genuine and forthright due to the flexibility to pass on tokens or allocate votes on its live blockchain.
If you believe in the potential of ZEC (ZCash), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy ZEC (ZCash)?
ZEC is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy ZEC (ZCash), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over 370+ different cryptocurrencies supported, including ZEC
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on 21 coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy ZEC
How to buy ZEC (ZCash)?
7 easy steps
Buying ZEC (ZCash) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own ZCash in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some ZEC (ZCash). Click on Buy/Sell in the menu along the top, then search ZEC. Click on Buy ZEC and you will see the purchase screen, like the screenshot below. The price of ZEC is shown clearly in the middle of the screen.
5. Select how much ZEC you want to buy
Select how much AUD you want to spend on ZEC, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy ZEC (ZCash)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some ZEC!
7. Store your ZEC safely
Now that you have made your purchase of ZEC (ZCash) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much ZEC you own, and the value in AUD. You can leave your ZEC in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your ZEC to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own ZEC (ZCash) in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy ZEC in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy ZEC (ZCash) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of ZEC.