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Simple ways to Buy Zcash with PayPal

Zcash is a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users. In this respect, it is intended to be a step forward over the market-leading Bitcoin. Nonetheless, Zcash is derived from Bitcoin, being based on its codebase, while also sharing a fixed total supply of 21 million units.

PayPal is becoming an increasingly popular method of payment for cryptocurrency, and can indeed be used in order to purchase Zcash. In under 20 years, PayPal has established itself within the top 200 companies on the Fortune 500, and is used by people daily all over the world to purchase goods and services.

So in this article, we’re going to assess the validity of PayPal as a purchase method for Zcash, and compare it to some of the other options available.

Steps to Buy Zcash with PayPal

  1. Register for an account with an exchange that is compatible with PayPal
  2. This process involves providing some identifying documents, contact details and other relevant information
  3. Once registered, log into your account and begin the process of purchasing Zcash
  4. Next you need to establish a virtual wallet, which can be downloaded from various sources
  5. Link your PayPal account to the exchange; you can now purchase Zcash

Advantages and Disadvantages of Buying Zcash with PayPal

Pros

Can be disassociated from cards, preventing the threat of fraud or theft.
PayPal is widely available, and used by millions of people every day.
PayPal may be available for some ‘unbanked’ individuals.
Offers some payment protection.
PayPal can be linked to reward cards, and features its own credit card
Does not require a credit rating

Cons

Fewer exchanges use PayPal as it doesn’t have the credibility of bank cards
Can be more difficult to call customer service compared to banks and building societies
PayPal may not be available to some Zcash users, depending on their country of residence

Buying Zcash with PayPal Fees

There shouldn't be any fees associated with purchasing Zcash with PayPal, not least because any exchange accepting the payment method should have a merchant account. Any fees associated with a PayPal purchase of Zcash will simply be those accredited by the exchange, and the small transaction fee charged by the platform.

Is Buying Zcash with PayPal the Best Method?

There are advantages and disadvantages to purchasing Zcash with PayPal. It is certainly a popular option for a wide variety of online purchases, and it is ideally suited to this medium.

However, due to the propensity for fraud that PayPal has experienced historically, many exchanges would prefer not to deal with PayPal. This means that consumers' options are limited with PayPal, and it definitely counts against the platform.

An alternative is to use a bank transfer or debit card if frequent purchases are going to made to reduce fees, or to use credit cards if a buyer wants immediate convenience

Nonetheless, PayPal is a reliable and affordable way of purchasing Zcash, or indeed any other cryptocurrency.

FAQs

  1. Zcash is a competitor to Bitcoin that uses its own unique blockchain and cryptocurrency token. The developers of Zcash concede that it has been influenced and inspired by Bitcoin, but that it aims to improve privacy associated with transactions, as well as an improved proof of work algorithm.

  2. There isn't currently a mobile version of Zcash, with the Electric Coin Company involved in the development of Zcash only providing official support with Linux.

  3. Zcash was released in 2016, when Zcash monetary units came into existence for the first time.

  4. The Electric Coin Company describes its mission as the desire to empower everyone with economic freedom and opportunity. Zcash is furthermore intended to contribute to personal privacy, with its developers believing this is essential for core human values, such as “dignity, intimacy and fracture”.

  5. The Zcash Foundation is a non-profit entity whose modus operandi is to improve the Zcash protocol in the interests of all users. It receives funding from pledges made by some stakeholders in the Zcash project.

  6. Zcash is based on a consensual governance, in which its community is actively involved in its future direction.

  7. There are three main types of PayPal accounts — Personal, Premier and Business. There is certainly no reason to acquire a Premier account for this type of purchase, but those with an existing Business account may consider using them. A Personal account appears to be the most suitable, unless Zcash is being purchased with a business reason in mind.

  8. PayPal supports all major credit cards, including MasterCard, Discover, American Express and Visa. You can link your credit card to your PayPal account, ensuring that you derive the associated benefits from your credit card while also using PayPal. However, some users prefer to link only their bank account to PayPal, which limits the potential for fraud.

  9. Zcash certainly isn't one of the very biggest cryptocurrencies, but it can reasonably be described as successful. It has established itself in the top 30 cryptocurrencies by market capitalisation, and has massively increased in value since it was launched. Many people believe that Zcash has huge potential going forward, and it will be intriguing to see how the platform and project develop.

  10. Zcash is just one cryptocurrency that offers a liberating, decentralised digital currency platform. It has proved popular with many crypto currency enthusiasts, and many expect Zcash to gain significantly in value in the years to come, as the cryptocurrency market continues to develop.

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Simple ways to Buy Zcash with PayPal