Bitcoin is the most well-known cryptocurrency on the market, but it’s not the only player on the field. Other currencies have emerged on the market, and they each bring something slightly different to the table. One of these emerging cryptocurrency is Zcash, and it’s becoming an increasingly popular choice for miners and investors working in the field of digital currency.
Zcash offers some benefits that Bitcoin lacks. Perhaps the most important of these benefits is the fact that Zcash transactions can be made anonymously, a feature that Bitcoin currently lacks. Encrypting transaction information, like order sum totals, and the wallet address of the sender and recipient adds a layer of privacy of security in conducting online business.
It does this through a function called zero-knowledge Succinct Non-interactive Arguments of Knowledge or Zk-SNARKs for short. This involves the ability for two entities (like computers or servers, for example) to communicate and transmit verified data without revealing identifiable information for the parties involved.
Like all other cryptocurrencies, Zcash is stored in wallets, which can be fully digital or involve hardware storage. So what is the best wallet out there for Zcash?
Best Wallet for Zcash?
Zcash is a relatively newer form of digital currency, so keep in mind that not all wallets may support it. KeepKey, for example, is a highly rated Bitcoin hardware wallet that can store multiple currencies, but unfortunately does not currently support Zcash. One low-cost solution for Zcash would be the hardware wallet Ledger Nano S, which currently supports Zcash along with other forms of cryptocurrency.
One of the best things about Ledger Nano S is the price. At under $100, it is one of the lowest priced hardware wallets that still offers a good degree of functionality and security. It is a small device; only a little bigger than a standard USB storage drive. It features an LCD screen and can be controlled through 2 buttons on the device.
It is plug and play and simple enough to connect to any computer. For even more convenience, this wallet uses security features that let you leave the device safely plugged into your computer. So you can leave it on and pick up right where you left off, next time you sit down at your computer.
The security on the Ledger Nano S is reliable. Much like many of the other Bitcoin hardware wallets out there, it works through an encrypted pin code you use to access the device. These codes are stored on a secure chip within the device itself and are not recorded by the computer it is connected to. The Ledger Nano S can also be used to implement Fido U2f for your online two-factor authenticated accounts. Fido U2f security key devices are sold separately, so having this functionally on a cryptocurrency wallet is a nice bonus feature.
We should point out that the lower price of the Ledger Nano S means that the build quality isn’t quite up to the levels of some of the more expensive cryptocurrency hardware wallets out there. For some, it may feel a tad flimsy, especially in regards to the buttons which feel a little soft. However, there’s nothing that would be a total deal breaker.
Ledger Nano S – Best Wallet for Dash, Dogecoin, Ethereum, and Litecoin?
In addition to Zcash and Bitcoin, the Ledger Nano s also supports Dash, Dogecoin, Ethereum, and Litecoin. There may be other hardware wallets out there that support Zcash, but Ledger Nano S is one the better-known hardware wallets for cryptocurrency in general, and it has a good reputation for security and reliability.