What is Zcash
Created in 2016, Zcash is one of the newer privacy coins currently on the market. It offers privacy and transparency, and its transactions are all published on the blockchain. The main difference between Zcash and most other typical blockchain projects is the fact that the senders, recipients and the total amount of transaction remain secret.
At its core, there’s a cryptographic algorithm called zk-SNARK, short for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. Zcash uses two types of addresses: a Z-address, and a T-address.
The first type of address, the Z-address, is fully private (or “shielded”) and it uses the aforementioned zero-knowledge system to shield transactions and balance privacy. A T-address (or “transparent address”) is pretty similar to a Bitcoin address.
Considering all of Zcash’s complexities and the fact that Zcash is relatively new, finding the right wallet might seem a bit tricky at first. However, the cryptocurrency managed to integrate most of the popular wallets out there. In this guide, we will be looking at some of the best wallets for Zcash, as well as at all the things you should take into consideration to pick the best wallet for you.
Things to consider when choosing a ZEC wallet
Probably the most important aspect to look for when choosing a wallet is to make sure that it provides you full control of your private keys. Hence, make sure to check that your wallet does not store your private keys online and that it provides you with full control of your private keys.
When it comes to Zcash and its two types of addresses, do keep in mind that most wallets don’t support Zcash transactions to private addresses. Another very important aspect is ease of use or user-friendliness, hence, make sure you choose a wallet with a modern and clean interface in order to send and receive transactions with ease.
Also, make sure that your future Zcash wallet has all the modern security features. A good crypto wallet has two-factor authentication, support for secure passwords, multi-sig functionality and backup and restore options.
Hopefully, you will not have problems with your wallet. However, in case you do, it’s important that the wallet allows you to access customer support as easily as possible. Another aspect to consider is how the wallet’s development. In short, you want to pick a wallet offered by a strong development team, one that constantly updates its product.
Best Zcash wallets
Ledger Nano S
Ledger Nano S is one of the best and most popular hardware wallets currently on the market, and it’s the de-facto choice for most crypto enthusiasts for who security is the most important aspect.
The wallet offers support for over 700 cryptocurrencies (ZEC included), offers a high level of security, and it’s extremely easy to work with. The wallet provides offline storage for your private keys and allows you to manually verify or accept transactions via a small, built-in OLED display and two buttons. It’s relatively inexpensive (usually somewhere between $80 and $100).
Trezor is Ledger Nano S’ main competitor, and it offers almost the same features in a slightly different designed package. It too offers support for well over 700 cryptocurrencies (ZEC included).
The device is very beginner-friendly, and it boasts a clear-cut interface with a big OLED display and two buttons. It has some of the best security features such as SSH, encryption via GPG, two-factor authentication, and others.
Official Zcash client
The official Zcash client is one of the safest wallet choices out there. It’s a GUI wallet but, unfortunately, it only works on Linux. This means that this wallet is not perfectly suited for novices. The client allows anyone to store funds, send funds to private Zcash addresses, as well to run a full Zcash node (meaning that you’re actively helping Zcash secure the network). The wallet also provides you with the option to mine Zcash.
Besides the fact that it’s not suited for beginners, the wallet has two more disadvantages: it requires at least 2 GB of RAM to operate smoothly, and it requires you to download the whole blockchain.
If absolute convenience is what you’re after when choosing a Zcash wallet, then Coinpayments fits the bill perfectly. The online wallet supports over 1,135 cryptocurrencies, making it a very versatile tool to have. The wallet has a set of unique features such as the Point of Sale facility which allows you to accept transactions in person, and the ability to do automatic crypto conversions.
The wallet can be accessed via its official website, and it also comes with two mobile apps for iOS and Android. Some users might consider the 0,5% fee charged on all transactions a drawback.
Jaxx Liberty is probably the most popular multi-platform, multi-currency, digital asset wallet currently on the market. It’s available for Windows, macOS, Linux, as well as iOS and Android, it can store over 70 different cryptos (ZEC included), and it has arguably one of the best interfaces of any wallet.
Another advantage is determined by the fact that it has ShapeShift integration and the fact that it allows you to secure your private keys via a 12-word master seed.
Coinomi is a very good choice if you’re looking for a convenient mobile wallet that allows you to store and manage ZEC. It’s very user-friendly, it supports a wide array of cryptocurrencies (more than 130), and it boasts ShapeShift integration.
Coinomi is also secure as it allows you to store your private keys on your device and it doesn’t force you to undergo typical KYC processes. The wallet is available for iOS and Android.
Cryptonator is another multi-cryptocurrency wallet worth considering. It’s easy to set up, user-friendly, it can hold multiple currencies, and it offers in-wallet exchanges between cryptocurrencies.
Since it’s a web wallet, it’s incredibly easy to access, as well as to send, receive, and manage your payments. For a web wallet, it has good security features such as two-factor authentication, and the ability to create a list of trusted IP addresses. Unfortunately, it only has support for Android and not iOS.
As you can see, there a lot of good options to choose from regarding Zcash wallets. Even though this list does not contain all the possible options, it should satisfy the needs of most users for Zcash storage. Good luck!
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