Zcash vs Monero vs Bitcoin Cash
Cryptocurrencies are currently gaining more acceptance and usage amongst individuals and many merchants worldwide. One of the most exciting aspects of cryptocurrency is the privacy and security they offer. In this comparison, we will dive into three of the top privacy-oriented cryptocurrencies: Zcash, Monero, and Bitcoin Cash.
Zcash
Zcash was launched in 2016. Zcash’s main feature is the zk-SNARKs protocol which allows transactions to be sent and received without revealing the parties involved or the transaction amount. Additionally, Zcash has optional transparency features if a user does not require privacy. Zcash boasts a total supply of 21 million coins, with just over 13 million currently in circulation.
Advantages of Zcash
- Zcash is a privacy-focused cryptocurrency and offers anonymity to its users.
- It has a total supply of 21 million coins, with just over 13 million currently in circulation.
- Optional transparency features for those who don't require privacy.
Disadvantages of Zcash
- Zcash has no strong validator network and minor incentives that may lead to security concerns.
- The usage of Zcash can be complicated for a new user due to its two types of addresses- transparent and shielded.
Monero
Monero, launched in 2014, is a privacy-focused cryptocurrency that obscures transaction details like the amount sent or the parties involved in the transaction. All transactions on Monero are conducted on the blockchain, ensuring maximum privacy. Monero has over 18 million coins in circulation at the time of writing, with a total supply of up to 21 million.
Advantages of Monero
- Monero is a widely-used cryptocurrency renowned for its anonymity, making it popular amongst privacy advocates.
- It has strong development support, with frequent upgrades for bug fixes.
Disadvantages of Monero
- Its privacy feature can make it susceptible to use in illegal activities.
- Monero requires significant computing power because its complex mining algorithm is built to prevent the emergence of ASIC miners.
Bitcoin Cash
Launched in 2017, Bitcoin Cash is a hard fork of Bitcoin. Bitcoin Cash is a cryptocurrency designed for faster and more affordable transactions than Bitcoin. It is currently one of the largest cryptocurrencies in the market, with over $10 billion market capitalization. Bitcoin Cash boasts a total supply of 21 million coins, with over 18 million coins currently in circulation.
Advantages of Bitcoin Cash
- Bitcoin Cash has faster transaction processing times than Bitcoin and lower transaction fees.
- It is widely accepted across various online stores and merchants.
Disadvantages of Bitcoin Cash
- Bitcoin Cash’s much larger block size makes it more prone to centralization and can lead to security concerns.
- Its anonymity and privacy features are less compared to Zcash and Monero.
Conclusion
While Zcash and Monero offer high levels of privacy, Bitcoin Cash offers faster and more affordable transactions. The choice, therefore, depends on the user's priorities, whether they value privacy over speed or vice versa.
It is essential to conduct detailed research and understand the different technologies and networks that cryptocurrencies rest upon before investing in any.
References
- “Zcash - Frequently Asked Questions.” Zcash - Frequently Asked Questions, Zcash, 2021, https://www.zcashcommunity.com/faqs/.
- “Monero: Frequently Asked Questions.” Monero: Frequently Asked Questions, Monero Project, 2021, https://www.getmonero.org/resources/frequently-asked-questions/.
- Johnson, Steven. “Bitcoin Cash vs. Bitcoin: What's the Difference?” Investopedia, Investopedia, 18 May 2021, https://www.investopedia.com/bitcoin-cash-vs-bitcoin-whats-the-difference-5099303.