Zcash (ticker ZEC) is a fairly unique cryptocurrency with security and privacy features that make it ideal for depositing at online casinos. In a transaction both the sender and recipient remain anonymous, which appeals to many online gamblers that value their privacy. Because of these features, a growing number online casinos have embraced the currency as well. In this ZEC casino tutorial we explain how this crypto works and where you can use it. See the top list below for the best Zcash casinos and their latest bonus promotions.
The introduction of cryptocurrencies like Zcash has revolutionised global financial transfers and the perception of asset storage. Built on what the developers describe as “privacy-protecting strong science”, this cryptocurrency is ideal for shopping and depositing at online casinos.
Zcash crypto was first introduced in 2016 and was developed by a group of crypto-enthusiasts from reputable institutions like MIT and John Hopkins Institute. Like many other cryptocurrencies, Zcash makes use of a decentralised and public blockchain on which transactions are recorded. However, unlike Bitcoin, the privacy feature allows you to control the information you share.
Zcash balances and shielded wallet addresses cannot easily be viewed on the blockchain. However for purposes of auditing whether in iGaming or any other sector, third parties are afforded special viewing keys for sharing the details of transactions.
Most players want to compare the bonus offers across online casinos, to find the most lucrative ones. To complicate matters, those offers can vary depending on the payment method used, or simply not be available for specific methods. Sign up bonuses are the most common promotions offered to attract new gamers.
These welcome packages have deposit matches or free spins that can be activated upon making at least the minimum deposit required. A deposit made with Zcash should normally qualify for such bonuses, but make sure to read any terms and conditions that apply. You can also check the list above to see if there are any promotions specific to Zcash.
Zcash, whether for online casino purposes or other transfers, has numerous advantages over other traditional payment methods. Transactions made on Zcash blockchain are fast, reliable and relatively cheaper because it is compatible with many online wallets and exchanges. As an iGaming payment method, it is also easy to audit and regulate. Finally, its attack-resistant design ensures security as there is no central database that can be hacked.
- Efficient and reliable: Inexpensive and faster digital transfers, as well as compatibility with a number of wallets and exchanges, is a great plus for Zcash users.
- Easy to audit: For regulatory third-party audits, sharing of information and regulatory requirements, there are private addresses for Zcash users.
- Security: Zcash is decentralised and is maintained by a broad network of individuals and machines. There is no centralised database which can be hacked.
Zcash, despite some progress in providing a seamless financial environment, has some shortcomings which might make some players hesitant to use it. Even though it’s pretty popular in the crypto community, buying Zcash is a relatively complex process limited to a few exchanges (Gemini, Kraken, Binance, Bithumb and some others). Also, cryptocurrencies are relatively new in the iGaming market, meaning there is still a limited number of casinos that accept Zcash transactions.
- Complex buying processes: Zcash can only be acquired through specific exchanges which require complex procedures.
- Limited adoption: Zcash has not been embraced by many casinos yet.
Generally, cryptocurrencies are cheaper than other payment methods. Transaction costs are not static however, as they depend on the degree of community adoption and mining. At the time of writing this, the inherent cost of using Zcash is negligible (fractions of cents). Depositing at an online casino should also be free from any fees, but make sure to check if the exchange where you buy your coins is charging a fee.
Creating an Account
Using Zcash doesn’t necessarily require an account, but it is recommended to use a “wallet”. A wallet is a piece of software you install on your computer or device, but you can also have a wallet account on a cryptocurrency exchange. The wallet keeps track of all your coins. There is an official Zcash desktop wallet for Linux, but also a number of third-party wallets such as Bitgo, Coinomi and Exodus for other platforms. Once you have a wallet installed, you can visit an exchange to buy the actual coins.
We recommend the following to get started:
- Learn about Zcash to understand what it is and how it differs from other cryptocurrencies
- Install a wallet software or use an online wallet on an exchange
- Buy coins at an exchange (see Funding Account below)
- Make sure you keep your private keys and password safe for security purposes
Just like other cryptocurrencies, once you have installed a wallet you are ready to fill it with coins. The easiest way is to buy coins at an exchange, while advanced users can get involved in “mining” to earn coins. Mining is an advanced topic we won’t go into here however. Here are some exchanges that deal in Zcash:
See the full list of exchanges here.
Using Zcash for casino deposits is easy if you have some prior experience with using cryptocurrencies, but anyone can do it. Visit a casino that accepts Zcash deposits and pick it as your payment method. Since crypto transactions cannot be refunded, ensure to check your casino wallet address before authorising the transaction.
- Visit the casino cashier section and select Zcash. Fill out the form and enter the ZEC deposit amount.
- A wallet address will be generated for you, which you copy and paste into the “Send To” field in your wallet application, along with some additional information.
- Authorise the transaction
- The funds will arrive after the transaction has been verified by the network
Funds can easily be withdrawn to your Zcash wallet by using your wallet address. The funds will arrive as soon as the transaction has been verified on the network.
The ZEC cryptocurrency is built on a solid secured system that prevents any unscrupulous third-party from accessing your data, unless you want certain data to be open. The network that carries out transactions is highly decentralised and maintained by numerous independent individual miners. As such, there is no single centralised database which hackers can attack to steal your assets.
A word of warning – if you do use an online wallet powered by an exchange like Coinbase or Kraken, those services can be attacked and your wallet hacked if their security is lacking. The safest option is likely to have your own locally installed wallet, but many users might not be comfortable with this more advanced setup.
Zcash is available globally and can be converted to/from other cryptos and many regular currencies like USD and EUR. If there is any limit to its availability it’s rather in the lack of adoption – not many online casinos or stores accept ZEC coins at this point.