Virtual currency is not a new phenomenon anymore. First Bitcoin and now Zcah has made its mark as a digital currency. In the seven months since the launch of Zcash, it has made its position in offering privacy and limited transparency in transactions.
The question is that whether Zcash will be able to integrate in the overall financial system of the world or not? When this digital currency was released in October 2016, it hit an exchange rate of $1000 per unit which immediately created a competition with Bitcoin which is far more established.
Now Zcash has attracted attention of various countries like Russia, China and now South Africa as well, despite a fall in its value. The users of Zcash in Brazil use it for paying their electricity bill and taxes.
Zcash virtual currency system does protect privacy but it does not provide transparency that is required by officials. This becomes a loophole in Zcash transactions. As the transactions cannot be traced, even the origin of payment is concealed therefore we don’t know for sure what and how the money is used. This is contrary to Bitcoin system in which all the transactions are publicly recorded and easily traceable.
In Pakistan Urdubit was established in 2014 which is Bitcoin exchange trade operating only company. What is the future of Zcash, whether it would initiate its development in Pakistan and other Asian countries and how successful it can be, is still to be seen.
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