What Awaits Privacy-Protecting Digital Currencies and Zcash Price Prediction

Some cryptocurrencies have consolidated themselves as effective and convenient forms of payment. The underlying technology of these cryptocurrencies is a public ledger where data of all transactions occurring on the network are recorded. Hence, contrary to the common claim that crypto transactions are inherently anonymous, cryptocurrencies like Bitcoin and Ethereum are pseudonymous. It means these systems offer a certain level of privacy, but with some effort, it is possible to track a crypto wallet’s owner and know the details of their crypto transactions.

In a modern world where practically everything is interconnected via electronic communication systems, people are more concerned about privacy than ever before. When it comes to sensitive information like financial activity, these concerns multiply. Luckily, users can opt for cryptocurrencies with features that protect their privacy and provide anonymity. Coins like Monero, Dash, and Zcash utilize different technologies to guarantee transaction obscurity, ensuring confidentiality for the parties involved.

Advantages and Disadvantages of Privacy-Protecting Cryptocurrencies

Privacy-protecting coins offer several advantages, making them particularly attractive to individuals and businesses that seek security and discretion. In some parts of the world, keeping personal details concealed is critical for the safety of people transacting with large sums of money. In some cases, these individuals or members of their families are kidnapped by criminal gangs for ransom. A privacy-protecting coin adds one more layer of security, ensuring nobody can learn the identity of the people involved in a crypto transaction.

Likewise, businesses often prefer to keep their financial records confidential for several users. For example, a business owner buying merchandise from different suppliers may not want them to know the price he pays other suppliers for the same products. In countries with strict capital control, privacy-protecting cryptocurrencies provide some degree of financial freedom. This way, businesses can continue operating normally without repercussions.

However, despite the benefits, some people have expressed criticism of privacy-protecting cryptocurrencies for their potential misuse. The anonymity these coins provide makes them attractive for illicit activities. Money laundering, financing terrorism, tax evasion, and many other crimes can be carried out with impunity through this type of digital asset. The association with illegal activity might deter most people from using privacy-protecting coins. So, how could these cryptocurrencies achieve mass adoption?

What Awaits Privacy-Protecting Cryptocurrencies

The only possible way forward for privacy-protecting cryptocurrencies is to balance the benefits of anonymity and the potential for misuse. Regulatory compliance will undoubtedly contribute to finding the needed equilibrium and gaining legitimacy.

Developing responsible privacy solutions is another way to advance the adoption of privacy-protecting coins while complying with regulations. For instance, Zcash has implemented two types of transactions: transparent and shielded. This way, users can select their privacy level, allowing for regulatory oversight.

Zcash Price Prediction

Zcash (ZEC) is a decentralized privacy-protecting cryptocurrency launched in 2016. It leverages the zk-SNARK zero-knowledge proof technology to allow nodes on the network to verify transactions without revealing sensitive information like the sending and receiving addresses or the amount being sent in each transaction. Zcash implements an option to disclose these data for regulatory compliance or auditing.

As of May 30, 2023, ZEC was the 74th most valuable cryptocurrency by market capitalization, according to CoinMarketCap. The table below summarizes other relevant data for this date.

Zcash Price History

Zcash hit the trading market on October 28, 2016, at $2,014.4. One day later, ZEC hit its all-time high at $5,941.8.  The price dropped soon after this event and has never reached the initial Zcash valuation again. The ZEC price was slightly over $50 by the end of 2016.

In 2017, this cryptocurrency showed an uptrend, reaching $394.2 on June 23. The good performance continued, and ZEC traded at around $703.8 on January 12, 2018. However, the price dropped throughout 2018, ending that year at approximately $56.

In 2019 and 2020, the ZEC price did not show significant moves. This digital asset fell to its all-time low on March 13, 2020, at $18.9. However, things improved for Zcash in 2021. The ZEC price increased from the first day of January that year, reaching $283.3 on April 17 and $301.9 on May 11. Despite some price falls in the following months, the ZEC price climbed to $246.5 on November 26. It ultimately closed 2021 at approximately $146.6.

In 2022, the ZEC price fell to $82.3 on January 24. However, following the announcement by GrapheneOS that this mobile OS would begin to accept Zcash, the price climbed to $212.3 on March 26.  However, the ZEC price entered a downtrend after this event due to the crypto winter of 2022. This cryptocurrency traded at around $38.

During the first two months of 2023, the ZEC price climbed, reaching $50.4 on February 20. However, the price fell in the next month; since then, it has fluctuated around $35. As of May 30, 2023, ZEC traded at approximately $33.6.

ZCash (ZEC) Price Prediction for 2023

Will Zcash increase its value in the second half of this year? Most price predictions indicate the ZEC price will increase, although they differ in the percentage by which this coin’s price will grow. PricePrediction expects ZEC to trade at $42.1 on average throughout 2023, possibly climbing to a maximum of $48.3. DigitalCoinPrice is much more optimistic, indicating an average price of $71.7 and a maximum of $73.9. For its part, CryptoNewsZ predicts an average ZEC price of $82 in 2023, with a maximum of $86. We might see a tremendous surge in the ZEC price in this year’s second half. So, if you invested in ZCash at the current $33.6, your investment could grow by +156% this year.

ZCash (ZEC) Price Prediction for 2025

In 2025, Zcash will be back on track. With higher adoption, the price of this privacy-protecting coin will significantly increase. PricePrediction indicates ZEC will trade at $88 on average in 2025, possibly reaching a maximum of $100.9. For its part, DigitalCoinPrice predicts an average price of $112.8 and a maximum of $117.9. CryptoNewsZ is more optimistic, forecasting an average ZEC price of $115 in 2025, with a potential maximum of $130. Your ZEC investment at the current trading price of $33.6 could grow by +287% in 2025.

ZCash (ZEC) Price Prediction for 2030

The ZEC price will skyrocket in 2030, yielding significant returns to long-term investors. According to CryptoNewsZ, ZEC will trade at $210 on average in 2030, reaching a potential maximum of $215. For its part, DigitalCoinPrice predicts an average ZEC price of $342.5 and a maximum of $352.7. PricePrediction is significantly more optimistic, indicating an average price of $610.1 and a maximum of $669.5. So, your ZEC investment at the current $33.6 could grow by +1,892% in 2030.

Conclusion

Privacy-protecting coins offer several advantages to people who, for a legit reason, need to conceal their identity while transacting cryptocurrencies. However, malicious actors and criminals could also exploit these advantages to operate with impunity. As a result, some countries have already banned the use of privacy-protecting cryptocurrencies, which is detrimental to their mass adoption.

Hence, these cryptocurrencies must balance the benefits of anonymity and the potential for misuse. Complying with regulations can be the key to broader acceptance. Zcash has solved this problem by implementing two types of transactions: transparent and shielded. This way, ZEC users can benefit from privacy and anonymity while complying with regulations. This solution could lead to mass adoption, making the ZEC price skyrocket in the coming years.

If you want to invest in ZEC, your best option to buy this digital asset is LetsExchange.io. It is easy and hassle-free.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.