Zcash is a new privacy-focused cryptocurrency that is getting a lot of positive feedback and coverage recently despite just being launched. We asked Dash advocate, cryptocurrency educator and video blogger Amanda B. Johnson for her take on the matter.
“If Bitcoin were Zcash’s only competition, there’d be no question that it should be considered — at least in theory — superior. It has more processing capacity. It has the ability to encrypt transaction details for privacy. It pays for its own development for the first four years.
However, there are several cryptocurrencies which have these same advantages over Bitcoin, so those basic improvements can’t be the reason for the hype. The buzz is more likely due to the type of people who are currently willing to purchase cryptocurrency.
The first type is very keen to be considered an “early adopter”, so he tends to think that newer is automatically better. It’s a status thing, to be seen as cutting-edge.
Second is the person who doesn’t care to look into cryptocurrency fundamentals — he just wants to make a profit trading. Because he doesn’t study fundamentals, he looks to authority figures to tell him what to buy. Many big names within the cryptosphere — business leaders, thought leaders — have publicly put their name on Zcash, which achieves this end.
With these two investor types already willing to buy, that only leaves the public awareness hurdle to jump. Zcash investor Barry Silbert’s ‘Digital Currency Group’ conveniently owns cryptocurrency’s most-read news source, CoinDesk, which began writing favorably about Zcash before the network even launched. So, these factors seem to be the primary contributors to the hype.”
Watch Amanda’s video for more Dash vs Zcash comparison from her perspective.