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The CEO of JAN3, Samson Mow, has pushed back on the narrative that retail traders need to buy Zcash (ZEC) as a way to invest in encrypted Bitcoin. In a post on X, Mow noted that there is a better alternative to the current push to have retail traders jump on Zcash.
Lightning Network as Bitcoin's built-in privacy solution
According to Mow, retail traders who desire a fast, cheap and private version of Bitcoin do not need to switch to other crypto assets. He maintains that Zcash, a privacy coin, is not an alternative, as there are more practical ways to proceed.
He suggests that traders should buy normal Bitcoin on any exchange of their choice. Next, the trader can proceed to withdraw it using the Lightning Network option. Notably, this is a Bitcoin Layer-2 network designed to support fast transactions at lower fees.
The BTC can then be received in a Lightning-compatible wallet such as Aqua, Bull Bitcoin or Wallet of Satoshi.
Mow clarified to retail users seeking privacy that Bitcoin Lightning is private enough to meet the demands of users. He is suggesting that the same privacy they seek with Zcash is available with Bitcoin Lightning.
In essence, retail users do not need to pivot toward Zcash as Bitcoin is already considered an encrypted or privacy-enhancing solution via Lightning transactions. Mow considers the switch to Zcash unnecessary as the Bitcoin ecosystem has tools that fill the same functionality without needing to switch between blockchains.
"There’s no need for Zcash," he wrote.
In an earlier U.Today report, Mow had even urged Zcash holders to buy Bitcoin and not get caught up in the hype of ZEC. According to him, Bitcoin remains a safer coin in the crypto space despite the massive rally ZEC is enjoying in the market.
Zcash rally continues amid strategic accumulation
Zcash has continued to witness impressive growth despite the broader crypto market volatility. It surged by over 21.70% to $643. As of this writing, Zcash was changing hands at $641.58, which reflects a 15.97% increase in the last 24 hours.
The asset’s trading volume has also spiked by 87.18% to $3.21 billion within the same time frame. Some analysts have attributed the impressive figures to large-scale accumulation by Cypherpunk Technologies, a new firm backed by the Winklevoss twins.
Meanwhile, Bitcoin is struggling to stay green, up by 0.28% as it exchanges for $95,703.28 in the last 24 hours. However, its volume remains in the red zone by 31.56% at $84.6 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team