Steem Vs. ZCash: A Comparative Guide

ZCash (ZEC) has enjoyed a fast and well-documented rise in the digital currency world. The currency has proven popular as it offers additional layers of encryption that currencies like Ethereum and bitcoin are unable to provide.

ZCash was also created to be more fungible than its competitors. Fungible assets are attractive as they are assumed to be completely interchangeable.

Steem (STEEM) has been in operation since 2016 and has also grown to be one of the most popular digital currencies in the market. This is a result of the innovative social media platform (Steemit) it offers its users.

In this article, we look at how ZCash and Steem operate and their performances to date.

	Steem	ZCash
Utility	Reward for Contributing to Steemit Platform	Peer-to-Peer payments
Circulating Supply	Above $250 million	Over $3 million
Total Supply	$268 million	$21 million
Community	Large	Large
Market Capitalization	$700 million	Over $1 billion
Daily Trading Volume	$100 million	$68 million
Public Awareness	Low	Low

Utility

 ZCash uses peer-to-peer payments for its transactions. The idea behind ZCash is to focus on anonymous, fungible, and private transactions that bitcoin and other currencies are unable to provide.

Steem also provides its users with a peer-to-peer payment option. Steem is unique as it operates as a digital spending currency and uses Steemit to reward its customers with its currency after they contribute to the social media platform.

Supply

ZCash has a circulating supply of over $3 million and a total supply of $21 million, according to Coincheckup.

In comparison, Steem has a circulating supply over $250 million, and a total supply of just over $268 million.

Community

As mentioned, ZCash has seen its stock rise quickly in the digital currency world. Its privacy settings have given it a high value and it continues to grow daily.

Similarly, Steem continues to grow globally, due to the popularity of its social media network Steemit.

Market Capitalization

CoinMarketCap shows ZCash with a market capitalization of over  $1 billion. In comparison,  the site shows Steem with a market capitalization of just over $700 million.

Daily Trading Volume

At the time of writing, ZCash has a daily trading volume slightly above $65 million. In contrast to this, Steem has a daily trading volume of just over $6.5 million.

Public Awareness

While ZCash has enjoyed steady growth in the digital currency market, the public awareness around the currency is low.

Like ZCash, Steem has grown to be a fan favorite in the digital currency world. However, its public awareness also remains quite low.

What To Take Away

ZCash continues to grow and perform well. It currently boasts an impressive trading volume and market capitalization. These, combined with its extra layers of encryption and fungible assets, make it an attractive option to investors.

Steem's global growth shows no signs of stopping anytime soon, and it is an option that is tough for investors to ignore. The ability to earn Steem by contributing to Steemit is a very clever way to attract users.

It might be a smart move to keep an eye on both of these currencies. To stay on point with these and other digital currencies, sign up for the Bitcoin Market Journal investor newsletter today!