The Best Bitcoin & Cryptocurrency Wallet in Nigeria
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Men and women today enjoy the different shapes, sizes and brands of wallets as part of fashion. However, it is not just a fashion item, as it is used to store valuables like money, credit cards and complimentary cards, among others. That is exactly the purpose of a Bitcoin wallet, which is also known as a digital wallet or digital bank account.
Before delving into this further, let’s take a quick look at what a Bitcoin is. Largely described as a cryptocurrency, or a virtual currency or a digital currency, Bitcoin is a virtual type of money. That means it exists as an online version of cash.
Although completely digital, cryptocurrencies can be used in buying products and services in many countries.
Because this cryptocurrency (like others) does not exist in any physical shape or form, they cannot be technically stored anywhere. So how do you store them? This brings us back to Bitcoin wallet.
What is a Bitcoin wallet?
It is a programme, service or physical device which stores Bitcoins and facilitates the sending and receipt of such cryptocurrency. These wallets contain private and public keys for security and have corresponding addresses of the wallet. It is a combination of the recipient’s public key and your private key that makes a Bitcoin transaction possible, as they are used to sign transactions.
Since its creation in 2009, the value of Bitcoin has gone up and down. As of September 27, 2020, one Bitcoin was valued at 4,090,222.80.
Each Bitcoin is stored in a digital wallet application on a smartphone or computer, with every transaction recorded in a public list called the ‘blockchain’ to allow for history tracing.
Just like how the bank account works and even banking wallets, you can send, receive, and manage your bitcoin making use of the wallet. This means it is impossible to get or buy a Bitcoin or trade in the cryptocurrency without first creating a wallet.
You must be thinking ‘how do I create a Bitcoin wallet?’ now you know what they are. I’ll help with that, so chill.
Interested in creating a Bitcoin wallet?
The process is simple and there are different types to choose from depending on if you just started trading in cryptocurrencies, or have more experience in this. You may also want to ask yourself if you are interested in buying small or large amounts of Bitcoins and what type of security and convenience you need.
If you have answered those basic questions, then it’s time to know that there are different types of wallets which include: cold, hot, mobile, software, hardware and paper wallet.
The striking difference between cold and hot wallets is the connection to the internet. While cold wallets are offline, hot wallets are online.
Because cold wallets are not consistently connected to the internet, they are safer than hot wallets. To achieve the highest level of security for a cold wallet is, its best it is created offline. It is not easy to transfer between wallets; making it the best option to store Bitcoin for a long period of time. If you want to have more control over your cryptocurrency, this is a preferred choice, as they also offer a higher level of security from digital threats.
A hot wallet is one which is stored online through platforms, connected to the internet and usually offered by crypto exchanges. Heavily encrypted, it provides an easy setup process. However, its ease of use and connection to the Internet makes it vulnerable to cyber-attacks. Hot wallets come in form of mobile apps, and computer software
Mobile wallet apps and software wallets have one thing in common; they are both often free. However, each has multiple providers, and varies with regards to things like ease of use and security.
While mobile wallet gives ease of operation (since you can carry it with you anywhere in your mobile device) and facilitates payment in physical stores, it is also less safe than a hardware wallet because it is malware prone. Software wallets share in same cons, although it facilitates management of bitcoins using computers.
A hardware wallet stores the user’s private keys in a secure hardware device and aims to provide full isolation between the private keys and your ‘easy-to-hack’ computer or smartphone. They cannot be transferred out of the device in plaintext, are immune to computer viruses that steal from software wallets and can be used securely and interactively.
Fundamentally, a paper wallet is a document that contains a public address for receiving Bitcoin and a private key. It allows you to print, spend or transfer Bitcoin stored in that address and is often printed in the form of QR-codes to aid quick scan. This type of wallet helps the holder to generate, own addresses and minimize exposure to hacking attacks as well as unscrupulous people.
One major concern of Bitcoin owners is security, because Bitcoin wallets are high-value targets for hackers. Good news is you do not have to worry your pretty head over that with Easy Crypto Nigeria.
How to use a Bitcoin wallet?
Well, using a Bitcoin wallet can vary between different wallets. If you seek to use an online wallet, you only need to register an account.
However, you will need a hardware wallet to safely store your Bitcoin and cryptocurrency. To do this, you need to first install the hardware wallet.
It depends on the exchange platform you seek to utilize.
Why buy through us?
Prioritizing your money safety is our watchword; therefore we do not store any of your funds or your private keys. Everything remains in your full control at every point in the transaction process.
Second guessing? You don’t need to because:
- We can deliver to your existing wallet, your exchange account, or to a hardware device like a Nano Ledger.
- We create your own customized Portfolio Tracker so you can watch your profits grow.
- You can buy 24/7, and our support personnel are ever ready just in case you need it.
- There are no hidden fees. What you see is what you get.
- Deliver to any wallet address or withdraw to your bank account in as little as 2 minutes.
With all these features, you are right to say Easy Crypto Nigeria has the best Bitcoin wallet in Nigeria.
Last updated March 5th, 2021.
Disclaimer: This article is not investment advice. However, at Easy Crypto Nigeria we are open to giving further information, clarification and counsel on the subject matter. Please contact our team for more information or discussion.