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The bitcoin crypto wallet is like an online bank account where you protect all your bitcoins safely.
You can get bitcoins and other cryptocurrencies in your wallet and store them securely. The wallet makes it feasible for you to spend (send them to other people) without any problem.
Bitcoin crypto wallet comes as a gadget (equipment), an application, or a website. Firstly, let’s see the different types of bitcoin wallets before moving to the list of our best bitcoin wallets in Nigeria.
Types of Bitcoin Wallet in Nigeria
1. Web Bitcoin Wallets
Web bitcoin crypto wallets save your private keys on their servers. Cryptocurrency exchanges offering records or wallets are a kind of web wallets where you store your bitcoins on their servers.
The web wallets are on the web and are with outsider servers.
The danger you have is that – the association running the servers and exchanges may shut down or they could get access to your private keys.
2. Bitcoin Mobile Wallet
Mobile bitcoin wallets are applications that can be downloaded from the Google Play Store (APK) or the Apple Store (iOS). Application wallets are helpful for making little installments or utilizing bitcoins to pay for purchases made consistently.
Mobile wallets are pretty much as secure as your cell phone security. On the off chance that somebody accesses your Mobile by hacking then you might fail to keep a grip on your wallet.
3. Desktop Bitcoin Wallets
Desktop wallets save your private keys in your local computer hard drive. They have more security than web wallets and mobile.
The only chance of losing them is when a hacker hacked your computer, especially when you are connected to the internet.
4. Hardware Bitcoin Wallet
Hardware wallets are the most dependable method of storing your bitcoins. The hardware wallets are external devices like USB sticks where the private keys are stored.
Hardware wallets are invulnerable to PC viruses and don’t permit fund transfer using plain text. The greater part of them needs to press buttons to affirm exchanges.
In Nigeria, the cryptocurrency exchanges also provide bitcoin wallet services. Let’s understand the difference between them both:
Difference Between Cryptocurrency Exchange & Crypto Wallet
A Cryptocurrency exchange works like a stockbroker that lets you convert real money like NGN to cryptocurrency.
For example, on Binance you deposit NGN, buy cryptocurrency converting NGN, and then sell cryptocurrency to convert into NGN. Since the central bank of Nigeria bans crypto trading with banks you can use the P2P method.
As well explained above, crypto wallets help you to store, save and retrieve your cryptocurrency safely.
5 Best Cryptocurrency Exchanges in Nigeria 2022
- Binance
- Okex
- Bundle Africa
- Hotbit
- Trust wallet
All the above cryptocurrency exchange offers wallets to store your cryptocurrency.
3 Best Bitcoin Wallet in Nigeria 2022
1. Binance
2. Coinbase
3. Trust Wallet
Final Words
Bitcoins (crypto) are not utilized for making payments in Nigeria, at present. But, crypto wallets can help you store or save your hard-earned crypto assets very securely.
The wallets provide you full command over your crypto coins by giving you private keys. It is the most secure method for keeping your crypto coins when contrasted with keeping them in your trade account.
