Nigeria has one of the largest cryptocurrency markets in Africa, and it keeps growing as more people become interested in cryptocurrency and invest in them. For the new or soon-to-be Bitcoin traders or investors, you will be wondering how to store and keep your Bitcoin safe and secured until you are willing to sell.
This brings us to talk about the best Bitcoin wallets that are available in Nigeria. Before that, we will like to summarize the meaning of a cryptocurrency wallet and the types available.
Brief Summary On The Meaning Of Cryptocurrency Wallet
A cryptocurrency wallet is a device either a physical object, program, or service which stores the keys/password for cryptocurrency transactions. It also offers the function of encrypting and signing of transactions and contracts.
A bitcoin wallet is a software where Bitcoins are stored. It is also called a digital wallet. All the different types of wallets are grouped into hot and cold wallets. The hot wallet refers to a wallet that stores private keys online or on devices connected to the internet, for example, on computers, cryptocurrency exchanges, tablets, etc.
Cold wallets are offline wallets where the private keys or Bitcoins are stored on hardware or paper that does not need to be connected to the internet. Both the hot and cold wallets can be grouped into desktop, mobile, web, hardware, and paper wallets.
Now that you have gotten an idea of the meaning and types of cryptocurrency wallets let’s look at the most reliable wallet available in Nigeria.
Top Bitcoin Wallets In Nigeria
While there are numerous and different cryptocurrency wallets, some provide a better level of security than others. The wallets are listed below in no particular order.
QUIDAX: Quidax serves as both a cryptocurrency exchange and a wallet. It is a hot wallet based on the classification listed above. It was launched in August 2018. Quidax runs most of its operations in Nigeria even though its head office is located in Malta.
The platform serves as a wallet, an exchange and helps in buying and selling cryptocurrencies. It also has users from over 70 countries worldwide, and it also has a mobile app.
The platform trades the following cryptocurrencies Bitcoin, Ripple, Ethereum, Litecoin, Dash, and Tether, etc., but the only fiat currency it supports, for now, is the Nigerian Naira.
BITPAY: Bitpay is a cryptocurrency payment platform that was established in 2011 and headquartered in Atlanta. It only served as a payment platform but started serving as a wallet in 2016.
Bitpay provides numerous services to its users, such as providing visa cards to its users, allowing them to withdraw cash from any ATM that allows cryptocurrency transactions.It also enables users to use their bitcoin to buy goods and to convert to fiat currency.
Bitpay has users in over 200 countries and trades with cryptocurrencies and fiat (traditional) currencies such as Bitcoin, Bitcoin Cash, Gemini Dollars, Paxos, Circle USD coin, Australian Dollars, Euros, Pounds sterling, US dollars, among others.
LUNO: Luno was first launched as BitX in 2013 and it serves as a cryptocurrency exchange and wallet. The company has its headquarters in Singapore and branches all over the world. Luno has a large market in South Africa and Nigeria with the following services: Luno business, wallet, exchange, buy and sell, and Luno API.
The platform also supports Bitcoin, Bitcoin Cash, Etherum, Ripple, Litecoin cryptocurrencies, and fiat currencies such as the Nigerian Naira, Euros, South African Rand, Zimbabwe Kwacha, Indonesian Rupees, and the Malaysian Ringgit. However, you can only have access to the fiat currency of your country when using Luno.
COINOMI: Coinomi was launched in 2014 and was initially a mobile wallet meant for only androids but can now be used and accessed on desktops. This wallet is one of the oldest and most reliable wallets and has hundreds of thousands of users worldwide. This wallet also trades with over 100 cryptocurrencies, and it is multilingual.
Some other hot wallets that provide good services and security include Coinbase, Blockchain wallet, Trust wallet and Exodus.
Some hardware wallets (cold wallets) also serve as the best alternative to hot wallets since they are not prone to hacking. These wallets include the Trezor wallets (Trezor One, Trezor T), Bitfi Knox, Ledger Nano wallets.
Now that we have listed the best wallets available in Nigeria, it is left to you to choose what is suitable to your needs as a cryptocurrency investor or trader.
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