If you want to invest in bitcoin in Nigeria, then you should understand the importance of a bitcoin wallet. Basically, a bitcoin wallet acts as a safe place to store your Bitcoin and protect it from hackers. Hence, you need to search thoroughly for the best bitcoin wallet in Nigeria to use. If you need a legit bitcoin wallet, here is what you should know.
What is a Bitcoin Wallet?
A bitcoin wallet is similar to the normal physical wallet you can use to hold your money and cards. Basically, it acts as a cryptocurrency wallet you can use to store digital money (cryptocurrencies).
A Bitcoin or cryptocurrency wallet is an app or a device used to manage and store cryptocurrencies. Usually, this wallet possesses a private and public key, which acts as a tool that you use to operate your crypto transactions.
There are primarily two types of Bitcoin wallets available. They include hot wallets (online) and cold wallets (offline).
1. Hot Wallets
Hot wallets are wallets you use only on the web and mobile apps. Hence, they are the less secure types of wallets since you can only use them online. However, they are more flexible and less expensive than cold wallets.
2. Cold wallets
Cold wallets, also known as hardware wallets can be operated offline. Hence, they are more secure than hot wallets as they are offline and hackers can not attack them remotely. However, they’re prone to physical attacks.
Basically, to invest in bitcoin, you need a bitcoin wallet to store your bitcoin because it is more secure compared to storing your bitcoin on a crypto exchange platform.
Top 5 Best Bitcoin Wallets in Nigeria
There is no particular best bitcoin wallet in Nigeria as there are a handful you can trust. Here is a list of the top 5 wallets that can you can trust:
1. Coinbase Bitcoin Wallet
Coinbase was established in 2012 and has grown to become one of the most popular crypto platforms worldwide. This platform boasts of having over 43 million customers around the world.
Coinbase wallet is one of Nigeria’s leading bitcoin wallets in Nigeria that supports numerous crypto assets. However, you must not that Nigerians can only use this wallet to transfer coins between Coinbase wallet and other wallets. The platform is yet to make trading services available to Nigerians.
2. Luno Bitcoin Wallet
Luno was first launched in 2013 as BitX and acts as a cryptocurrency exchange platform and a bitcoin wallet provider. Basically, this platform is one of the best bitcoin wallets in Nigeria as it allows you to store and trade cryptocurrency. Luno supports only 5 cryptocurrencies that are available for you to trade. They include:
a. Bitcoin – BTC
b. Ethereum – ETH
c. Litecoin – LTC
d. Bitcoin Cash – BCH
e. Ripple XRP
3. Quidax Wallet
Quidax is another best bitcoin wallet in Nigeria. It is a trusted wallet provider that has customers from over 70 countries. Basically, the Quidax Wallet enables you to trade and exchange your cryptocurrencies on the platform.
4. Coinomi Wallet
Coinomi was launched in 2014 and is said to be one of the most reputable wallets worldwide with more than a hundred thousand users. Basically, this platform provides users with a reliable web and mobile wallet. If you need an efficient wallet, you should consider this platform as it is very efficient for Nigerians to use.
5. Bitpay Bitcoin Wallet
Bitpay online cryptocurrency wallet provides owners access to store and trade Bitcoin (BTC) as well as Bitcoin Cash (BCH). Also, this platform allows you to convert bitcoins to fiat and purchase items with bitcoin. Additionally, it provides visa cards that users can use to withdraw cash from ATMs that accept cryptocurrencies.
Searching for the best bitcoin wallet in Nigeria is an important step to take before buying bitcoin. Basically, a bitcoin wallet provides you with better security than using an exchange platform. Just go through the list of the crypto wallets available in Nigeria provided above and choose the best for you.
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