If you are ever going to venture into the business of cryptocurrencies, one thing that you must be able to
do is to know how to fund your crypto wallet. Just like you fund your local bank account with fiat currency,
the same also applies to your Crypto Wallet. Just before we delve into the main focus of this write-up,
here is a little introduction of what Bitcoin and a Crypto Wallet is?
What is Bitcoin?
Bitcoin was created in 2009 by Satoshi Nakamoto. It is a decentralized (not controlled by any government or third party or agency) currency that can be sent from one person to another through the help of a block chain network
What are the benefits of Bitcoin?
When I invest in Bitcoin, what do I stand to gain?
- Privacy: no one has access to your crypto wallet, you have full control of your funds.
- It is easily accessible to you.
- Very low transaction cost even when making payments internationally.
- No bank charges, as it is not managed by any bank.
However, bitcoin usually is stored in a Crypto Wallets, just like your fiat currency is stored in a bank account.
What is a Crypto Wallet?
A Crypto Wallet is a software program where Bitcoin is saved. The process of sending and receiving Bitcoin is made possible by a Crypto Wallet.
Types of Crypto Wallets
They are four types of crypto wallets:
- Desktop Wallets
- Mobile Wallets
- Web Wallets
- Hardware Wallets
How to create a Crypto Wallet
For the sake of this write-up, we will be picking block chain wallets as a case study. Simply visit https://www.blockchain.com/wallet
- Click create wallet. It will take you to a page where you can enter email and password
- Input your email address and your preferred password
- Agree to the terms and conditions
- Click Create wallet
And there you have it, your wallet has been created! Block chain wallets come in the form of a Desktop Wallet as well as a Mobile Wallet. You can download the mobile app on Google play store or iOS App store.
How to Fund Your Crypto Wallet
What does it mean to fund your Crypto Wallet? It’s simply using fiat currency to buy Bitcoins.
- Visit https://www.nairadirect.com/ or www.exchangeindeed.com
- Sign up for an account by filling in your Email address and a password of your choice, then create an account. After you have successfully signed up for an account, proceed to click on the Buy e-currency button.
- Fill in the necessary information such as the type of e-currency you want to buy and how much worth of Bitcoin in Naira you want to buy. Then click the continue button which takes you to another page where you will put your phone number, Bitcoin address and other necessary details, then click the complete transaction button.
Note: Your Bitcoin address can be found in the crypto wallet you want your Bitcoin to be sent to, just like you have a bank account number where your money is sent into, you must take note of your Bitcoin address.
Finally, once the transaction is complete and your payment has been confirmed, Naira Direct or Exchange Indeed will fund your crypto wallets instantly without delay. Therefore, it is the trusted place to go for all your Bitcoin transactions.