Bitcoin wallets and other cryptocurrency wallets offers holders the absolute power to have
control over there assets. These wallets are programs or devices that allows crypto users to
receive, store, and trade there digital assets. Generally, these wallets allows users to manage there digital assets, hence making it a requisite to owning a digital asset as you receive, store and transact right from the wallet. However most crypto exchange platforms offer bitcoin wallet as a part of their feature making it easier manage your
digital assets all in one platform.
Types of Bitcoin wallet
There different types of wallet and some of these wallets have more features than the others,
while some of these wallets come with back-up and security features the others offers storage
of more crypto currency other than bitcoin and a less secure way to make transactions
quicker. These storage are either in hot or cold form. Hot forms of storage are online storage
and are less secure as they are exposed to remote attacks via the internet but also make
transactions faster, whereas cold forms of storage wallets are more secure only vulnerable to
This brings us to the types of wallets
Web-based wallets are wallets accessible through a web browser, they are hot forms of storage wallets, hence they are less secure and vulnerable to attacks, though these wallets are the fastest way to complete transactions, and these wallets allow users to manage a significant number of cryptocurrencies.
These wallets require users to install them on there mobile device before using them. These wallets allow users to access the cryptocurrencies through mobile devices from any location. They are also hot forms of storage wallets, hence vulnerable to attacks.
Desk top wallets are quite different from web-based wallets as the wallet is installed on users PC, giving the user complete control over the wallet. However, security can be an issue as it is left for the user to protect his digital assets.
Hardware wallets are cold form storage wallets and are indisputably the best form of storage for any crypto investor especially if you would be storing large amounts. The wallet’s offline mode makes them very secure from remote attacks.
Factors to consider when choosing a crypto wallet
- Back-up and security features
- Control of private keys
- Ease of use and Compatibility
- Developer’s Community
Best Bitcoin wallets in Nigeria
There are several wallets to store and manage bitcoin in Nigeria and other digital currencies, but would focus on these three in no particular order as they are the mostly used by cryptocurrency traders in Nigeria. You can also checkout crypto wallet for beginners
This is a web-based cryptocurrency wallet provider with a hot form of storage that offers both the wallet and cryptocurrency exchange services i.e buying and selling. Luno supports major crypto currencies including, Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Ripple XRP and Litecoin LTC
This is one the most popular exchange/wallet service provider. Binance supports the most commonly traded cryptocurrencies providing crypto wallet for it’s users, were they can store their digital assets. It supports over 45 virtual coins including Bitcoin BTC, Ethereum ETH, Litecoin LTC, Bitcoin Cash BCH, Ripple XRP, and it’s own token currency Binance Coin BNB.
Quidax is a web-based cryptocurrency exchange/wallet provider that offers the basic services needed for any crypto users to interact in the crypto market. There services include; Wallet, instantly buy and sell, and exchange. It does not give users access to their private key. However the wallet provides convenience for users who trading and exchanging crypto directly on the platform. Quidax supports major cryptocurrency such as Bitcoin BTC, Ethereum ETH, Ripple XRP, Litecoin LTC, Dash DASH, Tether USDT.
Cryptocurrency wallets allows the interaction between the user and his digital currencies, same also a bitcoin wallet. Therefore the first step to take before acquiring any digital currency is to get a secured wallet that would enable you manage your asset. But in a situation were you already have a bitcoin wallet and are looking for a reliable platform to buy bitcoin in Nigeria you should consider Nairadirect and Exchangeindeed.