So, you think it is time to start collecting Bitcoins. Whether as a mode of payment, store of value, or trading for daily gains -whatever your reason is, collecting bitcoin and other cryptocurrencies or altcoins into a safe bitcoin wallet app is the way to go today.
Collecting and storing bitcoin is not difficult, so, if you want to know how to start storing your digital asset, read on to know how to get started. This article includes the top bitcoin wallets, types of wallets, how secure they are, and of course, the best bitcoin wallet in Nigeria.
So, first, if you are buying bitcoin for the first time, or if you need this wallet to securely store the bitcoin you’re going to buy, you need to first create a bitcoin wallet. But then, do you know what a wallet is?
What is a Bitcoin Wallet?
To start collecting bitcoins, you first need a crypto or bitcoin wallet. But first, let’s be clear on what a bitcoin wallet is. If you don’t know before now, no issues -read on.
To be clear about what a wallet is (and the types), think of your wallet (for the guys) or a handbag (for ladies). What do you do with those? Good. You store your small personal information -but most of all, you keep your money in it. For guys, it’s mostly money, ID, or debit cards. But for Ladies, their purses could take more than just IDs’ or Debit cards and money. They also put in them the small things they need for their day-to-day lives -life face wipes, small make-up kits, tissue, etc. That is exactly what a bitcoin wallet is.
It could act like the male’s wallet by collecting just Bitcoin -especially when it’s on an exchange – in terms of a custodial/hot wallet. You know how your wallet can easily be misplaced? That’s just a perfect example of it.
However, it could also be like a heavy hard to move around purse when it is a standalone wallet, which takes many different types of cryptos. It is mostly a non-custodial or a cold wallet. This, like a woman’s handbag, is not too easy to steal, nor misplace or hack.
So, what is a bitcoin wallet? in essence, it is simply digital storage where you collect and keep your bitcoin and other cryptocurrencies that are supported by the wallet. It allows sending and receiving bitcoins, altcoins, and tokens. These coins are sent into the wallet through a bitcoin wallet address.
What is a Wallet Address
A bitcoin wallet address is a unique ID through which you can receive your bitcoins and other cryptos. It can be generated as many times as you choose, right inside your Crypto wallet.
A crypto address is a string of alphanumeric keys, through which the bitcoin reaches your wallet. Simply copy the address, and paste where necessary, and you’re good to go.
It is pertinent to note that if any alteration is made in the Crypto wallet address, and the alteration leads to a mistake, then your crypto is gone -and gone forever. It doesn’t matter if you only changed a lower-case letter to upper case.
Now, we’re done with knowing these, you’re ready to buy or start collecting bitcoin.
To buy your first bitcoin, you first need to create an account with an exchange from where you’d buy your bitcoin, buy your crypto, and then decide to move it to your crypto wallet app or to leave it on the desktop wallet.
How To Create Bitcoin Wallet Account in Nigeria
To start storing or buy your coins, you first need a wallet account with an exchange, so you should create a bitcoin wallet to get started. For this post, let’s use Binance.
(By the way, I prefer Binance, since it contains lots of options and is continually expanding. Binance even has their crypto network, BEP2-which is very cheap, and their Crypto too -the BNB). So, Binance is my favorite of the best crypto wallets in Nigeria -because I can trade lots of other cryptos listed on the site.
Binance is a custodial wallet (more on this later), in which your bitcoin is kept and secured by Binance (the website or exchange). Is this safe? Erm, maybe not as safe as the other forms of crypto strorage for long-term crypto holders, but it’s a good place to start -especially if you intend to buy your bitcoin, and also spend it regularly.
So, to get started, you need to create a bitcoin account on Binance, buy and then transfer your coin to your Bitcoin wallet for Android or iOS. There, it is as safe as it should be.
To create a crypto wallet (to buy your first bitcoin) head over to Binance and follow the steps below:
- Open Binance
- Click on Register
- Complete the sign-up form
- Complete the KYC on Binance by submitting the required data.
- Done(?).
You now have a Binance account, and you can send or receive any of the cryptos supported by Binance.
You can also create a bitcoin account on other exchange like Remitano Paxful, and Roqqu.
For the long-term storage of your Bitcoin or altcoins, you should consider other types of crypto wallets -especially the non-custodial wallets. They allow near 100% safety of your bitcoins.
Forms Of Bitcoin Wallets
There are quite different forms of bitcoin wallets. Although, they all have a similar-looking address strings, and they receive or send bitcoins pretty much the same way.
I want to keep this post short, and would not go deeply into crypto wallet types, safety measures, and stuff like that (I will do so in subsequent dedicated posts). So, for the sake of this post, I would share a very brief explanation of the types of bitcoin wallets.
Crypto wallets are classified into two major forms. These are
- Connectivity.
• Possession.
In terms of connectivity, there are two types of wallets. Is your wallet connected to the internet or not? These two types of wallets are:
Bitcoin Wallet by Connectivity
- Hot storage
- Cold storage.
If your wallet is connected to the internet, like a desktop wallet, then it is hot storage. But if it is detached from the internet, then it is cold storage.
On the other hand, in terms of possession, who has your coin? Is it you or an exchange (or any third-party)? In this case, there are two major types of crypto wallets in terms of possession. They are the;
Bitcoin Wallet by Possession
- Custodial wallet
- Non-custodial wallet.
Custodial Wallets
For instance, you go over to Binance to create an account, right? It’s like you went on a bank website to create a bitcoin account -as you do in your regular bank.
The custodial wallet involves you allowing a third party to worry about the safety of your bitcoin on your behalf. It is like in a bank; you entrust your money to the bank for safekeeping. So, when you operate a noncustodial wallet, (and we all do), it is like opening a bitcoin account -as you do as in your bank account.
As you may have thought. This is not the safest way to keep your coin -especially if you are keeping it for a long time, and if you have lots of coins to store. You should only use this for ease of access if you intend to spend Bitcoin every day. And only store a small amount of bitcoin here.
Non-custodial wallet
The Non-custodial wallet on the other hand has you in full control of your bitcoin. With this, no third party has access to your coin and it cannot be stolen. Unlike using a custodial wallet, where the site could vanish with your funds -here your funds are secured by seeds known only to you.
A non-custodial wallet could be hot or cold. It is hot if it is on the internet or can be accessed online. However, a crypto wallet is cold if it is offline -there are various forms of keeping your bitcoin offline, including the paper wallet.
Non-custodial wallets should be your go-to when you’re considering the best crypto wallet to use for the long term. It is best if it is cold and also non-custodial.
Types of bitcoin Wallets
Under the two broad forms of crypto wallets, there are various other types of bitcoin wallets. They include:
- Web wallet
- Bitcoin wallet app (Mobile wallet)
- Desktop wallet
- Hardware
- Paper wallet
- Cold wallet
Web Wallet:
The web wallet is one of the types of storage for cryptos -and they are majorly the wallets on exchanges. This is not the safest -as I have said because your crypto is literally in the hands of the exchange on which your wallet is domiciled.
However, this is one of the most used Bitcoin wallets in Nigeria and around the world.
It is quick to access, especially for people who spend their bitcoin and altcoins daily -for instance, daily Bitcoin traders.
Bitcoin wallet app (Mobile wallet):
This is the second most used form of wallet in Nigeria. To use it, you have to download a paid or free bitcoin wallet app for Android or iOS. And setting up the app and storing your 12- or 24-word seed which helps keep your crypto safe.
This is pretty much a safe way to store your bitcoin for the long term.
Don’t worry, if you lose your phone, you can restore your bitcoin by redownloading the app onto your new device, and recover your funds with the 12- or 24-word seed -so, ensure you keep them safe.
Desktop wallet:
The desktop wallet is one rare form of wallet in Nigeria. It is mostly used by techies and tech-savvy people. It involves storing your bitcoin on a desktop application. It allows ease of use on your computer.
Hardware wallet:
The hardware wallet involves the use of hardware to store your bitcoin or cryptocurrencies. They could come in the form of a flash drive, small MiFi -or whatever form. They are the safest form of crypto storage since they could be detached from the internet.
There are also many different forms of cold, hot, and paper wallets for bitcoin and other cryptos. But what are the most convenient and safe bitcoin wallets in Nigeria? It is a mobile wallet app for Android or iOS.
Bitcoin Wallet For Android
The bitcoin wallet for Android or iOS is pretty much safe. They are the most used Bitcoin storage in Nigeria. And users secure their app with passwords. This secures indiscriminate entry into the app by intruders. But the funds in the app are secured by a 12/24-word seed.
These words allow you access to your funds if you delete your app, or lose your phone. If you use a free bitcoin wallet for android, endeavor to backup your seed today. Copy and store them in a very safe place.
I have lost crypto in my early days of learning crypto because I didn’t back up the seed. I believed I couldn’t lose my phone. Unfortunately, I formatted my phone myself, and only remembered after the formatting of my phone was complete.
There are lots of free bitcoin wallet apps for android and iOS out there. While the hardware wallets cost money to get, a bitcoin wallet app allows you a free bitcoin wallet that is safe and easily accessible from your phone.
Best Bitcoin Wallet in Nigeria
So, what is the best bitcoin wallet in Nigeria? It is a tricky question since choice depends on individual opinion. But in terms of safety and useability, these are my recommended bitcoin wallets in Nigeria?
- Coinbase App
- Binance App (I use and also recommend)
- Kraken App
- CoinMarketCap App
- Mycelium (Which I use)
- Blockchain app
- TrustWallet (I use this to store tokens and new released cryptos)
Trustwallet app is an HD wallet, and also safe. It is a multi-currency wallet and currently (as of the time of writing) allows more than 13 cryptos. More crypto storage is being added by the day.
Of course, there are many other free bitcoin wallets used in Nigeria, but these are only two of the top bitcoin wallets.
Those are my recommended bitcoin wallet in Nigeria. As we have earlier stated, a crypto storage could be a:
- Web wallet (which is non-custodial -hence not 100% in your care) or,
- A bitcoin wallet app (that is custodial and 100% in your care) or,
- Hardware storage (that is completely in your care and 100% safe).
So, these recommended bitcoin wallets in Nigeria are easily accessible from the and have bitcoin wallet apps for safekeeping. Don’t lose your funds searching for Best Bitcoin wallet in Nigeria nairaland. Users on that site will show you only web storage, which as we’ve repeatedly said is not the safest -and may even be malicious. An app with secret seed words is the best free bitcoin wallet you can get.
Once you create a bitcoin wallet or app you are ready to start collecting Bitcoin in Nigeria, either as a payment method from customers or to store value.
What are the top bitcoin wallets you know and what is the best bitcoin wallet app you use in Nigeria or your country? Can you ‘create a bitcoin account’? Share with us in the comment area below.
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