HOW TO OPEN A BITCOIN WALLET IN NIGERIA
OPEN A BITCOIN WALLET IN NIGERIA: Cryptocurrency which is a digital or virtual form of currency is modifying how we view money. From governments to investors to tech experts, to big businesses, and most especially the general public from all over the world are paying attention to it since it is challenging many traditional norms in the financial services sector. The exponential rise in cryptocurrency use was driven by its explosive popularity and what it set out solve in the financial sector. Although, a lot of people are unclear about where and how cryptocurrency is kept.
OPEN A BITCOIN WALLET IN NIGERIA
Traditional banking systems have a number of issues that make transactions difficult. For starters, most transactions take a long time to start processing, another issue is that every transaction must go via a middleman, such as a bank, creating a single point of failure. Additionally, it can be difficult to keep track of all accounts and balances because data can be compromised, changed, or even damaged on several systems where the accounts and balances are kept up to date. Blockchain wallets lessen or solve these issues.
A blockchain wallet is a type of cryptocurrency wallet that lets users handle a variety of cryptocurrencies, including Bitcoin and Ethereum. A blockchain wallet makes money transfers simple because they are cryptographically signed, and transactions are safe. The wallet can be accessed from web-enabled devices, including mobile ones, and the user’s identity and privacy are upheld. Therefore, a blockchain wallet offers all the capabilities required for risk-free and secure fund transfers and swaps between various parties.
WHY SHOULD YOU USE A PARTICULAR WALLET?
The most solid reason is Security. How will you keep your cryptocurrency safe? What is the best way to use cryptocurrency to reduce loss? Could you benefit from security when storing your cryptocurrency assets? All of these questions’ responses give a good indication of the various sorts of cryptocurrency wallets. To get the best solution among the possibilities accessible for your needs, you must properly comprehend crypto wallets.
There are typically two classes of wallets; Hot Wallets and Cold Wallets.
Hot wallets are online wallets that allow for rapid cryptocurrency transfers and they can be found online. Coinbase, Binance, TrustWallet, Guarda Wallet, Metamask, etc are examples. Digital offline wallets, known as “cold wallets” sign transactions offline before disclosing them online. To preserve strong security, they are maintained offline rather than in the cloud on the internet. Trezor and Ledger are two types of cold wallets.
For this article, we will go through how to open a Hot Wallet, and we will use TrustWallet for this example. Having an easy and reliable means to access cryptocurrencies and decentralized applications is more crucial than ever as more people utilize them. Whether you want to invest, make payments, or use DApps, having a lot of options for various tasks can quickly become very annoying. Trust Wallet and other simple, all-in-one solutions can be useful in this situation. To set up a TrustWallet on yout mobile;
- Download the TrustWallet app for your mobile device. Upon the first launch of the app, you will be presented with a screen, where you will click Create a New Wallet.
- On the next screen check the box and accept the terms of usage.
- This is the most important step. Save your Recovery Phrase. You need to take note of your recovery seed phrases. Your recovery phrases are the keys to your crypto wallet. So make sure to keep them in a safe place. Tap on Continue to proceed.
- After the step above is completed, you will need to Verify your Recovery Phrase. In the correct order, select the words in order to complete the verification process. Click Continue when you are finished.
- Your wallet is now available for use. You can set the name of your wallet so that you can easily recognize it. This change is only a local setting on the app and can be changed at any time. Go to the Settings menu, then tap on Wallets. Next, tap on the i symbol beside the wallet that you want to personalize. Save it and you are done.
For wise cryptocurrency investing, it is very important to have a basic awareness of the many types of crypto wallets. Security is also becoming increasingly important in relation to bitcoin investments at the same time.
How to convert Bitcoin to Cash
To easily convert your bitcoin for Naira or Cedis, you need to create an account on Dart Africa or Download the mobile app
- Log in to your already-created account and click on Sell Coins.
- Select the cryptocurrency you wish to sell (ETH, USDC, USDT, BUSD, BTC). Note that the minimum amount you can sell is $20. This automatically calculates the amount of coin you will need to sell and the amount you will receive in NGN.
- After you click Sell Coins Now, instantly a wallet address for the cryptocurrency you wish to sell. All you need to do is copy the wallet address or scan the barcode with your Luno wallet and transfer the required amount to DartAfrica.
- When you’re done with the step above, proceed to the DartAfrica dashboard to see your trade ongoing. After 2 block confirmations, your fiat is deposited into your DartAfrica account and you can instantly withdraw that into your bank account within minutes.