The crypto community has gained massive recognition over the last few years, and Bitcoin, the crypto whale, has enjoyed a relatively larger acceptance. Nigerians are equally matching this energy to have been in third place on its trade. This calls for the need to know what wallet type would better suffice for its storage and trade.
One of the most essential requirements for anyone looking at getting into Bitcoin trading is having a rich dose of awareness on the essential features of crypto wallets that syncs with Bitcoin; this would serve as an inroad for a beginner to thrive.
For people planning to make their first moves on the crypto landscape, the questions are almost always; “What Bitcoin wallet do I choose?”, “How do I trust my Bitcoin wallet?”, “What is a safe Bitcoin wallet?” These and other questions are what this article has been structured to give insight into.
How Does A Crypto Wallet Function?
Technically, crypto wallets do not store Bitcoins or any other crypto. And why’s this? Cryptos are data bits existing on a database and scattered around therein. So what the wallet does is locate all the data bits that are related to your public address. This way, they become visible on the interface of the application and come off as though it’s exactly “stored”.
It is because the data bits are associated with your public address that you could send and receive Bitcoin or any crypto, of course, upon proving to the system, by satisfying the security structure therein, that you’re an authorized user. This means that your Bitcoin can be accessed via the app that makes these data bits visible if not well protected or if another person gets hold of the important details that allows accessibility.
Narrowing it down to Bitcoin, the important features to look out for in a Bitcoin wallet include security, user-friendliness, portability, multi-currency support, interface, and reputation of the wallet provider.
Choosing Bitcoin Wallets In Nigeria; Factors To Consider
1. Wallet Reputation
The first thing you want to know before adopting any wallet for Bitcoin is to have a look into its effectiveness level as has been made known by actual users of the said wallet. What are people saying about it? Using yourself as the litmus test can be costly, hence the importance of due diligence.
Credible pointers to good wallets include; testimonials, accolades, accreditation, and recognition. Bitcoin is too valuable an asset to want to put in wallets that could have been possibly created to rip users off their digital valuables. Even if it’s a genuine wallet, why must you be the first to try it out to find out?
2. Wallet Security
Before you consider a wallet’s functionality, the next thing you want to look at when choosing a Bitcoin wallet in Nigeria is the security level of the said wallet. What safety measures and security firewalls are in place to ensure that your digital assets are not highly susceptible to being lost to hackers?
A Bitcoin wallet must have two-factor authentication and must have a feature that allows for encrypting it with a strong password, firewall, and other protective measures. Also, look out for wallets that use spyware to steal important credentials to access your assets.
3. Multi-currency support
As a Nigerian looking at signing up for a Bitcoin wallet, you want to have the luxury of using a wallet that affords you the luxury of making payments in as many currencies as possible. While this might seem like an unneeded feature, there are tendencies of eventualities that might awaken the need for a wallet that functions in this regard.
4. User-friendly interface
No one wants to be saddled with the difficulty experienced in navigating a crypto facility as it would water down trading effectiveness. So an important thing to look out for in a Bitcoin wallet is how easy it is to carry out trading activities hassle-free.
Why Choose What Bitcoin Wallet
Until your reason for using a certain wallet aligns with the said wallet’s functionality, it is highly unlikely that you’re going to get the user satisfaction that you need. Here are three questions that must be satisfied; am I trading? Am I simply converting crypto to cash? Am I holding crypto for long?
For trading Bitcoin, the best crypto facility is Binance. This is because it features many trading features that allow for multiple investment possibilities. However, the complexity of its functionality necessitates that a newbie gets a guide.
For conversion of Bitcoin to cash, Dart Africa, a crypto facility solely developed for swift crypto-to-cash conversion, has a track record of efficiency that puts it atop the list of platforms that function in this regard. However, only Nigerians and Ghanaians can enjoy this luxury. Over the years, this facility has had amazing sign up rates traceable to great conversion rates, user-friendliness, shorter payment time, and other values as seen on many review websites.
For holding Bitcoins, especially for a longer period, cold wallets are the best as they are more secure because of their lack of internet presence which makes them impossible to hack, except if there’s direct contact with the user’s device.