The financial space is an integral part of our everyday life, and the fact that the fiat monetary system is plagued with many rigors poses a threat to a smooth financial operation. A soothing relief, however, is in knowing that crypto has succeeded in patching up the many loopholes that are in the traditional financial system.
It is no news that Bitcoin, which is at the forefront of the crypto world, is the most popular. All thanks to the important role it plays in carrying out transactions; this encapsulates speed, anonymity, security, and a large pool of other advantages. It’s true to say that this financial sector is relatively novel, hence the foggy path leading to becoming a part of it. This article narrows it down to bringing clarity, specifically about the creation of a Bitcoin account in Ghana.
Creating Bitcoin Account In Ghana; What You Must Know
As opposed to Nigeria, Gabon, Libya, Namibia, Tanzania, and many other African countries where crypto is banned, some implicitly, others absolutely, Ghana is one of the African countries where crypto has had a healthy dose of reception. So creating a Bitcoin account here is pretty easy, as there are many functional wallets to sign up on.
But then, understanding the existing Bitcoin wallet types and signing up on which wallet meets your needs, after taking stock of your priorities, is paramount in creating a Bitcoin account. Firstly, there are two main wallet types:
- Hot wallet
- Cold wallet
A simple analysis would give you an insight into which to opt for under specific conditions.
1. Hot wallet
Hot wallets have a relatively lesser security level. This is because their functionality relies on an internet connection whereupon hacking into key information can be possible. Although wallets in this class are more convenient to use and require lesser technical know-how to operate them.
2. Cold wallet
A cold wallet is a wallet type that functions without the need for an internet connection. And because the blockchain on which Bitcoins and every other crypto are built requires an Internet connection for blockchain interaction, a cold wallet becomes highly insusceptible to hacking. Hence, wallets of this class are used for digital assets storage purposes, and seldom for trading
Creating A Bitcoin Account; Hot Wallet Choice
Binance is an exchange that offers Ghanaians a chance to have a Bitcoin wallet. The process is short and simple. All it takes to have a Bitcoin wallet on this platform is to sign up on the Binance official website. Thereafter, you’ll verify the account with a government-issued ID. Hot wallet creation doesn’t need as much technical know-how as creating a cold one.
Dart Africa is an exchange specifically designed for Ghanaian and Nigerian crypto traders; it is tailored to meet their conversion needs. The sign-up process is straight and simple. This platform gives users from the aforementioned countries a chance to easily convert their fiat to crypto through a hassle-free process. And so far, users’ reviews have inferred its effectiveness in a positive light. All thanks to its speedy payment time, fair conversion rate, low conversion changes, and overall user-first design.
Creating A Bitcoin Account; Cold Wallet Choice
Ledger Nano X
A good cold wallet to opt for in Ghana is the Ledger Nano X. It starts with buying the hardware device from a trusted distributor. Then proceed to set it up following the steps below.
Tap on the power button to turn on the device, and use the left and right buttons to scroll to the “set up device”, when you get there, simultaneously press on both buttons, it’d give you the option to choose a PIN.
Choose a pin. The pin runs from 4 to 8 digits, it depends on how complex you want it to be. Using the left and right buttons, you can change the numbers to your preferred one, pressing on both helps you confirm the PIN. Q
All Nano devices are accompanied by a card with which you can make jottings, and use it to take down the 24-word recovery phrase that you would take down at this stage. Enter the phrase one after the other to confirm correctness. Once this is done, head to your Ledger live and connect your hardware to your computer using a cable. Then answer some quiz security questions. Your cold wallet is set up.
There are quite a number of platforms that offer the luxury of creating a Bitcoin account in Ghana. However, you must consider that there’s an alignment between the Bitcoin account type and the intention for which the Bitcoin account is created in the first place. So, are you looking at securing, trading features, and user-friendliness? Would you want to trade or simply hold? These are the questions that must be satisfied.