The use and trade of Bitcoin and Cryptocurrencies have continued to surge in Nigeria. Nigeria is becoming one of the big players in the crypto-verse. There are services for which you can make payments in cryptocurrencies here in Nigeria, these include hotel bills or online stores. With the increasing adoption of Bitcoin, it has become a thing of necessity to take steps in order to keep your bitcoin safe. Many people have lost their assets because they chose the wrong Bitcoin wallet.
A Bitcoin wallet is the first decision to make when you want to start using or trading Bitcoin. A Bitcoin wallet is simply an application, website, or device that manages your Bitcoin private keys. You can think of a Bitcoin wallet as the equivalent of a bank account. A bitcoin wallet allows you to receive, send and sell them to others and also store them. A bitcoin wallet also serves as your personal interface in Bitcoin activities just like your online bank account is an interface for your bank activities. Bitcoin wallets contain private keys and secret codes that allow you to spend your bitcoins. Actually, it is these private keys that need to be safe and not necessarily the bitcoin because the private keys give access to the bitcoin.
Bitcoin wallets come on different platforms as long as with their own features. This article is on the best bitcoin wallets used in Nigeria.
The wallets listed below, are well adapted to the Nigerian market. They are also tested and trusted.
Coinbase Wallet (used to be known as Toshi) is one of the most secure crypto-wallets. The Coinbase app helps you keep all your digital assets in one place. It also helps you make crypto payments with ease.
Coinbase is one of the easiest ways to store and trade your cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology. You can download Coinbase wallet on the App Store for iOS users and the Play Store for Android users.
Coinomi is a mobile wallet that used to be available only on Android phones. However, it has recently developed its desktop and iOS versions.
Coinomi was founded in 2014 and is one of the oldest and reputed wallets in the world, with over a hundred thousand users. Some of the cryptocurrencies supported on Coinomi are:
- Ethereum Classic
- Digibyte etc
Quidax is a cryptocurrency exchange and wallet provider that was launched in August 2018. The company has its headquarters in Malta but most of its operations happen in Nigeria. The app offers the basic services needed for any crypto investor to interact in the crypto market. Quidax services include;
- Sales and purchase of cryptocurrencies
Quidax is a web wallet so it does not give you access to your private key. Quidax has users from over 70 countries, this goes to show how much the app is trusted. Quidax has not reported any hacks or since it began operations. It also has a mobile app. Quidax supports the following cryptocurrencies:
- Bitcoin BTC
- Ethereum ETH
- Ripple XRP
- Litecoin LTC
- Dash DASH
- Tether USDT
Only the Nigerian Naira(NGN) is supported on Quidax, for now.
Blockchain Wallet is one of the world’s most popular digital wallet platform for storing Bitcoin and Ether. It has over 65 million wallets. The app is user-friendly, secure, and flexible.
Blockchain Wallet was developed by the Luxembourg-based software development company called Blockchain. It is accessible from the web or mobile devices. Blockchain Wallet makes it easy for you to trade securely with bitcoin and Ether through its clean, intuitive user-interface. Blockchain Wallet is often considered to be more secure than a site like Coinbase because it is not a full exchange platform. Blockchain Wallet can be downloaded on both Android and Apple iOS.
Trezor is not a full buying and selling digital platform. It is simply a hardware device to store your Bitcoin. Hardware wallets are unarguably the best way to store your cryptocurrencies especially if you will be storing them in large amounts. The fact that hardware wallets are in offline mode makes them very secure from remote attacks. Trezor wallet was the original cryptocurrency hardware wallet to be released. The wallet was first released in 2014 by a company called SatoshiLabs.
Trezor wallet is much safer than traditional software wallets since private keys are held on the physical device, rather than on a mobile or desktop computer. Trezor wallet is not connected to an internet server, meaning that it is almost impossible for a hacker to access your funds.
Exodus is a desktop wallet designed to give you complete control over your cryptocurrency assets. Exodus has a unique design, full of charts as well as personalization features. It also offers access to 11 of the world’s top cryptocurrency assets. Exodus is the first desktop wallet that offers full compatibility with ShapeShift. ShapeShift is a popular instant cryptocurrency exchange that supports dozens of tokens. This means Exodus users have access to nearly a dozen cryptocurrencies.
Like other bitcoin wallets, Exodus stores cryptocurrency assets directly on your machine. Also, you do not have to download the whole blockchain to your computer since Exodus is a lite wallet.
Luno is a cryptocurrency exchange/wallet provider, formerly known as BitX when it was launched in 2013. Luno is a secure wallet that makes it easy to buy, store and trade cryptocurrencies like Bitcoin and Ethereum.
Luno supports Bitcoin storage and transactions such as buying, selling. You can also pay for transactions through the Luno Bitcoin wallet services. Luno also operates exchanges between fiat money and bitcoin.
Luno offers the following services and product:
- Buy and sell
- Luno Business
- Luno API
Luno supports 5 cryptocurrencies. These are:
- Bitcoin BTC
- Ethereum ETH
- Bitcoin Cash BCH
- Ripple XRP
- Litecoin LTC
These are the best bitcoin wallets used in Nigeria.