Best bitcoin wallet in Nigeria (How to safely store your bitcoins)
A bitcoin wallet is a software program where bitcoins are stored. Bitcoin is a digital asset and as such, it does not exist in a physical form, so technically they can’t be stored. Instead, it’s the private keys used to access your public bitcoin address.
A bitcoin address is similar to a bank account number. It’s a unique 26-35 digit combination of letters and numbers, with this address people can send you bitcoin(s).
There have been many stories of people losing their bitcoins in one way or the other, in this post that i titled “best bitcoin wallet in Nigeria”, am going to be writing about the different types of wallets, how secure they are, and the best options of these different bitcoin wallet types. After you have finished reading this article, you will have an idea of how best to store your bitcoin(BTC).
Types of bitcoin wallets
* Paper wallet
* Mobile wallet
* Web wallet
* Desktop wallet
* Hardware wallet
A paper wallet is a very safe way to store your bitcoin, it is a physical copy of your generated public & private keys, it is basically a sheet of paper containing your private and public keys. The main advantage of a paper wallet is that it is not stored digitally anywhere, this makes it completely immune to hacker attacks. You can send funds by transferring the money to the wallet’s public address & you can withdraw or send by entering your private key or by scanning the QR code on the paper wallet.
It is important to understand that while the paper wallet is immune to hacker attacks, it is prone to other problems like wear and tear or getting wet. Some people usually laminate this paper and lock it in a safe place somewhere.
Mobile wallets are your phone applocations, most people like mobile wallets because they are very handy, and they can be used as a means of payment even in physical stores. Basically, all that you need to do is install an application, create an account, and you are all set.
Unlike the paper wallet, the mobile wallets are prone to hacker attacks, you can also lose your assets if your phone breaks down. Some example of mobile wallets
2. Bitcoin wallet
4. Free wallets
Web wallets are also known as online wallets, web wallets enables you to access your bitcoin as long as you are connected to the internet, with web wallets your private keys are stored in servers owned by companies. Wallets on exchanges are in this category.
The disadvantage of this type of wallet is that the organization that own these servers can gain access to your private keys. There have also been instances of some exchanges closing down and running away with peoples funds, this is why it’s never really a good idea to leave your bitcoins in exchanges. Some examples of trusted web wallets
This wallet is safer than than web wallets. Desktop wallets are downloaded and installed directly on your computer, your private keys are stored on your hard drive. Desktop wallets are also connected to internet, this makes them prone to hacker attacks, if your computer gets attacked by a virus or experiences some external damage, you could also lose all your funds. Some examples are:
3. Bitcoin core
Hardware wallets are the safest way to store your bitcoin, your private keys are stored on a hardware device (typically a USB drive). They are able to make online transactions, some manufacturers make hardware wallets compatible with different web interfaces. With hardware wallets, you can send and receive bitcoin by merely plugging in into internet enabled devices.
The main advantage of hardware wallets is that they can be offline as well as online. However, most of the time they are offline. Hardware wallets are very expensive, some good examples are:
1. Ledger nano s
4. Digital bitbox
What are hot and cold wallets?
Hot wallets are connected to the internet, these are all online and desktop wallets. Cold wallets refers to wallets without an internet connection, these are all hardware devices or paper wallets.
What are single currency wallets?
These wallets are used specifically for storing one type of cryptocurrency, for example:
* Bitcoin core wallet, mycelium, electrum are all bitcoin wallets
* Ethereum wallet, myether wallet are for storing ethereum
* Litecoin QT is used for storing litecoin
* Dash core is used for storing dash
What are multicurrency wallets
These wallets can store more than one type of cryptocurrency, for example:
* Jaxx wallet
In other for your bitcoin to be safe, always remember to update your software, backup your wallet, try to avoid keeping your assets on exchanges. The most important thing is to keep your keys safe, if you lose your keys, you lose all your assets.
Thank you for reading, remember to share on all social platforms.