How to open a bitcoin account in Nigeria?
Over the years, the price of bitcoin has grown rapidly, this has made a lot of people to take interest in it. Am guessing you are one of those people who wants to get involved in the action.
In this blog post, am going to show you what a bitcoin wallet is, how to create a bitcoin wallet and how to fund a bitcoin wallet.
This post is targeted at Nigerians who want to know how to get involved in bitcoin, am going to show you in a step by step method.
Let’s get into it then…
What is bitcoin?
Bitcoin was created by a software developer Satoshi Nakamoto in 2008, the identity of Satoshi Nakamoto till this day is unknown, the idea was to produce a means of exchange which will not be controlled by a central authority, but at the same time was secure.
Bitcoin is often credited as the world’s first cryptocurrency.
Bitcoin(BTC) is a decentralized digital currency, this means that transactions can be carried out between two different people without passing through a central authority like the banks.
If you want to read all about bitcoin, you can read my post on it.
What is a bitcoin wallet?
A bitcoin wallet is basically where bitcoin is stored, just like a bank account number, you can send people your bitcoin wallet address and they will be able to send you bitcoin.
A bitcoin wallet address is a unique 26-35 digit combination of letters and numbers, with this address people can send you bitcoin(s).
You can create a free wallet on coinbase.com, blockchain.info, luno.com etc.
Before I show you how to create a bitcoin wallet in Nigeria, I will write about the types of wallet.
Types of bitcoin wallet
There are two types of bitcoin wallet, although I like to call them classes of bitcoin wallet as there are different types of wallet under these two:
- Cold wallets
- Hot wallets
These are wallets that do not require any type of internet connection, they are secure because they are immune to any form of hacker attacks. Types of cold wallets are:
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.
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.
Hardware wallets are considered the safest wallets, hence why they are expensive.
These wallets require internet connection, they are vulnerable to hacker attacks, hence you should be very careful the one you use. Types of hot wallets are:
Mobile wallets are your phone applications, 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.
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.
Web wallets are also known as online wallets; web wallets enable 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.
How to create a bitcoin wallet
To create a bitcoin wallet is very easy and it is free, you can create your bitcoin wallet on coinbase, blockchain.info, luno etc.
I will show you a step by step guide on how to create a bitcoin wallet on blockchain.info and luno.
How to create a bitcoin wallet using blockchain
- Visit the website https://blockchain.info
- Click on wallet, then click on get a free wallet.
- The registration will require you to input your email address and some other necessary information.
- Confirm your email address and take note of your wallet ID because it is what you are going to be using to log into your bitcoin wallet.
How to create a bitcoin wallet on luno
- Visit https://luno.com
- You will need to create an account.
- Click on GET STARTED
- Enter your email address, password, select country and click SIGN UP.
- A confirmation link will be sent to your email address; you will need to confirm it.
- You will then be redirected to a page to enter your phone number.
- Input your phone number and confirm it by entering the code sent to it.
- Once you do this, you will be on level 0 verification, to create a bitcoin wallet on luno, you will need a level 1 verification. To upgrade to level 1, do the below
- Click on “Set up profile” to upgrade your account to level 1
- Enter your full names
- Verify your identity by entering your BVN (bank verification number).
- Next, choose what you intend to use luno for.
- Enter your date of birth and click NEXT.
- Click on “wallet”, by default you will see bitcoin and your local currency wallet.
- Click on “bitcoin”
- Click on “receive”
- Click on “create wallet”
- Give it whatever name you want and click CREATE.
Your wallet address will be displayed you can copy it and send it to others to send you bitcoin.
How to fund your bitcoin wallet
There are two ways to fund your bitcoin wallet:
- You can send your bitcoin address to someone to send you bitcoin.
- You can buy bitcoin with your local currency on an exchange.
Exchanges to buy bitcoin in Nigeria
Luno formerly known as bitx is a cryptocurrency exchange where you can buy bitcoin, ethereum and bitcoin cash. Although some people have complained about luno’s charges, it is a very good platform to buy bitcoin.
You can read my full luno review
Coinbase is a foreign exchange where you can buy bitcoin from, coinbase is one of the biggest cryptocurrency exchange in the world. With coinbase you can buy bitcoin using any of the available payment methods.
You can read my full coinbase review
Naira4dollar is a local Nigerian exchange where you can buy bitcoin safely. Naira4dollar is one of the oldest exchange in Nigeria and has fulfilled a lot of orders.
With naira4dollar, you can buy bitcoin safely in Nigeria using any of the available local payment methods that is accepted.
You can read my full naira4dollar review
Remitano is owned by Babylon solutions limited, a Seychelles based company, it is a cryptocurrency exchange that was founded in 2014.
Remitano allows sellers to list their crypto assets for sale. When a buyer requests to buy a crypto asset, the seller transfers the crypto asset to remitano’s wallet.
When the buyer has paid the agreed amount to the seller. Remitano remits the locked coin to the buyer
Read my full remitano review.
With this post, you should now know how to create a bitcoin wallet, fund a bitcoin wallet. If you have questions, you can leave them in the comment section and I will tend to them as soon as I possibly can.
Remember to share with your friends and don’t forget to subscribe to this blog to keep getting quality posts.
Thank you for reading.
Follow us on social media