OPEN A BITCOIN ACCOUNT IN NIGERIA: A speculative asset, bitcoin is one of the most popular online trading commodities. It is widely known to investors that cryptocurrency continues to grow exponentially. Nigerians are mainly supporting bitcoin because they believe that it will become the money of the future. This means now is still the right time to join this high-value cryptocurrency market. How do I open a bitcoin account and invest in bitcoin? Follow this guide.
Bitcoin is usually misunderstood by many people. We’ll start there. A bitcoin is an electronic file containing digital currency. Unlike everyday currencies managed by bank money market accounts, Bitcoin is not controlled by any particular person. Instead, it is created by businesses through the application of the software.
OPEN A BITCOIN ACCOUNT IN NIGERIA
Despite its decentralized nature, Bitcoin is the first cryptocurrency. What it means is that:
1. A bitcoin is a means of exchange, that is, money used to buy and sell goods and services
2. The reason Bitcoin is called a cryptocurrency is that it is encrypted. This makes it secure and anonymous.
3. Bitcoin is decentralized, which means it has no central authority.
4. Bitcoin is the first digital currency ever created.
Since bitcoin is designed in such a way that only you can access it, not the government or the creator, it’s different from a bank account. A bitcoin wallet serves as this.
In this article, we explain what a bitcoin wallet in Nigeria is and how it works. The following will explain how to open a bitcoin account in Nigeria.
A Bitcoin account requires approximately 9GB of free space on your computer, as well as some space for other required updates. It is necessary to ensure that your bitcoin transactions proceed as smoothly as possible.
In exchange for a bitcoin wallet or account, all you need is an email address. Your mobile phone number might also be required on some third-party websites for extra security. In addition, you will need to confirm your identity via a confirmation letter that will be sent to your mailbox.
Bitcoin wallets are divided into two categories;
1. cold wallets
2. hot wallets
COLD WALLETS
No internet connection is necessary with these wallets. Consequently, they are hacker-proof. When using a wallet, only you are allowed to access your bitcoins. These are the types of cold wallet:
DESKTOP WALLET
This type of wallet is downloaded to the desktop. The downside of this type of wallet is the possibility of losing your wallet in case of computer failure or destruction. It is therefore imperative to frequently back up your computer.
PAPER WALLET
A paper wallet works by printing the private key and public key of your wallet on paper. Using this type of wallet has the disadvantage that you will lose your bitcoins if the paper gets destroyed.
HARDWARE WALLET
The most secure bitcoin wallet is the hardware wallet. This is typically a hardware device that resembles a flash drive or a mini smartphone. There is always the option to buy another device if one goes missing. These wallets, however, do not come for free.
In contrast, hot wallets are connected to the internet. They are also called web wallets or online wallets. They have been the most popular in recent times and are provided mostly by Bitcoinoin exchanges. It is imperative for you to know that an exchange might have access to your bitcoin wallet if you create one on the exchange
HOW TO OPEN A BITCOIN ACCOUNT IN NIGERIA
1. Sign up
- On any bitcoin exchange, access their website or download their app.
- And click “Create an account” or “Get started”
- Fill out your personal information
- Then click “Create account”.
2. Confirm your account.
- Click on Continue.
- Verify your account by checking your email.
- Provide a copy of your ID card and proof of residence to verify your basic information
- Enable two-step verification as an added security measure (optional)
3. Locate your bitcoin address
- To view your Bitcoins wallet and other cryptocurrencies, click Wallet (this will take you to that page).
- You can view your bitcoin wallet by clicking on the Bitcoin section.
- Additionally, you can view your bitcoin address. A bitcoin address is a string of characters.
- Other bitcoin addresses can be created (Bitcoin sent to any of the addresses you created will be received in the same Bitcoin wallet.)
