How to Start Bitcoin Investment in Nigeria – A Beginners Guide.
Creating a Bitcoin wallet is as easy as installing an app on your mobile device or software on your desktop or laptop
When you install a bitcoin wallet app, your Bitcoin wallet is automatically installed together with your wallet address. You can then receive bitcoin to your wallet immediately, store it safely, and use it as you please.
Table of Contents
- Which Bitcoin wallet should I choose?
- Hot wallet : convenient buying, selling, storing, trading, and using
- Cold wallets: long-term storage for larger amounts of bitcoin
- Web wallets (AKA cryptocurrency exchanges): convenient buying, selling, and trading
Which Bitcoin wallet should I choose?
There are many Bitcoin wallets in all of Africa and the world from different types of vendors and different features to choose from.
We welcome you to try the coinpaga.com wallet that has full features of non-custodian cryptocurrency wallet and also trusted by millions of users in Africa.
Coinpaga.com wallet is known to be a “software wallet”. A standard software that you install on your computer and on your phone in form of app which hold the combinations of security that gives you access to your coin. This type of wallet is considered most secure in the world if refering to the lack of individual ability to secure their funds.
Here are the Analysis of different types of Bitcoin wallets and their respective features.
Software wallets: suitable buying, storing, selling, and trading of Bitcoin.
- Software wallet which is also known as “hot wallet” A standard software that you install for free on your computer and on your phone in form of app which hold the combinations of security that gives you access to your coin.
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- This type of wallet is considered most secure and fast in the world if refering to the lack of individual ability to secure their funds. onces installed you can start making all sorts of transactions almost immediately
- Software wallet has a small chance of hacking since it is connected to the internet and therefore it is safe to store to bitcoin on a software wallet if you are following the password management best practice.
- The only risk to software wallet is that you loose your wallet password to someone else on the internet or it has been hijacked from you therefore it is very important to store your password somewhere safe and secure.
Note: Make sure the wallet you are previously using or is fully non-custodial like the Coinpaga.com wallet. meaning only you can access your crypto assets-not the wallet provider. This protects you from the risk of fraud or bankruptcy by the wallet provider.
Cold wallets: long-term storage for larger amounts of bitcoin
- Hardware wallet is always in form Hardware flash drive, and also use specifically in storing large amount of crypto currency offline away from the internet to prevent hackers from stealing a fortune.
- Cold wallet (cold wallet) has the best and overall security in storing any type of cryptocurrency on the blockchain and make it impossible for internet attackers to take over your wallet or coin.
- Because it talk more time to access your crypto while using a hardware wallet it is not ideal to use when you are frequently making bitcoin transactions.
- Use for a long time storage of large coin.
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- As for software wallets ,you need to keep your private key and secure your password to your account.
Tip: Hardware wallets are well worth the initial cost — especially if you own a lot of bitcoin. To make sure the device isn’t compromised, only buy one from a company you can trust.
Web wallets (AKA cryptocurrency exchanges): convenient buying, selling, and trading
Cryptocurrency exchanges wallets, which is mostly considered to be use for convenient trading, buying, and selling of bitcoin, has been there for newcomers in the crypto space to buy their first bitcoin easily, following the easiest buying process on the platform.
- Your private key has been stored on crypto exchange platform and it ia highly recommended not to store crypto you are not ready to trade with exchanges.
Tip: Cryptocurrency exchanges are the best place to trade digital assets but not for storing any token you are not ready to trade immediately