In the online trading space, bitcoin is one of the most speculative asset classes. Investors know that cryptocurrency is still growing at a very high exponential rate. The major reason for this is that a lot of Nigerians believe that bitcoin would turn out to be the future of money. On this note, it is not too late to join this high-value cryptocurrency market. Are you looking for how to invest in bitcoin and open a bitcoin account? This guide is for you.
What Bitcoin Account Is All About?
This term is one of the most widely used by cryptocurrency newbies. The truth is that there is no such thing as a “bitcoin account”. Bitcoin is a decentralized cryptocurrency. What this means is that you don’t need a third party in your financial transactions. You can invest bitcoins, and have them directly in your wallet. This gives you the ability to have full ownership of this currency other than dealing with a middleman. Of recent, bitcoin has turned into a multi-billion dollar asset and is worth investing in. Let us delve deeper into how to open a bitcoin account. The first in this is to register with a bitcoin account provider. Let us look at the best BTC account providers in the subsequent paragraphs.
Top Best BTC Account Providers
Now that you have a clear knowledge of what bitcoin is and before we delve into how you can open a bitcoin account, let us explore the best platforms to open a bitcoin account with. Please take note that the brokers I am about to review facilitate the buying and selling of cryptocurrencies. This implies that you would not need a private wallet for any transaction whatsoever. Your investment, in this case, stays with the broker at all times. Imagine the wonderful, hassle-free experience of buying and selling bitcoin at the click o a button. As a plus, you can also view the current value of bitcoin in the market with ease.
If you are based in Nigeria, and you wish to open a bitcoin account with a good broker, then I would recommend etoro as the first choice. Etoro is a social trading leader that allows you to copy the trade of good forex traders and make cool cash. With Etoro, you can buy the physical coin and store it in your Etoro wallet.
They are the best for beginners who what to have a bitcoin account. As a social trading platform, there copy trading allows you to get started while following the trades of successful investors. You get to enjoy quality trading tips and strategies.
Hello Nigerian bitcoin newbie, welcome to this coinbase review! Coinbase has over 13.5 million active users in the world. That is enough reason to trust the platform. If you want to buy cryptocurrency like bitcoin and open a bitcoin account, then coinbase would be a very good choice.
Did you know that coinbase is one of the biggest bitcoin broker exchanges in the world? You can buy and trade bitcoin plus other cryptos in this cool platform. Coinbase can act as an exchange and also a wallet. I would recommend this platform to any Nigerian that wants to open a bitcoin account.
In the helm of bitcoin, Luno is one of the most popular apps in Nigeria. With Luno one can buy bitcoin, and also sell. It can serve as a broker and also as a wallet. Bitcoin is not the only cryptocoin that the Luno wallet can carry, it also can deal with other cryptocurrencies like Litecoin, etherium, etc.
The services provided by the Luno app are similar to those provided by coinbase. Luno is one of the most popular exchanges in South Africa and Nigeria. In these countries, they record very high trading volumes.
Coinomi was originally a mobile wallet that was available on the android platform. Of recent, they have developed its desktops and IOS platforms. This wallet was founded in the year 2014. It is one of the oldest and well-respected wallets out there. They pride themselves with over hundreds of thousands of users worldwide. Coinomi wallet is not a bad option or opening a bitcoin account in Nigeria. Head over to play store now and give this app a try.
Pros And Cons of Coinomi platform
- They are Battle-tested wallet
- Coinomi is an inbuilt exchange platform.
- Coinomi has a multilingual supporta
- You can download the app for free.
- It is a hybrid platform since it supports android, ios, and macOS, Windows and Linux versions respectively.
- They do not accept fiat currencies.
Quidax is a popular crypto wallet provider. This platform was launched in the year 2018. Quidax is currently headquartered in Malta and has most of its operational activities here in Nigeria. They offer a lot of crypto services to Nigerian users, some of which include; a wallet for storing purchased bitcoin, Instant buying and selling of cryptocurrencies, and an exchange platform. If you intend to open a bitcoin wallet in Nigeria, I would strongly recommend Quidax, as I consider them to be very trustworthy.
Types of Bitcoin Wallets
In order for you to open a bitcoin account, you would need to first choose a bitcoin wallet. it is with the Bitcoin wallet that you open your bitcoin account. with your wallet, you then buy bitcoin that you would use in performing transactions on the network. There are three types of wallet; there are Mobile, desktop and hardware wallets. Before we start reviewing different wallets out there in the crypto market (that can aid you in opening a bitcoin account) let’s review the three types of wallet.
These type of wallets are very portable and convenient. they are ideal for face to face transactions. As a plus, they are designed to use Qr codes that give room for seamless and quicker transactions.
The Desktop wallet Environment allows users to have total control over their funds. most desktop wallets offer hardware support, and can operate as full nodes. the only challenge with desktop wallets is that they use QR codes in making transactions, which would still require a mobile phone.
Hardware wallets have a lot of advantages accrued to them. They are the most secure method to store funds. they are also the best option for storing large amounts of bitcoin.
Now, let’s look at the steps that you can use to create a bitcoin account in Nigeria easily
How To Open Bitcoin Account in Nigeria
Before we start reviewing different types of bitcoin wallet out there in the market, let’s look at the steps or procedure for opening a Bitcoin account in Nigeria easily.
Step 1: Download a bitcoin wallet
Your Bitcoin wallet is simply an app that is programmed in such a way that you can receive or send BCH. With your wallet, you can keep track of your bitcoin balance which is kept in one or more bitcoin addresses. On a general note, your wallet has a built inn functionality that would allow you to keep track of your Bitcoin transactions. Some features of one bitcoin wallet can vary from the other; all the same do an honest review of the wallet of your choice before downloading. So head over to your apple store, whether Google plays store or apple store and download your preferred wallet app.
Step 2: Add bitcoin to your wallet
Now that you have downloaded your wallet, let us move on to the next step. Here, you would need to add some cash to your bitcoin to your wallet balance. You would need your bitcoin wallet address in this procedure. Just visit the bitcoin buy page, and purchase some bitcoins for yourself with your credit card. You can make this buy bitcoin right inside the app without the need for any third parties.
Another approach, is to use the Bitcoin Exchange option where you would have to set up an account and purchase bitcoins with money in your bank account or credit card. Ensure to keep your private keys from anyone. Also, Endeavour to back up your bitcoin wallets private key for the purpose of offline usage. If you fail to back up your private keys, you can lose all your bitcoin holdings should your device ever go missing.
Step 3: Use your bitcoin wallet to receive and send bitcoins
In other to receive bitcoins, all you need to do is to give out your wallet address. This procedure requires a few steps, and I would like to state that bitcoin transactions are irreversible.
How To Send And Receive Bitcoin
- Copy out the receivers public bitcoin wallet address or scan the QR code.
- Open your bitcoin wallet and go to the part of the interface that says “send”, there, paste the public bitcoin address of the receiver.
- Enter the amount of bitcoin you want to send
- Confirm that the amount and the address are correct. do some cross-checking because transactions are irreversible.
- Send your bitcoin
A lot of websites accept bitcoin as a form of payment.
Update: The Central Bank of Nigeria (CBN) has banned the use of Crypto currency in Nigeria. So it might be difficult for Nigerians to buy, sell or trade Bitcoin or other cryptocurrencies in the country.