How to Open a Bitcoin Account in Nigeria

Share









Tweet



0

Shares



Many are usually confused on what Bitcoin is or is not. Let us begin

with that. Bitcoin is a form of digital currency that is produced and

stored electronically. Bitcoin is not controlled by any particular

person since they are not printed like our everyday currencies managed

by the money market accounts of banks. Bitcoins are produced by

businesses that use software to solve mathematical problems.









(adsbygoogle = window.adsbygoogle || []).push({});

Bitcoin is the first decentralized Cryptocurrency. It means the

following:Bitcoin is a Currency, that is money which can use for the

exchange of goods and services

Bitcoin is called a Cryptocurrency because it is encrypted which makes

it secure and anonymous.

Bitcoin is decentralized because no one has sole control of it,

Bitcoin is the first type of digital currency ever produced.



How to Open a Bitcoin Account in Nigeria











(adsbygoogle = window.adsbygoogle || []).push({});

Bitcoin is different from your bank account because it was designed in

such a way that only you have access to it, not the government, nor

the creator of bitcoins, just you. This is why it is called a Bitcoin

wallet. Just like you are the only one who has access to the money in

your pocket, except if you want to make transactions with it.



This article provides you with important information about bitcoin

wallet in Nigeria and how it works. Here, you will learn how to open a

Bitcoin account in Nigeria.



To open a Bitcoin account on your computer, you will need about 9GB of

free space and some for other required updates. This is important for

the smooth running of your bitcoin transactions.







(adsbygoogle = window.adsbygoogle || []).push({});

The only other things you need in order to open a bitcoin account or

wallet is your e-mail. Some third-party websites might also require

your mobile phone number just for your extra safety. You will also

need to confirm your identity via the confirmation letter which will

be sent to your mail.



There are two types of Bitcoin wallets.

Cold Wallets

Hot Wallets



Cold wallets



These are wallets that are not connected to the internet. This makes

them hack-proof. When using a cold wallet, you alone literally have

sole access to your bitcoin wallet. There are 3 major types of Cold

wallets:

Desktop wallet



This is a program downloaded to the desktop computer. The downside to

this type of wallet is that you may lose your wallet if your computer

crashes or gets destroyed. You will, therefore, need to back-up your

computer frequently







(adsbygoogle = window.adsbygoogle || []).push({});

Paper Wallet



With paper wallets, you will print the private key and public key to

your wallet on a paper. The downside to this type of wallet is that

you will lose your bitcoin if the paper gets destroyed



Hardware Wallet



This is the safest bitcoin wallet. As the name implies, it is a

hardware device usually shaped like a USB flash drive or a mini

smartphone. You can always buy another device if one gets lost.

However, hardware wallets are not free.



Hot Wallets, on the other hand, are wallets that are connected to the

internet. They are also known as ‘web wallet’ or ‘online

wallet’. They are the most popular in recent times and are mostly

provided by bitcoin exchanges. You must know that if you create a

bitcoin wallet on an exchange, that exchange might have access to that

wallet.



There are many third-party web sites that allow you to open a bitcoin

account once you have provided your personal ID. Below are 5 hot

wallets that are highly recommended from the experience of bitcoin

traders. They have never been hacked and maintain a good reputation.

They all also come with a mobile app.

Quidax: (You can buy and sell Bitcoin and other cryptocurrencies in Naira)

Luno

Coinbase (This is a good fit for whoever wants to earn some bitcoins

on a daily basis)

Blockchain.info (This is one of the earliest and most secured Bitcoin

hot wallets)

Remitano (It is the safest virtual exchange platform)



If you are just starting with Bitcoins and have just a few thousand,

you should use a hot wallet. However, if you have Bitcoin worth

millions of Naira, get a hardware wallet.



How to open a Bitcoin account in Nigeria



Step 1: Sign Up







(adsbygoogle = window.adsbygoogle || []).push({});

Using any of the Bitcoin exchanges, log into their website or mobile app

Click on ‘Create Account’ or ‘Get Started’

Fill in your personal details

Click ‘Create Account’ at the bottom



Make sure you enter a valid email address and correct phone number

because you will need to confirm it.



Step 2. Verify Account

Click ‘Continue to your account’

Go to your email to verify your account. It is important you verify

your basic information so you can send and receive bitcoins of any

amount.

Verify your basic information by uploading your ID cards and Proof of residency

Enable two-step verifications for added security (this is optional)



Step 3: Locate your bitcoin address

Click on ‘Wallet’ (This will take you to the wallet page for

Bitcoin and other cryptocurrencies)

Click on the Bitcoin section to view your Bitcoin wallet

You will also be able to view your bitcoin address. This is a

combination of letters and symbols.

You can generate other bitcoin addresses (Bitcoin sent to any of the

addresses you created will be received in the same Bitcoin wallet)



How to Fund a Bitcoin Wallet



There are two ways to fund your Bitcoin wallet. These are:Send someone

your Bitcoin address in order to send you Bitcoin

Buy Bitcoin with your local currency (Naira)



First you need to deposit naira into your naira wallet on the bitcoin

exchange app either by bank transfer or card.



Here are the steps.

Step 1: Click ‘wallet’

Step 2: Click ‘Deposit’ in the naira section

Step 3: Select your preferred method of deposit.

Step 4: Enter email, phone number and amount. Click ‘Pay’

Step 5: Enter your card information and confirm it



If the details you provided are correct, the money will be available

in your naira wallet immediately. From here, you can now buy or sell

bitcoin

Step 6: Click on ‘Instant Buy/Sell’ to buy bitcoin

Step 7: Enter the amount you want to buy and click ‘Continue’

Step 8: You will be shown a summary of your order. Click ‘Confirm Order’







You see, opening a Bitcoin account and making transactions is easy.

























(adsbygoogle = window.adsbygoogle || []).push({});







(adsbygoogle = window.adsbygoogle || []).push({});

jQuery(document).ready(function( $) { $.post(

'https://nigerianfinder.com/wp-admin/admin-ajax.php', {action:

'mts_view_count', id: '289750'}); });









Share









Tweet



0

Shares

Comments

Post a Comment

Popular posts from this blog

Problems of Agricultural Programmes in Nigeria

Share Tweet 0 Shares The Agriculture sector in Nigeria has huge potentials that have not been fully harnessed. The sector has in fact gone through various phases of development that involved policies and agricultural programs. Every policy and agricultural development in Nigeria are set up with the aim of increasing the impact of the sector on national development. Different governments have gone on to initiate several agricultural policies and programs to ramp up agricultural productivity in Nigeria. An agricultural programme entails a comprehensive plan that includes the aims and objectives to be attained in the agricultural sector, the resources required and other activities to be performed in order to achieve certain goals in the agricultural sector. The use of agricultural programs as a tool to achieve productivity in Nigeria dates back to the colonial era and even many more programs have been set up after that. In spite of all this, it is generally accepted that Nigerian agricult...
Read more

Problems of Contributory Pension Scheme in Nigeria

Share Tweet 0 Shares A pension refers to payment made by the government of a country to its retired citizens. It is an arrangement between citizens and governments wherein a worker deposits a certain percent of his or her salary to a pension account so that upon retirement, they can have access to these funds. (adsbygoogle = window.adsbygoogle || []).push({}); Before 2007, Nigeria operated a defined benefits system where the pension account was funded solely by the employer, or in the case of the civil service, by the government. This meant that retirement benefits were included in the annual government budget. This was difficult to maintain for the employers because it was too expensive. Hence the introduction to the contributory pension scheme. Under the contributory pension scheme, it is the responsibility of both the employer and the employee to contribute to the pension account. The employee pays a minimum of eight percent of his or her total monthly remuneration while the employe...
Read more

Problems of Curriculum Planning in Nigeria

Share Tweet 0 Shares Curriculum planning has to do with gathering relevant information from many sources that will help design the details of the courses and subjects taught in school to a learner. The purpose of a curriculum is to enable learners to acquire the knowledge and skills that will ensure they are effective in society. Curriculum planning is a process that entails making strategic decisions and selecting what works best for the students. Most essentially, those planning have to observe and consider the needs of society, in order to adequately meet those needs. Curriculum planning involves designing and re-designing the programme to ensure all factors necessary to facilitate teaching are well covered. These include: What to teach and to whom, Qualifications for who teaches, Materials and resources to be used, Condition and place to teach, etc. This article is on the problems of Curriculum planning in Nigeria. (adsbygoogle = window.adsbygoogle || []).push({}); Problems of Curr...
Read more