Bitcoin, and Ethereum without argument, are the two most popular cryptocurrencies operating on blockchain technology today. They are also among the most stable, and valuable too – safe to say they are the best crypto options to invest in, especially if you’re new in the crypto world. In Nigeria, they are in fact the two most traded coins.
Storing cryptocurrencies would require you to have a crypto wallet to connect you with the blockchain, just as you need an account number to be the entity that hold your funds in a bank – though it’s not exactly that straight forward.
A cryptocurrency wallet is a device or software program that stores public, and private that helps its users interact with the blockchain.
Unlike regular wallets, and banks, a crypto wallet doesn’t store currency (cash), what it does is basically keep records of transactions on the blockchain – transactions done with the private, and public keys logged in the wallet of course.
There are over 36 million cryptocurrency wallets in existence today, the one you choose to operate will depend largely on the coin you choose to store, and the other features you would like to use.
The large number is typically due to the rapidly growing number of crypto developers, investors, and enthusiasts, also the fact that most crypto exchange platforms are now developing their own wallet programs to make trading coins with clients easier.
Choosing a wallet to operate can be confusing especially for new comers to the crypto world. The assortment of wallets to pick from usually poses a problem.
However, the key things to consider before picking a wallet are; security, coin support, user interface, and add-on features – these factors are self-explanatory, we won’t go into an extensive discussion on them. In this article, we will be listing the best five wallets that can be used to store bitcoin and ethereum in Nigeria.
5 Best Bitcoin and Eth Wallets
Well before getting to the list, it’s important to understand that there are different types of wallets, and they a can be identified based on the platform operate on. There are basically two classes; hot wallets, and cold wallets.
The hot wallet is further divided into; mobile, web, desktop, and white paper based wallets. This list has comprised of mobile, and web based wallets, because these types of wallets are more suitable for day to day transactions.
Luno formerly known as BitX, is a cryptocurrency wallet, and exchange platform. It’s a very convenient and safe app to use store coins, and also trade them too. It supports a wide range of cryptocurrencies, and not just bitcoin, and ethereum.
The key reason it appears first on this list is basically because of the convenience in funding of account to purchase coins, and also the withdrawal after exchange – you can operate the account directly with naira. You can store bought coins there for as long as you want before trading, and just like other wallets, there’s no subscription fee needed to use a wallet on it.
The exchange feature it provides enables its users to trade their coins seamlessly without searching round for legit buyers. The app is available on the iOS, and android app store, they also have a web based interface enabling you to login easily from any device.
Coinomi launched in 2014, is another great wallet a cryptocurrency holder can use to store coins. It’s not just your average mobile wallet, it supports over 1000 blockchain assets – if you want to store any trending currency like bitcoin or ethereum, you are likely to get the option on the app.
Although, it’s operated as closed source system which isn’t always appreciated in the decentralised network, there hasn’t been security issues spotted by users on the platform, and the user-friendly interface pretty much makes this flaw fade away.
The in-exchange feature gives it a huge plus – users can swap digital assets seamlessly. It is available on Google’s, and Apple’s app stores, for desktop visit www.coinomi.com.
The platform initially called Copay based in Atlanta, was launched in 2011 as a cryptocurrency payment platform for BTC and BCH. However, they’ve since added a wallet service supporting ETH, and other stable coins.
Hence its inclusion in this article. Though it doesn’t currently support naira (Nigeria’s fiat currency), its services can still be used in Nigeria when you convert the naira to other supported currency.
Cryptocurrency holders who often make purchases or payments with cryptocurrency will find this wallet very useful. Though there has been some complaints of high transaction fee rates, it’s still a nice wallet to hold coins regardless. It is available for android, and iOS devices.
Coinbase just like Luno, started out as just a cryptocurrency exchange platform, but it has since integrated wallet services into its platform. You can use the platform’s app to conveniently store, and send cryptocurrencies like bitcoin, and ethereum via the blockchain.
The exchange feature makes conversion of coins to fiat currency seamless for its users. It is a very useful platform for regular cryptocurrency traders. Visit wallet.conbase.com to download the app on iOS and Android devices.
This hot wallet lives up to its name when it comes to the reliability of hot wallets. Just like coinomi, it is a multi-currency open source crypto wallet.
However, it not just for holding coins, it supports other features like; sending, buying, exchange, and an inbuilt crypto browser. They also sometimes run programs where users can complete certain tasks to earn cryptocurrency. Its security architecture allows its users to hold both private, and public keys, meaning you have full control of your coins in the blockchain.
It is normal for seasoned crypto owners to tell you that the safest way to store, and transact with cryptocurrencies is with a cold wallet (hardware wallet).
This is because, these cold wallets stores the transaction records containing your cryptocurrency offline (discretely in the device), and hackers/cryptojackers would need physical access to your wallet device before any malicious transaction can be conducted. If you intend on investing large amounts in cryptocurrencies, it is always advice to get a hardware wallet.
Some examples of hardware wallets to choose from are; Bitfi Knox, ledger Nano S, Ledger Nano X, Trezor one, and KeepKey.