Bitcoin is a type of cryptocurrency, it is said to be the highest-grossing cryptocurrency and it is used in various parts of the world.
Bitcoin wallet is an online holding platform where you can buy, sell or store your bitcoin.
The bitcoin wallet also affords one the opportunity to make daily business transactions, like pay for service rendered by either transferring or scanning of QR-Code.
In Nigeria, bitcoin like other cryptocurrencies is being used for buying and selling and for the general exchange of naira.
The bitcoin market grew bigger with the fluctuating devaluation of naira which makes its rate way lower than the dollar and the restrictions Nigerians experience when they try to use international payment gateways.
These factors spurred the bitcoin market in Nigeria, Paxful an international bitcoin platform has named Nigeria as the second-highest trader of bitcoin.
Paxful went further to say Nigerians have about 1.3 registered accounts, however, they mostly do arbitrage trading and peer-to-peer exchange which is one of the popular means of buying and selling bitcoin in Nigeria and Africa at large.
Others use it for paying for goods when buying goods from an international market.
Also read, Cryptocurrency: Difference between Wallet and Exchange
There are different wallets systems in Nigeria for the trading of cryptocurrency, these wallet systems try to offer more favorable choices to their users, some of the most popular ones include:
Luno
Luno wallet system offers a lot of options for fiat currencies and also attracts low fee charges ranging from 0%-1% depending on the transaction and this has made the wallet system one of the favorites.
This bitcoin wallet system is available in various forms, as an app for both android and iOS uses and it’s also available on the web.
Luno accepts the purchase of cryptocurrency with credit cards, the use of Paystack and PayU and also the direct bank transaction where you can withdraw and deposit directly into a traditional bank account.
Binance
Another International wallet system that is used in Nigeria, it came into Nigeria in 2020 and has since then grew its users tremendously.
However, the recent cryptocurrency ban has led to the suspension of Naira accounts on its platform.
Binance wallet system is available in both iOS and android for phone and MAC and windows for computers.
LocalBitcoin
This crypto platform offers an escrow wallet system called local Trader and its available on Google Play.
It has another available for iOS user called LCB ticker, which allows the user to get news updates on the market trends too.
LocalBitcoins offer varied opportunities of trade depending on the individual, from in-person trading to deciding a payment method of your choice and in any currency.
LocalBitcoin also helps buyers to locate sellers, the bitcoin to be sold is transferred to the escrow wallet and once the seller confirms payment the bitcoin is released.
NairaEx
This wallet system is mainly for Nigerians as it accepts only naira as a fiat currency, users fund their account either through cash deposits or through bank transfers.
Signing up with NairaEx only requires a Nigerian phone number, although a more rigorous approach is used when buying any cryptocurrency.
BitPesa
This is another bitcoin wallet system available in Nigeria, owned by a Bitcoin remittance. Debit cards or Paga accounts are accepted medium for funding a BitPesa account.
About the author
Chibuzor Elizabeth Chijioke a graduate of Abia State University is a Nigerian-based entrepreneur and content writer. She trained as a digital marketer at Innovation Growth Hub. She is committed to teaching people how to apply technology to better their lives and businesses. She spends her leisure reading sci-fi and fantasy novels.
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