Best Cryptocurrency Wallets for Nigerians in 2021

For many investors, the terms crypto and blockchain have become part of everyday life and conversation and are almost interchangeable with Bitcoin (BTC). Since it jumped onto the scene in 2009, Bitcoin has become an overnight sensation despite the inherent volatility.

While other types of cryptocurrencies have come and gone, Bitcoin or BTC has grown and grown and is now worth thousands of dollars per coin. Even as other types of stocks and bonds seem to depreciate as the market changes, Bitcoin only seems to grow and become more valuable, especially in 2021 when it hit a new all time high. Like many investors both amateur and professional, owning Bitcoin seems like the best move to make.

But like most valuable objects or stocks, the overall value is only determined by how safe your Bitcoin storage will be. To safely store Bitcoin, you’ll want to make sure you understand several key features of the cryptocurrency and can store your Bitcoin in an online wallet or mobile wallet.

Whether you’re just getting started or you’ve been trading in Bitcoin since the beginning, there are some key features of Bitcoin desktop wallets or software wallets that will help you on your journey. We’ve gathered together some of the best Bitcoin wallets and storage devices for 2021 so you can keep your currency under wraps and continuing to grow. Digital currencies keep things safe so you don’t need to put your credit card on the line.

As we share more information about Bitcoin wallets, there are a few key things to be aware of including the difference between hot and cold wallets. Hot wallets are a less secure way to make transactions but the transactions are done quickly. Cold wallets are more secure and are designed for your cryptocurrency to stay put for a much longer-term.

Let’s get to the good stuff and check out the best way to store your crypto assets and digital assets without the fear of malware!

1. Ledger Nano X

This is our pick for the best Bitcoin wallet. If you have any cryptocurrency in your portfolio, we highly recommend buying a Ledger Nano X to keep your crypto safe and secure.

This is a second-generation wallet from Ledger which is a French company that has been in the crypto space for a few years. Their first product, the Ledger Nano S was one of the very first hardware wallets on the market and was on top of the space for quite a few years.

While many other Bitcoin wallets are located online, these hardware wallets are plugged into your computer. They look like a USB drive and connect to your device via USB or Bluetooth so you won’t need a specific Windows computer, Mac or Linux laptop all the time but you’ll be able to connect to your mobile device as well via Bluetooth.

Since it’s a hardware wallet, Ledger Nano X supports over 1,500 cryptocurrencies that continue to grow each year as users suggest their favorite cryptos. Ledger Nano X is a cold storage hardware wallet but there is a companion Ledger Live software that includes a user interface for all of your holdings.

The user interface allows all the users to add new wallets for different cryptocurrencies and manage their portfolios from the software. Hardware wallets remain some of the most popular in the industry. This Ledger program includes a USB Type-C cable so you can also connect with this method through a desktop computer. You can use the Bluetooth function to connect to a smartphone or tablet as well.

Advantages:

  • Ledger Live is intuitive and has a convenient user interface
  • Store up to 100 different apps simultaneously
  • Open-source
  • Bluetooth connectivity

Disadvantages:

  • Bluetooth isn’t as smooth as it could be
  • Can only store a few wallets simultaneously

2. Trezor Model T

This is another second-generation cold storage wallet that specializes in Bitcoin and many other cryptocurrencies. This functions much like Ledger but gives the users the ability to access third-party exchanges like Changelly and Shapeshift.

You can access these exchanges which is convenient but the price for this cold storage wallet is hard to justify for that feature alone. You’ll be able to utilize the touch screen with the Model T which is a big help to new users. There’s also a MicroSD slot so you can further encrypt the PIN and protect your device from attacks.

The Trezor Model T comes with the same USB Type-C cable so you can easily connect to your smartphone or laptop or desktop to access your storage wallet. There are 1,400 cryptocurrencies available through this wallet and is considered to be a bit more secure than the Ledger Nano X due to the lack of Bluetooth incorporated.

Advantages:

  • Web-based user interface with the exchanges built-in for easy access
  • Large list of supported cryptocurrencies
  • Open-source with large amounts of community and customer support
  • Unlimited number of wallets available simultaneously

Disadvantages:

  • Price point is high for a hardware wallet
  • Small touchscreen is difficult to type on
  • Can be confusing for a first time user

3. Ledger Nano S

This is the original hardware Bitcoin wallet and is the first generation wallet delivered by Ledger. Unlike later iterations of the Ledger wallet, this one does not include the USB Type-C cable so it may be difficult to connect it to newer age Android or iOS smartphones or tablets.

BusinessLift Staff

Business Lift is Nigeria's best business news website. We also specialize on helping people make money online in Nigeria.

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