Bitcoin has become a major buzzword amongst people fascinated by the potential and prospects of the digital asset. You must have heard about Bitcoin from someone if you are not an active Bitcoin trader. But there are some intricacies of Bitcoin, including its wallets. This is why you need to know how to open a Bitcoin wallet to start trading Bitcoin.
Since the launch of Bitcoin in 2009 by an anonymous developer, Satoshi Nakamoto, Bitcoin has become the pathfinder to the growth of cryptocurrency, with many crypto assets taking a cue from its features. This coin is the premier crypto asset that has experienced a significant rise in price and trading volume.
Today, Bitcoin is not only the world’s most popular cryptocurrency but also the most popular and expensive crypto asset. As of the time of writing this article, the price of Bitcoin is about $29,100 with a market cap of over $560 billion. In addition, Bitcoin has a market dominance of over 47%, leading the pack of all cryptocurrencies in the global market.
Bitcoin is characterised by a decentralised feature that hinges on blockchain technology to enable a fast and safe transaction when trading in the coin. This means that Bitcoin trading lacks third-party mediation, as we have in local bank transactions. The fortune that Bitcoin portends makes trading digital assets one of the best ways to make money online.
However, you can not start Bitcoin trading if you do not have a Bitcoin wallet. Therefore, a Bitcoin wallet is crucial to holding Bitcoin, just like you need a local bank account to save money in your preferred bank.
What Is A Bitcoin Wallet?
A Bitcoin wallet is a device you can use to send and receive Bitcoin. The use of a Bitcoin wallet can perhaps be likened to how you use your physical wallet to store fiat currency. But the fact here is that a Bitcoin wallet does not store Bitcoin in it. So how, then, does a Bitcoin wallet work?
The best approach to understanding how Bitcoin wallets work is the function of your credit cards. This card does not hold physical money, but it does give you access to your money when you use it at ATMs or POS terminals. The difference between your Bitcoin wallet and your payment cards is decentralized, while local banks centralise the latter.
It is common knowledge that your local bank payment cards have your account information linked to the card(s), similar to a Bitcoin wallet holding at least one account. The public Bitcoin address and private key are the two major pieces of information associated with your wallet.
The public Bitcoin address is like your account number that gives a directory to the origin of the Bitcoin. The private key is the secret password that enables you access to the Bitcoin associated with the public Bitcoin address. This private key is usually a 256-bit secret number.
Types Of Bitcoin Wallets
There are two (2) main types of Bitcoin wallets – hardware wallets and software wallets.
1. Hardware Wallets
This is considered the most secure Bitcoin wallet due to the storage of private keys on a physical device. This makes the wallets inaccessible from the internet or by a computer. How hardware wallets work is that you need to plug in the wallet using a USB cable. The hardware would then be able to authorise transactions without exposing the private key.
However, one key demerit of using hardware wallets is the cost of getting the wallet and its availability. Some popular hardware wallets are Trezor and Ledger.
2. Software Wallets
Software wallets are available on devices like smartphones, desktop computers, or web browsers. But this type of Bitcoin wallet is vulnerable to malware, phishing schemes, and viruses because all these computing devices have several applications running on them. Nonetheless, software wallets are ideal for everyday use if you take safety precautions seriously.
Alternatively, the Prestmit wallet is one of the best software wallets you can use for your Bitcoin. This is a sophisticated crypto wallet used and trusted by many crypto traders.
What Is Prestmit?
Prestmit is an over-the-counter (OTC) digital trading platform that has been the staple for trading cryptocurrencies and gift cards. Prestmit has, over the years, established itself as a strong force in the world of digital trading in African settings. It is the best site to sell Bitcoin in Nigeria and one of the best gift card trading platforms in Nigeria.
This platform hoists its glory to its innovation in trading and service so that your transactions are safe, swift, and simple on Prestmit.
Therefore, irrespective of where you are in Africa, especially in Nigeria and Ghana, you can have a Bitcoin wallet with Prestmit and you will start trading to make profits from the lucrative digital asset.
How To Open A Bitcoin Wallet With Prestmit
The process of having a Bitcoin wallet on Prestmit is easy. With the below steps, you can start sending and receiving Bitcoin.
- Download a Presmit app on Google Play Store or Apple Store.
- Create a Prestmit account and log in
- Click on “Wallet”
- Click on “BTC Wallet”
- Click on “Generate BTC Wallet”
- Copy the Bitcoin wallet address or download the QR Code
- Set your “Default fiat wallet” to either “Naira” or “Cedis”
- Your Bitcoin wallet is ready for use on Prestmit
How To Buy And Sell Bitcoin On Prestmit
- Create a Prestmit account and log in
- Click on “Buy & sell cryptocurrency”
- Click on “Sell BTC”
- Receive BTC into your Prestmit Bitcoin wallet by sending it to the address on it
- Sell your BTC in a Prestmit wallet for instant naira. You will receive payment in any of these fiat currency wallets with their real-time value.
How To Secure Your Prestmit Bitcoin Wallet
Your Bitcoin holds a true worth, just like the money in your bank account. Therefore, it is important to take some safe practices into cognizance.
1. Password Your Device
You must handle your device with care to protect unauthorised access to your decision, which can extend to accessing your wallet on Prestmit. Do not throw caution to the wind because the someone is your friend or relative. Ensure to be the only person with the secret password to your device.
2. Always Enable The Two-Factor Authentication
You must keep the two-factor authentication (2FA) active on your Prestmit Bitcoin wallet to prevent unauthorised person access to your wallet. This security framework gives exclusive access to your Bitcoin wallet and prevents fraud.
3. Keep Your Private Key Private
Your private key takes the semblance of your ATM PIN, which grants access to money withdrawal from your account. Therefore, you must be very careful with your private key by key it from the reach of people. You can write and keep the private key somewhere in case of an unforeseen circumstance that could bedevil your device.
Conclusion
Bitcoin is a great digital asset that you would love to make money from. But it all starts with his buying, storing, and selling your Bitcoin. This is why having a Bitcoin wallet is important. Prestmit offers you a Bitcoin wallet that is simple and safe to use anytime you beckon at it.
However, it is important to do your due diligence in keeping your Bitcoin wallet on Prestmit safe by taking the aforementioned proactive steps to secure your Bitcoin wallet.
