Cryptocurrency is a new and big deal amongst investors seeking to be active on the global stage of the financial market. However, as crypto assets increase in popularity, there is a need to understand them more. One such crypto asset is Dogecoin, and it starts with knowing how to open a Dogecoin wallet in Nigeria.
Dogecoin is touted as a cryptocurrency that starts as a “joke,” which is a satire of the emerging crypto market that had headway with the launch of Bitcoin in 2009 and Litecoin in 2011. For a cryptocurrency that did not have the prospect of holding the waters of long-term crypto investment with its launch in 2013, Dogecoin has galvanized its potential to curate a niche of crypto marketing for itself.
Today, you can not talk about popular cryptocurrencies without naming Dogecoin. This is owed to the trust many investors have in the digital asset, notable of which is Elon Musk whose interest in Dogecoin raised the price bar of the coin, with a throng of investors at that time. As of the time of writing this article, the price of Dogecoin is about $0.073 with a market cap of over $10 billion.
Dogecoin attracts huge investors across the world who buy, sell, and continue to trade in the digital asset. But you can not buy or sell Dogecoin if you do not have a Dogecoin wallet. Your Dogecoin wallet can be likened to your local bank account from which you can send or receive money. So this is why knowing how to open a Dogecoin wallet in Nigeria is important.
What Is A Dogecoin Wallet?
A Dogecoin wallet can either be a physical or digital wallet that keeps your public and private keys while connecting with the lender. While your public key is like your local bank account number which takes the function of your wallet address, your private key is the secret code that gives access to your Dogecoin wallet.
The core benefit of having a Dogecoin wallet in Nigeria is to be able to receive Dogecoin and have it stored. You can access this wallet anytime to send Dogecoin to your preferred recipient without a glitch. Are you thinking about how to have a Dogecoin wallet? Break no sweat because you can simply open a Dogecoin wallet on Prestmit.
Types Of Dogecoin Wallet
Broadly, Dogecoin wallets are available in two (2) types, namely, hot wallets and cold wallets. You can use any of these wallets based on your preference.
1. Hot Wallets
A hot wallet is the type of wallet you can connect to the internet. This means that hot wallets are available on computing devices, and they are operational on mobile apps, downloadable software, etc. The preponderance of crypto investorsprefersr hot wallets because of the wide range of wallets that you can access online. A good example of a hot wallet is the Dogecoin wallet on Prestmit.
The major merit that makes hot wallets the toast of many Dogecoin enthusiasts is the accessibility and convenience the wallets provide. This is because you can have a hot wallet on your mobile device as there is a large number of mobile users across the world. Also, you can easily open a hot wallet with a few simple steps. This is evident in opening a Dogecoij wallet on Prestmit.
However, the significant pitfall of using hot wallets is their susceptibility to theft if precautionary security measures are not taken. Hence the wallet is not as secure as cold wallets.
2. Cold Wallets
These are wallets that are not connected to the internet. You can only connect to the internet when you to buy more crypto or transfer funds to your recipient. Cold wallets are characterised by security and reliability. This is because the wallet offers unprecedented security features that earn it more trust than hot wallets.
How To Set Up A Dogecoin Wallet On Prestmit
You can easily set up a Dogecoin wallet on Prestmit, as it is one of the best hot wallets in Nigeria. Here are the following steps to open a Dogecoin wallet:
- Download a Prestmit app on Google Play Store or Apple Store
- Create a Prestmit account and log in
- Click on “Wallet”
- Click on “DOGE Wallet”
- Click on “Generate DOGE Wallet”
- You can copy the wallet address or download the wallet QR code
- Your Dogecoin wallet is ready to use
How To Send And Receive Dogecoin With The Wallet
Trading Dogecoin is easy as Prestmit is the best site to sell Dogecoin in Nigeria. Therefore, you can start to receive and send Dogecoin from your wallet with the following steps:
- Log into your Prestmit account
- Click on “Buy & sell cryptocurrency”
- Click on “Sell Cryptocurrency”
- Click on “Sell DOGE”
- Receive DOGE into your Dogecoin wallet on Prestmit by sending the coin to the provided address
- Sell your DOGE in a Prestmit wallet for instant naira
Tips For Securing Your Dogecoin Wallet
While you open your Dogecoin wallet, it is important to take a holistic approach to securing your wallet. This is because you do not want to fall victim to a possible loss of funds due to some neglect at the expense of the security of your Dogecoin wallet. So what are these security tips for your Dogecoin wallet?
1. Keep Your Private Key Secret
Just as the word “private” implies, you must ensure to keep your private key from the reach of people, regardless of your relationship with them. This is because access to your private key authenticates a withdrawal from your funds. I’m sure you do not want to experience a loss of funds.
You must endeavour to treat your private key with the same consciousness you give to your ATM PIN or bank transfer code that you don’t reveal to people. It is advisable to write your private key somewhere in a diary and keep it away from people’s access. This can be better than having the private key saved on your device and which someone might access at some time.
2. Enable The 2FA Always
Prestmit is a digital trading platform that takes the security of its users to heart. Therefore, you can be confident of having a safe wallet on Prestmit. Nonetheless, you need to always activate the two-factor authentication (2FA) code that would give you exclusive access that is devoid of unauthorised access to your wallet.
You must be proactive in this regard to avoid your wallet being compromised by fraudulent people that may make you fall victim to theft.
How To Troubleshoot Common Issues With Dogecoin Wallets
In the event of a lingering issue that is beyond your control, it is best to immediately contact the Prestmit support team to escalate your issue for a prompt resolution. You belong to the Prestmit family immediately you create a Prestmit account and open a Dogecoin wallet with us. This means that you are not trading aloof on Prestmit.
You can reach out to the Prestmit support team either via email or live chat. The support team is always available any time and any day to proffer satisfactory solutions to your queries.
How To Recover A Lost Or Stolen Dogecoin Wallet
It is common knowledge that recovering lost crypto is a herculean task. But here are some possible steps to recover a lost or stolen Dogecoin wallet.
1. Protect The Balance
When you notice the loss of your Dogecoin wallet, it is imperative to immediately remove the Dogecoin wallet and replace it with a new one. You may also need to change all the passwords related to your account.
2. Change Your Email Account
You must also endeavour to immediately delete your email account and get a new one to have new wallet details.
3. Contact The Support Team
You need to be swift in reporting the case to the customer team to prompt a temporary freeze of your wallet. This would put every transaction on your wallet on hold pending with time you would resolve the issue.
Conclusion
Dogecoin is a great digital asset to have as you can make a fortune from trading in the coin. But the journey starts with having a Dogecoin wallet. This Dogecoin wallet enables you to receive, store, and send your DOGE.
However, it is important to take caution in being extra careful with your Dogecoin wallet and your private keys to prevent an ugly story of the loss of funds. Do you want to start trading Dogecoin, create a Prestmit account now to open a Dogecoin wallet that is safe to use?
