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Nigeria Top 5 Bitcoin Wallets: Beware of Bitcoin Fraud


Nigeria Top 5 Bitcoin Wallets: Beware of Bitcoin Fraud.  This post will serve as a master guide on Bitcoin wallet and Bitcoin fraud related issues and Tips.

Just before we dive into the details, lets quickly answers few FAQ about Bitcoin:

  • What is Bitcoin?

Lets Briefly say that Bitcoin is defined by investopedia as a digital currency created in                      January 2009 following the housing market crash.

  • What is Bitcoin Wallet?

Also as briefly defined by  investopedia, is a software program in which Bitcoins are stored.

Technically, Bitcoins are not stored anywhere. For every individual who has a balance in a Bitcoin wallet, there is a private key (secret number) corresponding to the Bitcoin address of that wallet. Bitcoin wallets facilitate the sending and receiving of Bitcoins and give ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms. The four main types are desktop, mobile, web, and hardware.

Bitcoin Wallet Can Be summarized as:

  • A Bitcoin wallet is a not a physical item but a software program for holding and trading Bitcoins.
  • Wallets contain a private key for security. The key corresponds to the address of the wallet.
  • The four types of Bitcoin wallet are desktop, mobile, web, and hardware.

 Now lets Dive into the main post as earlier agreed.

A Bitcoin wallet is the first step to using or trading Bitcoin. A Bitcoin wallet is simply an app, website, or device that manages Bitcoin private keys for you. A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store and then send them to others.

 In reality, it’s not bitcoins that need to be stored and secured, but the private keys that give you access to them.

Nigeria Top 5 Bitcoin Wallets: 

There’s no one size fits all Bitcoin wallet. Wallets come on different platforms with different features. This guide will help you to find the best Bitcoin wallet for you in Nigeria.

1. Coinbase.

Coinbase is one of the easiest ways to buy, sell and hold cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

Coinbase Wallet (formerly Toshi) is the easiest and most secure crypto wallet. The app helps you keep all your digital assets in one place, use decentralized apps and make crypto payments with ease.

With Coinbase Wallet, your private keys are secured using your device’s Secure Enclave and biometric authentication technology. You can download Coinbase wallet on App Store  and  Play Store .

2. Blockchain Wallet.

Blockchain claims to be the world’s most popular digital wallet for storing Bitcoin and Ether. User-friendly, secure, and flexible, Blockchain Wallet is home to over 15 million wallets.

Blockchain Wallet is a digital wallet platform developed by the Luxembourg-based software development company, Blockchain. Accessible from the web or mobile devices, Blockchain Wallet makes it easy for anyone to transact securely with bitcoin and a lot of other digital currencies through a clean, intuitive user-interface. it isn’t a full exchange platform, it is considered to be more secure  form bad guys are constantly attempting to hack. Blockchain Wallet is compatible with both Android and Apple iOS as well.

3. Trezor Wallet.

Trezor isn’t a full buying and selling platform like Coinbase. Instead, it is simply a hardware device to store your Bitcoin.

Trezor wallet was the original cryptocurrency hardware wallet to be released even before the aforementioned. The wallet was first released in 2014 by a company called SatoshiLabs.

Being a hardware wallet, the Trezor wallet is much safer than traditional software wallets, as private keys are held on the physical device, rather than on a mobile or desktop computer. The Trezor wallet is never connected to an internet server, meaning that it is virtually impossible for a hacker to access your funds.

4. Exodus.

Exodus is a desktop wallet designed to give you complete control over your cryptocurrency assets. The first thing that stands out about Exodus is its design. It’s chock full of charts as well as personalization features. It also offers access to 11 of the world’s top cryptocurrency assets.

For starters, it’s the first desktop wallet that offers full compatibility with ShapeShift – a popular instant cryptocurrency exchange supporting dozens of tokens. This means Exodus users have access to nearly a dozen cryptocurrencies.

Like other desktop wallets, Exodus stores cryptocurrency assets directly on your machine. Because Exodus is a lite wallet, you never have to download the whole blockchain to your computer.

5. Luno Wallet.

Luno makes it safe and easy to buy, store and trade cryptocurrencies like Bitcoin and Ethereum.

Luno facilitates Bitcoin storage and transactions such as buying, selling and paying through their Bitcoin wallet services. They also operate exchanges between fiat money and bitcoin.

Nigerians, beware of Bitcoin fraudsters

The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.

The most popular digital coin in the world, Bitcoin, recently broke the resistance level of $7500 after re-entering the bullish level above $7000. This development has made a lot of Nigerians inquisitive about how to invest in the Bitcoin market.

Just in case you are one of those contemplating this, it is imperative to learn how to keep your investment safe in this market as the truth is that Bitcon can Make or Break you. This is because thousands of Bitcoin investors have, overtime, been defrauded of their hard-earned money around the world. The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.

Have you been approached by an unqualified investment professional asking you to invest in the Bitcoin market, without doing any professional analysis about the Bitcoin market? Perhaps this unqualified investment professional asked you to invest without even without showing you evidence of his accomplishments?

Have you been receiving email messages about investing in bitcoin with the promise of too good to be true returns on your investment in a brief time?

Have you ever been asked for your private Bitcoin wallet login details? Wow! Red Alert.

If your answer is yes to any of these questions above, you might need to be super careful. Bitcoin fraudsters use tactics such as:

Aggressive marketing 

Aggressive marketing tactics are often used by Bitcoin criminals to make you invest your funds in their scheme without conducting enough due diligence about them, like checking if they are regulated in their respective jurisdictions for such services.

If you’re being pushed hard to invest your funds quickly via unsolicited emails, Instagram, Twitter, or Facebook, without carrying out due diligence about the company or fund you are investing in, be cautious; there is a high chance that you will end up losing your funds.

A hacker recently compromised multiple accounts of YouTube users to broadcast a video of Bill Gates talking about investing in a cryptocurrency fund. Details revealed that the hacker had taken an excerpt from the original speech and stratified it with details of a Ponzi scheme, deceiving individuals to invest in the scheme.

Unrealistic returns 

One of the most peculiar characteristics of financial scams is the promise of unrealistic high returns. An investment firm that promises you 100% returns in a brief period after investing is a Ponzi scheme.

They use too-good-to-be-true tactics to lure victims into their Ponzi scheme nets. These financial criminals promise unrealistic returns to investors, returns never again seen (like the bull run of 2017) in the Bitcoin market.

The number Tips for the avoidance of hackers using Good wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.

Next time you are thinking of investing your funds in a bitcoin fund or firm, consider the promised returns versus the performance of the cryptocurrency market. A fund cannot promise 100% returns, while Bitcoin is only seeing 9% increases weekly. Think About It!

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