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If you’re into cryptocurrency and/or NFT trading, you need to get a hardware crypto wallet. With the height at which cyber-hacking is increasing daily in the crypto and NFT space, I believe this is not something anyone would hope for.
A hardware wallet helps you secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more; giving you peace of mind by knowing that your cryptocurrency is safely stored. It is more like keeping your money in your right hand grippingly safe.
This article will guide you through the process of how to get a hardware crypto wallet in Nigeria and why owning one is important.
Takeaways
- Why is Hardware Crypto Wallet important
- How to Buy a Hardware Crypto Wallet in Nigeria
- Advice: Beware of fake sellers and resellers
What is Hardware Crypto Wallet?
A hardware crypto wallet, often a small plug-in device of a thumb size, is a portable key to access your crypto assets safely from anywhere. A hardware crypto wallet is a cryptocurrency wallet that stores the user’s private keys, a critical piece of information used to authorise outgoing transactions on the Blockchain network, in a secure hardware device. These wallets are multi-currency wallets and can store your crypto offline. These hardware wallets are device-based, meaning, they use storage mechanisms – USB drives – to store confidential keys, making it difficult for hackers to access these keys from an online location.
These private keys are a set of secure numbers that are used to send encrypted messages. Without them, you cannot perform crypto transactions on your cryptocurrency wallet.
Importance of Buying a Hardware Crypto Wallet
Hardware crypto wallets are an essential component of the blockchain ecosystem. They provide reliable security and utility when interacting with blockchains. These are some reasons why you should buy a hardware crypto wallet:
[READ ALSO: Types of Crypto Wallets]
Hardware Wallets are Highly Secure
A hardware wallet keeps your crypto assets safe even when the computer you are using is not so secure. It gives crypto investors an extra layer of protection and peace of mind against cyber-attacks, phishing sites and malware.
Store Many Crypto Assets in One Location
A hardware crypto wallet works with multiple blockchains simultaneously. This allows hardware wallet owners to manage bitcoins, lumens, ethereum & altcoins, all on the same mini device. These blockchains are easily backed up with a single recovery phrase if lost.
Hardware Wallets Are Convenient
It is very convenient to use a hardware crypto wallet. You can depend on it and it won’t fail you. A hardware wallet can “log you in” to many dApps without having to create new accounts. You can even use it to sign into regular platforms like Facebook and Google.
It allows for wallets to wallets trading
How to Buy a Hardware Crypto Wallet
Firstly, you have to decide on which hardware wallet brand you are buying. Our guide on the best hardware crypto wallets to buy can help you with this, but the two most well-known brands are Ledger and Trezor.
[READ ALSO: Best 5 Recommended Crypto Hardware Wallets in 2022]
For this guide, we’ll be using Ledger, this is still practical for other hardware wallet brands.
To Buy a Ledger Hardware Crypto Wallet
- Visit their official website, www.ledger.com
- Click on the “menu” icon on the top right of the homepage.
- Pick the product you are purchasing (You will be redirected to their shopping page).
- Then set up your Ledger account with relevant information like name, phone number, and delivery address.
- Afterwards, you can proceed with payment. Generally, a hardware crypto wallet costs about $100 to $200.
- Choose a payment method. Ledger supports different payment methods like PayPal, Crypto.com pay, Bitpay, and Credit or Debit card. You can pay with either fiat currency or cryptocurrency.
- Delivery takes about 2 – 4 weeks to arrive at your home address in Nigeria.
What To Consider When Buying Hardware Crypto Wallet
The best advice given to crypto traders is to buy their hardware crypto wallets from the official stores or websites. Buying from resellers can be risky. It doesn’t mean likewise that all resellers are not genuine. In 2019, it was reported that a Ledger reseller stole a man’s life savings from his hardware wallet. This is because resellers have initial access to the wallet and if they’re not honest, they can get hold of the private keys and resell them to you. After you’ve bought and started storing, they have access to your wallet because they have secure private keys. When buying a hardware crypto wallet it is best to buy from the official Web Store directly. In all, when buying a hardware wallet always check out the reviews and testimonials of previous buyers before proceeding.
