It is very important to store and manage your bitcoin securely. Crypto trading platforms like Binance and Breet can help you in buying and selling bitcoins in Ghana, but you are responsible for managing them and storing your bitcoins safely. This is the uniqueness of Bitcoin: you are your own bank.
To receive bitcoin, you have to own a personal bitcoin wallet – which signifies your bank account details, just like you need a bank account to receive money.
In this article, we will explain everything you need to know about bitcoin wallets and how to open a bitcoin wallet in Ghana.
What is a Bitcoin Wallet?
A bitcoin wallet is similar to a digital bank account, where you send, receive and manage bitcoins.
Here’s how it works:
- Bitcoin = Money
- Bitcoin Wallet = Bank Account Number
- Crypto Trading Platform = Name of Bank
- Bitcoin is the money that can be received or sent.
- A Bitcoin wallet is an address where bitcoins will be sent to or received from. It is your digital bank account number
- Crypto trading platform is the bank. For instance, if you use Breet, Breet is your digital bank.
How to open a bitcoin wallet
To open a Bitcoin Wallet in Ghana, you have to register with a certified crypto trading platform. Just like you register with a physical bank to get a bank account. The crypto trading platform is your digital bank.
To register with a crypto exchange, there are certain factors you have to consider:
- Price. Research which exchange applications give you the most ideal market cost for Bitcoin.
- Fees. What are the trade charges for depositing bitcoin and for withdrawing Fiat?
- Limits. Survey what the exchanging and withdrawal limits are for both Bitcoin and Naira.
- Security. What is the exchange platform’s reputation? Does it have extra security measures like two-factor authentication?
- Customer Support. This is usually ignored but it is imperative to consider their support system, when things go wrong it will be vital. Also, remember to check its operating times.
- Credibility. Check out users’ reviews and testimonials and see what others are saying about the Bitcoin trading app. It is also advised to look out for bad reviews and see how the company addresses them.
A highly recommended crypto trading app you should consider using when creating a bitcoin wallet in Ghana is Breet.
Breet is an OTC cryptocurrency exchange platform that allows anyone in Ghana to create their bitcoin wallet, send and receive bitcoin from anywhere. You can also convert your Bitcoin straight to your Cedis Mobile money. Breet does not use peer-to-peer trading as an exchange option and instantly converts your crypto to the fiat equivalent of how much your Bitcoin is worth, hence it is an automated crypto-to-fiat app.
Breet is incredibly fast and allows you to convert and withdraw your crypto in less than five minutes. Use Breet and enjoy zero withdrawal fees and no extra charges. Other unique features are Point rewards for every user, high security, and 24/7 reliable customer support service.
Breet supports multiple cryptocurrencies including Ethereum, Dogecoin, Litecoin, Bitcoin Cash E.T.C
Now that you’ve successfully registered with a crypto trading platform, the next step is to generate your bitcoin wallet address.
Generating your bitcoin wallet address is very easy. For example: if you were using Breet as your crypto trading platform, all you have to do is:
- Click on the ‘bitcoin’ icon
It will open a page that clearly says ‘generate wallet’.
- Click on ‘generate wallet’
Immediately, you have gotten your personal bitcoin wallet address. Click here to learn more on how to create a bitcoin wallet with Breet.
How to Identify a Bitcoin Wallet
After you have successfully created a bitcoin wallet, a wallet address is provided for you. Every bitcoin wallet address comes with its own unique characters. BTC addresses consist of alphanumeric characters. A bitcoin wallet address must always start with the letter ‘B’ or number ‘1’ or ‘3’.
Examples:
bc1qfedln07gkmtwggg…
1LmowumjQA8YJQ2S…
3FZbgi29cpjq2GjdwV8…
Bitcoin wallet addresses are usually twelve(12) to twenty-four (24) characters long.
You can use your BTC address to receive bitcoin from anywhere in the world and also send bitcoins to another bitcoin user.
our bitcoin wallet will also give you a QR code that a sender can scan to send bitcoins to you.
That said, you have successfully created a bitcoin Wallet in Ghana and other countries.