Bitcoin is the future currency as I know you, the one reading this article will agree with me.
If so, you need to know how to create a bitcoin account to own some.
This article will teach how to easily create a bitcoin wallet if you are based in Ghana, Nigeria, and any country you will find yourself in. The process is the same,
This article will also explain why you need to have a Bitcoin account, the advantages of owning bitcoins, and the difference between a bitcoin wallet, a bitcoin account, and a bitcoin address.
Have you already heard of these terms before, or you’ve been Confused? Don’t worry. I will take my time and take you through this one by one so that at the end of this article, you are going to be well educated and know what to do next.
Before Diving In, What Is Bitcoin?
To explain it, Bitcoin is the internet money created to make transactions more secure, smooth, and anonymous on the internet.
Like how central banks control currencies like Dollars, Cedis, Naira, and pounds, bitcoins are owned by their users.
Bitcoin is a peer-to-peer currency, and it is run by a network of computers worldwide. The Bitcoins generated can be used to buy goods and services.
Advantages of Bitcoin
Low Transaction Fees
Yes, you heard me right, assuming you want to send someone $50,000. You will have to visit the bank, sign papers, and then take a fee from this amount.
But for Bitcoin, you can even pay less than $5 for sending that vast amount.
Anonymity And Privacy
Yes, bitcoin is all about privacy. Just like your bank account, Bitcoin uses an Address, so when someone wants to make a transaction to you through the BlockchainBlockchain, they will need your bitcoin address and nothing more (no name, address, postal code, and the rest).
This makes it super easy to use as you might be questioned at the bank when you visit to send someone a considerable amount of money.
You Control Your Own Money
You might say, but I have money at the bank, and it’s mine. Yes, you are right, it’s yours, but do you know that banks can just come up with a story that they have been hacked and bla bla bla?
It happens, and when such things happen, you have no option but to wait for this bank to compensate you or forget and move on.
But with bitcoin, you control your coins with your private keys (also take note that when a hacker gets access to your private keys, he can send the coins to his account, which equals you being hacked).
Bitcoin is a peer-to-peer currency and is based on bidding and selling. Currently, the price of bitcoin is$39,000if all the people holding this coin decide to set a selling price at $60,000, then the people looking for some to buy will have no option other than to buy it at that price, making the price of bitcoin rise.
So assuming you bought $200 of bitcoins in 2017 when the price was $50 now that the price is $60,000, calculate your earnings.
Bitcoin is all about patience, and also remember, don’t invest what you can not afford to lose.
Now that you have learned about bitcoin and how it works, let me know how to own some.
There Are Two Ways To Create A Bitcoin Account, And They Are:
This is the easiest way to store your Bitcoins. As a beginner, you can decide to buy your bitcoins and hold them on the trusted exchanges and then keep them there or make a transaction from there.
Exchanges allow you to buy bitcoins with dollars or your local currency; it also helps you sell at your preferred rate.
In this article, I will take you through how to sign up and create a bitcoin account on the top 3 trusted exchanges.
A Bitcoin wallet is a wallet that you store your bitcoins inside, and it comes with a private key that is used to confirm the transactions.
The private keys are used to prove that you are the actual owner of the coins. That is why you shouldn’t joke with your private keys and make sure it is more secure than your own life (haha).
Types Of Bitcoin Wallets
There are two types of bitcoin wallets, and they are
- Desktop wallet – This is a wallet that can be downloaded to your desktop for sending and receiving bitcoins
- Mobile wallets – These are the types of wallets that you can only download on phones. These wallets give you additional options compared to desktop wallets.
Such options are being able to move it everywhere. Also, some mobile wallets have a Qr Scanner to make sending and receiving bitcoins an easy thing to do.
What Are The Differences Between Bitcoin Exchange and Bitcoin Wallet?
|Actions||Bitcoin Wallet||Bitcoin Exchange|
|Make Transactions With Your email and password?||No||Yes|
|Is Bitcoin Accessible To You Anytime?||Yes||Yes/No (Exchange can be under maintenance)|
|Recover Lost Password/private keys?||No||Yes|
|Compensation When Hacked?||No||Yes (Sometimes)|
|Can Your Bitcoins Be Stolen?||Not Likely if you keep your private keys safe||Depends (if someone gets access to your email and password, you can lose all your coins )|
|Contact Support for Help?||No||Yes|
But one thing you should keep in mind is that there are more secure and trusted exchanges out there, and that is what I am going to recommend to you and take you through.
I am now going to take you through how to create a bitcoin account in Ghana, Nigeria, Uganda, the USA, and wherever you find yourself.
We are going to tackle the top trusted and secured exchanges to create and store your bitcoins on, and they are:
And after that, we will talk about how to download and create Bitcoin accounts on wallets.
How To Create Bitcoin Account in Ghana On Binance.com
- Visit the official Binance website and click on Register.
- Type in your email and your password and click on Create Account
- Type in the verification code for an email verification sent to your mail. You can then deposit and withdraw cryptocurrencies. You can also buy cryptocurrencies with your credit card on Binance.
- To know your Bitcoin address, head over to the Dashboard and click on Wallet>Overview.
- On the overview, the screen selects Deposit and choose Deposit Crypto.
- Now choose your Bitcoin, and then on your right side, you will see your Bitcoin address and its QR Code.
This is what you will use to receive bitcoins into your account.
Images Taking You Through How To Create A Bitcoin Account In Ghana On Binance.com
How To Create Bitcoin Account in Ghana On Blockchain.com
- Visit Blockchain.com and then click on Sign Up.
- Type in your email and password, and then type in your password to confirm again. A confirmation email will be sent to you. Confirm that mail and log in again with your Wallet Id and password.
- To see your Bitcoin Address, click on the bitcoin icon on your Dashboard.
- Click on Request Bitcoin and your Bitcoin Address, and it will pop up.
Please note that with Blockchain Account, you log in with your Wallet ID, and your wallet ID is always found on any email you will receive from BlockchainBlockchain.
Images Taking You Through How To Create A Bitcoin Account In Ghana On Blockchain.com
How To Create Bitcoin Account in Ghana On Coinbase.com
- Visit the Coinbase website and click on Get Started.
- Type in your first and last name, email address, password, and tick that You Are Not Under 18, and when you are done, click on Create Account.
- After confirming your mail, you will be asked to set up a two-step verification, type in your number, and send a confirmation code to your number.
- Before you can trade, you will need to do a self-verification, which consists of typing your full name, address, location, the purpose of using the exchange, and many more.
- To see your Bitcoin address, head over to Portfolio, click on the Bitcoin icon, and select Receive BTC. This will display your Bitcoin address to send and receive Bitcoins.
This leads us to the next chapter, Bitcoin Wallet. Like I said, with a Bitcoin wallet, you control everything with your private keys.
Images Taking You Through How To Create A Bitcoin Account In Ghana On Blockchain.com
Coinomi is one of the oldest crypto wallets out there. It allows you to send and receive Bitcoins alone and other related cryptocurrencies like Ethereum, Litecoin, Ripple, Bitcoin Cash Monero, and many more.
Coinomi came as an app, but they have also made a desktop version. Since most of our visitors visit this website with phones, we will go through how to go through the process using phones.
So without wasting much time, let’s dive into creating a Bitcoin wallet using Coinomi Wallet.
How To Create A Bitcoins Wallet In Ghana Using Coinomi Wallet
- Visit Google Play Store or the app store and download Coinomi Wallet.
- Launch the app and select ADVANCED WALLET CREATION. You will be given a recovery Phrase, copy and write them somewhere safe.
- Click on ‘I have safely stored my recovery phrase offline’ and click on the next arrow.
- You will be asked to confirm the Recovery phrase by typing in the words given to you.
- After confirming, you will be asked to set a password and then confirm your password again.
- Now choose the coins you want to see on your Dashboard and press the plus sign.
To see your Bitcoin address, type on the Bitcoin icon and then select Receive. You will see your Bitcoin address together with its QR Code. Now you can send this address to receive Bitcoins from anyone.
Conclusion And Recommendations
Bitcoin has been known to many people, and there is mass adoption. The price has been increasing since December 2020.
If you are looking for a step-by-step guide on how to create a Bitcoin account in Ghana and in any country you find yourself in, then this article is definitely for you., you can also read how to buy bitcoin with mobile money with Coincola here.
In this article, we went through what bitcoin is, the advantages of Bitcoin, and how bitcoins work.
We also talked about bitcoin exchanges and wallets and how to create an account on the top trusted exchanges and wallets.
Hoping this article answers anything you want to know about Bitcoins. If not, please feel free to ask in the comment section, and I will reply to you within 5 seconds.
Note: Bitcoin is a currency that fluctuates. If you invest, either your investment is going to increase as the price of bitcoin increases, and at the same time, your investment might decrease a little bit as the price of bitcoin decreases.
Therefore we recommend you know what you are doing before venturing and also remember to invest in the amount you can afford to lose. (like I said, if you invest all your life savings and the price of Bitcoin doubles, your savings too will double. Same as if the price of Bitcoin decreases).