Since cryptocurrencies broke into the limelight, emphasis has been on crypto wallets, their uses and several benefits for traders. However, most people ignore the fact that these crypto-trading apps also offer an opportunity for traders to hold fiat currencies through fiat wallets. Bitmama offers a variety of fiat wallet options to choose from, allowing users to trade directly from their wallets. Wondering how to easily create a Bitmama fiat wallet? This article discusses everything you need to know.
However, before we get into it, let’s look at a couple of important things to know.
What is a fiat wallet?
A fiat wallet is a digital wallet that is used for storing traditional government-issued currencies like Naira (NGN), Kenya Shillings (KSH), Dollar (USD), Euros (EUR) and more. Basically, this is in contrast to Crypto wallets that are solely used for storing coins like Ethereum or Bitcoin.
We can liken a fiat wallet to a bank account that electronically stores and manages your funds. With a fiat wallet, you can also receive and send payments as well as fully audit your transaction history. Depending on the design of the platform, some fiat wallets may allow you to set up recurring payments or manage several accounts.
Additionally, fiat wallets are mostly connected to the crypto wallet of the application. Basically, this means that traders can use the crypto app to perform tasks like depositing money into the fiat wallet or withdrawing directly to the bank account registered.
Exciting Read – What are centralized and decentralized cryptocurrencies?
How do fiat wallets work?
Fiat wallets simply work like your regular bank account. Essentially, you simply need to connect your crypto wallet to a bank account and transfer the fiat currency into the wallet. After this process is complete, you can conduct quick crypto transactions from your fiat wallet directly instead of your bank account.
Additionally, you can also sell your crypto and receive the proceeds directly to your wallet in the app platform.
What makes a fiat wallet valuable?
Basically, liquidity is what gives value to a fiat wallet. Compared to a traditional bank deposit which could take a few days, fiat transfers only take seconds. Bank transactions limit traders when they:
- Wish to buy or sell crypto rapidly during price fluctuations
- Want to avoid the unfavourable impact of crypto volatility
Are fiat wallets safe?
Yes, fiat wallets are part of the crypto exchange infrastructure and are therefore safe. Basically, the fiat wallet is as safe as the platform hosting it.
Check this out – How to invest in DeFi – Top 10 ways to invest
How to easily create a Bitmama fiat wallet
Setting up a fiat wallet is as easy as finding the platform that supports one. Bitmama offers heavily encrypted and highly secure fiat wallets which are created automatically for you as soon as you sign up on the platform.
Basically, you only need to:
- Download the Bitmama app for Android or iOS.
- Sign up on the platform
- Complete your KYC verification up until level 3
A fiat wallet in your domiciled location is automatically created for you instantly. For example, Nigerians will have access to the NGN fiat wallet, Ghanians, the Cedis and more.
Bitmama allows users to buy, sell and swap crypto with their fiat currencies. Basically, this process is instant and completed in seconds. You can also earn interest by simply staking crypto on your Bitmama account.
Ultimately, you can use Bitmama not only as a fiat wallet to hold fiat currencies but to trade digital currencies and passively earn interest through staking and referrals.
Get started today by downloading the Bitmama app on Android or iOS.
Leave a Reply