Phantom Wallet, A friendly Crypto Wallet

Phantom Wallet, A Best Solana wallet built for DeFi & NFTs

The Solana Phantom wallet could be an all-in-one suburbanized finance (DeFi) wallet witnessing continued adoption with the expansion of Solana' ecosystem. However, many of us wonder, "what is the Phantom wallet doing that' different?". Phantom offers users the flexibility to store cryptocurrencies, non-fungible tokens (NFTs), and earn a passive financial gain with idle assets.

collectively of the top-performing comes in 2021 that’s seeing continuous adoption, the Solana Phantom wallet is a multi-functional application giving storage for multiple forms of science assets for one in all the quickest blockchains within the world. Users may also swap tokens with alternative assets for less than a cent whereas at the same time earning a passive income. Moreover, by providing a non-custodial suburbanized service, users are assured of science security for the storage of their assets.

In our “What is Phantom Wallet” article, we are going to dive deep into the basics and options at intervals the project. Plus, we’ll consider how briskly the Solana Phantom wallet is turning into the go-to wallet application for the Solana blockchain. Also, we’ll explore the assorted security protocols and precautions the project uses to shield its users’ funds.

For those new crypto, make sure to check out our Crypto for Beginners course, that teaches you ways to take a position and secure your wealth safely. Also, save our “Crypto Terminology” article for a orientate the favored vocabulary used throughout the industry. Plus, find out about the onymous developer(s) of Bitcoin; see our “Who is Satoshi Nakamoto?” article for later!

Among various cryptocurrency wallets available across the world, the Phantom wallet is the most popular one. These crypto wallets actually vary as per their usage and features. Phantom is one of such crypto wallets. It allows you to store, send, receive, stake, and swap tokens on the Solana blockchain. 

The phantom wallet is known for its cost-effectiveness and security. You can use the Phantom wallet to transact and interact with NFT platforms and Defi apps. Go through the information mentioned here to know what is a Phantom wallet and how you can use it.

What is Phantom Wallet?

Phantom Wallet is a non-custodial crypto wallet that allows its users to access decentralized apps available on the Solana network. This digital wallet of the Solana blockchain helps you to trade cryptocurrency and even manage your digital assets.

When the Phantom wallet was launched, it was available only as a browser extension in its initial days. But after some time, the company launched an app for iPhone users. You can use this app of Phantom wallet to directly access all its services without any desktop. For this, download and install the Solana Phantom wallet on your iPhone from its website, i.e., https://phantom.app/. Once the app is installed on your device, you can easily deposit, transfer, stake, and swap assets on Solana using it. The wallet also generates and manages private keys where you can store your SOL and sign transactions.

How to use Phantom wallet?

Once you know what is a Phantom wallet, it’s time to learn how you can use it. Go through the following information to know how to use the Phantom wallet.

Deposit SOL & tokens

First of all, you need some funds to start using the wallet. You have to send SOL, i.e., the native asset of the Solana blockchain before sending Solana (SPL) tokens to your Phantom wallet. This is done because you need some SOL for paying the transaction fees to perform any transactions on the Solana blockchain. This is just like ETH which is used as a gas fee on Ethereum and BNB as a gas fee on the Binance Smart Chain network.

Install Phantom

You have to install the Phantom app for your Chrome browser using its website, i.e., https://phantom.app/. Click on the Download button located at the top-right corner and select your browser from the list of supported browsers appearing on the homepage.

Here, you have to click on the “Add to Chrome” button, if you want to add it to Google chrome. Approve all the permissions asked to add the wallet application to your browser extension. 

Setup Phantom Wallet

Tap the application icon to set up your wallet. This will display you two options for wallet setup:

The first option will help you to create a new wallet. In case, if you have to import your existing wallet to some other device, then choose the import wallet option.

Connect Hardware wallet

The Phantom wallet Solana allows you to connect with your hardware devices. Currently, you can connect only to the Ledger device. For this, navigate to Add/Connect Wallet and choose Connect hardware wallet.

Go through the instructions that appear in the application window to establish a connection with your device.

Deposit

All you need is the Deposit address for depositing any SOL assets. To find the deposit address, search for the required token and choose it.

You will get the receiving address and the QR code to receive the asset on the screen of the application.

Send

The Send option allows you to transfer your tokens to other wallet users. To Send the token from your wallet, you have to enter the recipient wallet address and the number of tokens. After entering the asked information, confirm the process.

Swap

You can even swap two supported tokens from your Phantom wallet. For this, choose the token that you want to trade on the top, and provide the token that you want to get at the bottom. 

At last, review your order and check the slippage and network fee and then confirm the process completion.

Benefits of Phantom Wallet Extension 

Before opting for the Phantom wallet, it is important to have some amazing features that make it different from others. Given below are some benefits that you can get while using Phantom wallet:

How to Setup Phantom Wallet?

If you want to set up your Phantom wallet, you need to follow certain simple steps. For this, you must have the correct private keys as any mistake in this can put you in trouble. Apply the following steps to set up Phantom wallet:

The Phantom crypto wallet download process

To get the Phantom wallet downloaded on your device, you need to follow these steps one by one and get the software wallet installed on your device:

  1. At first, visit the URL https://phantom.app/download
  2. Now, click on the ‘Create New Wallet’ option.
  3. Now, from the given page, select your browser type
  4. Followed by this, complete the remaining steps to add the wallet
  5. If you are a new user, click on the option to create a new wallet

How do I Recover Phantom Wallet Password?

In this section, we have mentioned some simple steps that can help you to recover the Phantom Wallet:

Conclusion

The detailed information mentioned above is enough to clear your concept about the Phantom wallet. You can easily use this crypto wallet as a browser extension or iOS mobile app. Phantom wallet somehow works very much similar to MetaMask, and that’s why it is known as the MetaMask wallet for the Solana blockchain network. Once your account is created, you can send, stake, swap Solana to your Phantom wallet, and even buy NFT using it.

Frequently Asked Questions (FAQs)

Is Phantom wallet safe?

When it comes to the safety of the Phantom wallet, the answer is obvious Yes. As per the Phantom Wallet Review, the crypto wallet app employs several security mechanisms to protect your crypto from hacking or theft. Phantom Wallet provides you with everything that makes it safe.

How do I withdraw money from the Phantom wallet?

Following steps will help you to withdraw your stakes from the Phantom wallet:

How do I transfer from Coinbase to Phantom wallet?

Go through the below-mentioned steps to transfer Solana from Coinbase to Phantom Wallet:

How do I withdraw money from the Phantom wallet?

In case you have purchased Solana from your phantom wallet and you wish to withdraw it from your wallet, then you need to click on the "Send/Receive" option available on its main page. Enter the amount you wish to withdraw and follow the remaining prompts.