What is a Phantom Wallet?
Phantom is a crypto wallet that is used to store, send, receive, stake, and swap tokens on the Solana blockchain.
With Phantom Wallet, you can transact and interact with decentralized finance (DeFi) apps, exchanges, Non-fungible token (NFT) platforms, and games on the Solana blockchain.
Like Solflare, Phantom does not have a Web Wallet, it only has a browser extension. However, Phantom planned to release their mobile application for iOS and Android in January 2022.
So be aware of any potential scams that offer the Phantom Wallet as a downloadable app for your mobile phone.
How to Create a New Phantom wallet?
Ensure to follow the below step-by-step process to set up the Phantom Wallet extension and create a Phantom account.
Step 1: Download the extension
Step 2: Click and Pin the Phantom Wallet extension
Step 3: Click on Create New Wallet
Step 4: Storing Secret Recovery Phrase
Step 5: Create a password for your wallet
Step 6: Keyboard shortcut
Step 7: How to use Phantom
Step 8: Basic Features
Step 1: Download the extension
To download the Phantom wallet extension, you need to go to the Phantom website or can directly go to the Google Chrome extension store or Firefox extension.
Click on the Add to Chrome/ Add to Firefox button whether you are in the Phantom website or Chrome extension store/ Firefox extension store. Clicking the Add to Chrome/ Add to Firefox button will add Phantom Wallet Extension to your browser.
Step 2: Click and Pin the Phantom Wallet extension
Now you’ve successfully added the Phantom Wallet Extension to your browser.
On the successful installation, the Phantom wallet window will automatically open in the new tab. If not, you can click the puzzle icon on the top right of your browser and click on the Phantom Wallet. For the faster access in the subsequent times, you can use ‘pin icon’ to pin the Phantom Wallet extension.
Step 3: Click on Create New Wallet
After clicking on the Phantom icon, you should see Phantom start up in a new tab and you could see two options:
- Create New Wallet
- Use Secret Recovery Phrase
If you are a brand new Solana user, select “Create New Wallet”. If you are an existing Solana user coming from Sollet, you can follow steps here to migrate your existing wallets to Phantom.
Step 4: Storing Secret Recovery Phrase
Store your “Secret Recovery Phrase” in a safe and secure location, it is the only way to recover your wallet. At no point will a member of the Phantom team ever ask you for this phrase. Whoever has access to this phrase has access to your funds.
Once you note down your Secret Recovery Phrase, click OK, I saved it somewhere.
Step 5: Create a password for your wallet
Next step will be creating a password for your Phantom Wallet.
You can type your password in the Password field and Confirm Password. Ensure to set a solid password with combinations of numbers, alphabets, and special characters.
After typing the password, you have to select the check box and Click Save; make sure to read the Terms of Service before selecting. In a nutshell, Terms of Service includes privacy policy, third party services, content ownership and removal, rights, fees, account termination policy, and government law.
Step 6: Keyboard shortcut
After setting the password, now your browser window will show an instructional message for ease of use.
That is nothing but a shortcut to open Phantom Wallet. Click Alt+Shift+P together to open Phantom Wallet without navigating in your browser.
Here, you need to click the Continue button.
You have successfully created your Phantom wallet and can follow Phantom’s channel on Twitter and Discord. To complete click ‘Finish’.
Step 7: How to use Phantom
To open up your Phantom Wallet, just click on the icon in the top right corner to launch.
Step 8: Basic Features
Phantom is built for simplicity when it comes to managing digital assets on the Solana blockchain. Its most outstanding feature is the built-in exchange that lets you swap tokens on the Solana ecosystem.
Its most outstanding feature is the built-in exchange that lets you swap tokens on the Solana ecosystem. A super handy feature that makes it simpler to transact.
Phantom also supports NFTs and collectibles thus making it easy for users to not only collect but also view their NFTs in the app.
You can easily connect your Ledger hardware wallet with Phantom. What’s more, Phantom allows for SOL staking meaning you can use it to earn rewards for staking Solana’s native token. However, note that the Phantom wallet is not a full node on the Solana blockchain network.
If anything is unclear please do not hesitate to reach out to us at GoCrypto.co.za or support@gocrypto.co.za