Phantom wallet– A beautiful home for your digital assets
Having a crypto wallet is the need of the hour especially when you are planning to invest more and more in crypto over a period of time. Therefore, today, through this informative post, we’ll be guiding you through different topics that would help you understand this wallet service in a better way. Yes, we are going to talk about the Phantom wallet at length which would include comprehensive details on setting up the wallet on your device.
Interested users can go ahead with reading each section carefully so that they find this particular wallet pretty convenient to use.
Before we tell you anything about this wallet, we would like you to understand what this wallet is. Starting with the basics, we can say that, it is basically a crypto wallet that allows the crypto traders to conveniently store, stake, and send, as well as crypto tokens without having to compromise their security. However, one important thing to note about the Phantom wallet is that it only works on the Solana blockchain. In addition to that, the wallet also gives you the power to interact with Defi apps, NFTs, etc.
Speaking about wallet usage, we can say that the wallet works only through the web browser extension or the mobile application. But, the bigger question here is why you should choose this wallet when there are some other wallets available to us that too with pretty useful features. We’ll try to answer that in the upcoming sections.
Explaining the usefulness of Phantom wallet
If you are also wondering why should you opt for this wallet, then you need to understand that this wallet comes with varied facilities as specified below:
- Has a very intuitive and useful user interface
- A non-custodial wallet to let you have peace of mind
- You cannot just store tokens on it, but also swap them conveniently
- Also supports NFTs
- Those who wish to connect it to hardware can easily do so by connecting it to the Ledger wallet
- Earning rewards by staking Solana is also pretty interesting
- Has a great user base which is enough to add to its trustworthiness
How to download the Phantom wallet extension?
If you want to use Phantom wallet through the available extension instead of using the wallet app, then you need to understand the complete procedure that would help you in adding the extension to your web browser. Here, we have taken the example of the Chrome web browser to show you how the Phantom extension is added to it:
- From your browser, visit the Phantom website- https://phantom.app/
- Click one of the two “Download” options
- Go to the “Phantom for desktop” option and choose your browser
- Click the “Add to Chrome” option and then select the “Add extension” option
- Finally, the extension would be added to your browser with a puzzle icon at the top
Now, you can click on this puzzle icon to access the wallet from the browser’s taskbar as and when needed. However, by just downloading the wallet, you cannot use it. It is important to undergo the setup procedure as well. To set up your wallet, the next section includes some easy steps that you can apply.
Understanding how to set up a Phantom wallet
In order to set up a Phantom wallet on your device, you can follow the steps that are listed below:
- To begin the process, you first need to find and click on the wallet icon (puzzle)
- On the homepage, you will see two options- create a new wallet or use a secret recovery phrase
- Here, you need to choose the “Create new wallet” option as evident
- At this point, your screen would come up with the Mnemonic/ secret recovery phrase
- Note it down in a safe and private space or click the copy button to copy and paste it
- After saving the recovery phrase, choose “OK, I saved it somewhere”
- Next up, what you can do is create a new password for the Phantom wallet login
- Click “Save” to save your password and create a keyboard shortcut for the same
With this, we come to the end of our discussion on setting up and using the Phantom wallet. We hope we were clear in providing you with the necessary guidelines about this user-friendly wallet that works on the Solana blockchain. In case of more queries, do not hesitate to navigate to the official website of Phantom and go through their “Blog” section to learn more.