A crypto wallet is a program or app that allows you to store, send, and receive cryptocurrency.
In this article, we’ll talk about the Phantom Wallet, which runs on the Solana blockchain. But first, let’s talk about Solana.
What is Solana?
Solana is an open-source blockchain project created in 2017 that aims to use several advanced tech solutions to power the next generation of DApps (Decentralized Applications).
The project aims to create a scalable, secure, and completely decentralized platform that can run thousands of concurrent nodes and perform over 50,000 transactions per second without compromising bandwidth.
Solana has its own native token $SOL that you can trade on the most popular crypto exchanges and stake for rewards.
The Phantom Wallet is one of the most convenient wallets to send and receive Solana-based coins. The Solana blockchain supports multiple wallets, but Phantom is preferable due to its ease and integrability with the blockchain.
Phantom is decentralized and non-custodial, meaning you have complete and unquestioned control over your funds (so long as you know the key, that is).
With the Phantom wallet, you can manage your cryptos and NFTs, stake and swap tokens, and access DeFi applications on the Solana blockchain.
Phantom also features an in-built DEX (Decentralized Exchange) that supports Ethereum.
You can also link your Phantom Wallet to a Ledger hardware wallet.
How to set up the Phantom wallet
To get started with Phantom, head over to https://phantom.app/. There, download the app, or install the browser extension.
Now you can create a new wallet or import an existing one. If you make a new one, a seed phrase will appear that will serve as a means of protecting your wallet.
Be sure to write it down using pen and paper, preferably in separate chunks, and keep it offline in a place only you can access. If you lose them or an attacker finds out about them, you will inevitably lose all cryptocurrency. Like they say, not your keys — not your crypto. Once done with the seed phrase, come up with a password, and you’re good to go.
How to send and receive cryptocurrencies on Phantom
Being Solana-based, Phantom charges a gas fee is $SOL on every transaction. Therefore, you should always have some $SOL on your Phantom balance.
There are three ways to deposit your cryptos on Phantom.