Phantom® Wallet
phantom wallet is a digital or virtual wallet that is not backed by any physical currency. The term is most often used in reference to Bitcoin and other cryptocurrencies. While a phantom wallet does n
Last updated
phantom wallet is a digital or virtual wallet that is not backed by any physical currency. The term is most often used in reference to Bitcoin and other cryptocurrencies. While a phantom wallet does n
Last updated
Phantom Wallet: Why it is different from other wallets?
The Phantom Wallet is a type of crypto wallets like MetaMask wallet, Coinbase wallet, Electrum wallet that is mainly used to store, send, receive, stake, and swap tokens on the Blockchain. As other crypto wallets use different types of blockchains whereas this wallet uses Phantom Wallet Solana blockchain.
How phantom wallet Solana is different?
In the digital world, when it comes to the terms of making money, everyone does it in an easier and better way. And that’s how Phantom Wallet works, it mainly uses Solana blockchain which is cheaper and faster than the Ethereum blockchain. One of the major reasons why Solana is much better than Ethereum is because Ethereum limits its transactions only up to 15-30 per second on its network which ends up creating the bottleneck that results in high gas fees. On the other hand, Solana handles more than 50,000 transactions per second which makes it even faster than it was, and with the cost of just $0.00025, it makes it cheaper than Ethereum. In fact, the Phantom wallet works on the Solana blockchain that’s why it’s faster and cheaper, and with the use of Phantom wallet you can easily interact with, and make transactions with the enlisted:
DeFi (Decentralized Finance) apps
NFT (Non-fungible token platforms
Games on Solana blockchain
SOL staking (earn rewards)
Steps: How to create a New Phantom Wallet Solana?
Search for the Phantom wallet extension on the web browser.
Next, click on the Phantom wallet extension to add.
After that, simply tap on create new wallet option.
After creating a new account add a strong password for your wallet.
You can make a keyboard shortcut by clicking (Alt+Shift+P) for ease of use.
You’re done, Enjoy Phantom wallet.
Conclusion:
For beginners, a Phantom wallet is a perfect platform to navigate Solana blockchain from DeFi and NFTs. You can even earn rewards by playing free games, staking, swapping, and buying NFTs using Phantom wallet. It is a secure way for cryptocurrency but never share or disclose your secret Recovery Phrase to anyone, also store this in multiple places to prevent it from losing because once you lost them, nobody can access your Phantom account, not even the Phantom developers.
