Phantom – Solana is a popular specialized wallet. Designed as a browser plugin, it allows users to send cryptocurrency and interact with various decentralized applications. It can be installed as an extension for various leading browsers such as google chrome and brave.
The Phantom wallet allows users to store keys for Solana, SPL Tokens and NFT in three different web browsers. Phantom also provides users with the ability to view the Solana blockchain through a browser.
Supported cryptocurrencies: Currently, the supported cryptocurrencies that can be received, sent and stored in Phantom are Solana and tokens hosted on the Solana network.
Install Phantom wallet
The first step is to install Phantom in the browser of your choice. It must be supported by Phantom and downloaded only from its official website.
You can select your desired browser after clicking the download button in the top right corner of the page.
After selecting a browser, you can add Phantom as a browser extension.
Creating a new wallet
Here you will have the opportunity to create or restore an old wallet. If this is your first Phantom wallet, you need to click the “Create a new wallet” button.
The “I already have a wallet” option should only be used if you have an existing Phantom Wallet that you need to access. This may be due to damage or loss of the device that housed the original wallet.
After creating your password, you will be presented with recovery phrases that you should keep in a safe place, preferably having two physical copies for your eyes only.
Never share your secret recovery passphrase with anyone, if someone gains access to your secret passphrase, they will also gain access to your wallet. The Phantoms website has resources on the importance of security mechanisms for uninformed users.
After recording the recovery phrases, you will be taken to the main page of your wallet. SOL coin is used by default, other tokens can be added using the “Add Token” button.
Since there is always a mining fee for sending Solana and other tokens, a wallet must be generated before accepting SPL tokens, which will require a small amount of Solana.
The Phantom wallet comes standard with Solana. However you can add different tokens via the search bar, once added they will be displayed on the main page via “Mange token list” and selecting “add custom token”.
The next step is to find the wallet address. There are several ways to get the wallet address. One of them is to simply click at the very top of the interface and copy the full wallet address. It is the wallet address that needs to be given to whoever is sending you the cryptocurrency.
Sending cryptocurrency with Phantom is the next step. You can send cryptocurrency by clicking on the coin you want to transfer. You will be taken to the coins page, where you will be offered two options: send or deposit. You need to click on the “Send” button, which will open the send menu. Here you can insert the recipient’s wallet address, enter the transfer amount and set up the commission. With low fees, sending will take longer and may even be refunded.
Follow the steps below to place an order for cryptocurrency:
Select the cryptocurrency you would like to purchase and enter the amount you would like to spend to buy the coin.
In the “Your wallet information” field, enter the address of the cryptocurrency wallet to which you want to receive cryptocurrency.
Finalize your order and make payment .
Once you have double checked your order and wallet information, click the “Next Step” button to continue.
Phantom Wallet review
Browser extension provides quick access
Direct integration with Solana applications
Limited to Solana-based tokens and assets
Requires good knowledge to utilize all the possibilities
Although Phantom does not have access to your information, the browser you use does. Most browsers, such as Chrome, collect information about the user, which may violate the user’s privacy.
Phantom is a great gateway to interact with Solana-based assets and secure cryptocurrency. Its easy-to-use interface and advanced features make it a solid option not only for different use cases, but also for investors of different levels.
It offers a useful swiping service as well as easy integration with dapps, hardware wallets, and the mobile app. Online wallets don’t offer the increased security of cold wallets, but with the added integration capabilities of ledger systems, they are a great starting point for those interested in Solana and related tokens.
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