Phantom is a crypto wallet which is used on the Solana blockchain. There it is used to store, send, receive, stake and swap tokens. This wallet is just like the Metamask for Solana. Moreover, most of the Solana based NFT marketplace will support the Phantom wallets. At present, it is only supported by the Solana blockchain, and they expect to extend its support to Ethereum and other blockchains in the future. With Phantom wallets you are able to connect to the crypto games. So you can transfer Solana into ATLAS – the in-game currency required for playing.
Solana:
Solana is a public blockchain which is especially built to host decentralized apps (DApps). It owns the cryptocurrency and it’s named as SOL. When compared with Ethereum, Solana will provide faster transactions and lower transaction costs. In 2021, the value of Solana (SOL) has soared upto 12,000%, which is a huge number. With a market capitalization of over $66billion, it holds the position of fifth largest cryptocurrency in the world.
Steps to install & use the Phantom wallet on Chrome browser
Step 1: Download the Phantom extension
You can download the Phantom extension in two ways as mentioned below;
- Get into the Phantom official website and you can check the different browsers which are offered by them. They offer Chrome, Brave, Firefox, Edge. On top right of the screen you can check the “Add to Chrome” button. Click on it to add that extension to your browser.
- The other way to download the Phantom extension is by the Chrome extension or by any other browser extension search. On extensions, by searching as Phantom you can get it. On the screen, you can see the “Add to Chrome”. Click on it.
Step 2: Click on Phantom Wallet extension
By this time, you have successfully added the Phantom Wallet Extension to your browser. Then the Phantom Wallet window will open up in a new tab automatically. If it doesn’t open, click on the “Puzzle icon” on the top right corner of your browser and click the Phantom wallet from the list of extensions. You can use the “Pin icon” to access the Phantom wallet more easily.
Step 3: Create a New Wallet
Once the Phantom wallet extension is clicked, you able to see two options which is mentioned as below;
- Create New Wallet
- Use Secret Recovery Phrase.
If you have already owned a Phantom wallet and forgot the password, click on the second option. Or else, click the first option to create a New Wallet.
Step 4: Store the Secret Recovery Phrase for future use
If the “Create New Wallet” option is selected, you will see the Secret Recovery Phrase. Use the Copy button to copy the phrase. You have to save it anywhere else very safely. Kindly note it down, because this is the only way to recover your account in future. Aware of it, there is no other alternative option to recover your account. Once you safely stored the secret recovery phrase, click on the button “OK, I saved it somewhere” to proceed further.
Create a password for your wallet
Now, it’s time to set a password for your Phantom wallet. As your wish, type a Password and re-type the same in Confirm Password. Make sure your password contains the combinations of numbers, alphabets and special characters. Once done with typing your password, click on the check box to agree their terms and conditions.
Keyboard shortcut to open Phantom
After setting the password, your browser will pop up with an instruction. It shows you a keyboard combination to open Phantom wallet. It is achieved by clicking the Alt+Shift+P together rather than navigating to the browser at all times. Finally on the screen, click the Continue button.
Use Phantom
On completion of the above six steps, you could see the message with the note “You’re all done!”. Click Finish. So you can confirm that you successfully installed the Phantom wallet extension on your browser and created an account on Phantom Wallet.
Steps to install & use the Phantom wallet on Phone
To date, this wallet is only available for iOS users. Use the link given here to download the application. You can follow the same procedure, as we saw for the browser to set-up an account in the mobile application.
Steps to install & use the Phantom wallet on Chrome browser
- Using any crypto exchange platform like Coinbase, Binance, FTX or any other tools, you have to purchase Solana.
- Next, with the help of Chrome extension, open your Phantom wallet.
- On clicking the Receive, you’ll receive two functions.
- A. Send from Wallet/Exchange B. Deposit from FTX
- Then, copy your wallet address of Phantom.
- Get into the exchange platform, and paste your wallet address in.
- Enter the amount you want to transfer.
- On clicking the Send button, your Solana is successfully transferred to your Phantom wallet.
Frequently Asked Questions
Will you safely leave your money in the Phantom Wallet?
Since access to your Phantom wallet is able to do with your computer’s browser, you must safeguard your computer logins first. However, leaving your money in a Phantom wallet is completely safe as long as your computer is not at a risk. Holding your money on a Phantom wallet is comparatively safer than holding on an exchange’s server.
How long does it take to transfer Solana to your Phantom wallet?
In general, it will take about 5-10 minutes to complete the transfer process.
Will Solana support all the blochains?
Currently, the Phantom wallet will support only the Solana blockchain. They are planning to extend their support to Ethereum and various blochains in the future.
Is Phantom wallet the best to use?
Many users believe that the Phantom is the best wallet particularly for the Solana blockchain. The user interface is easy to use. The transactions of your Solana from exchanges to Phantom can be done in a few minutes. To conclude that, the Phantom wallet is a recommended wallet to use for all Solana based crypto games.
Conclusion
With this article, we came up with the complete setup of Phantom wallet on the browser and on mobile devices. We also mentioned the faqs which will help you to understand the wallet more clearly. Even then, if you have doubts with the process use our comment section to clear your queries.
