The Phantom Wallet is a type of crypto wallet like MetaMask wallet, Coinbase wallet, Electrum wallet that is mainly used to store, send, receive, stake, and swap tokens on the Blockchain. As other wallets use different blockchains whereas Phantom wallet uses Solana blockchain.
Now we’re going to have a look at the brief details about the Phantom Wallet and its advantages.
How phantom wallet 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 major reason why Solana is better than Ethereum is that it 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 which makes it cheaper than Ethereum.
Now Phantom wallet works on Solana blockchain that’s why it’s faster and cheaper, 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?
- 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 to 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 lose them, nobody can access your Phantom account, not even the Phantom developers.
