How To Use Phantom Wallet

The world of cryptocurrency can be exciting, but also intimidating for newcomers. Choosing the right tools to manage your digital assets is crucial. Enter Phantom Wallet: a user-friendly and powerful crypto wallet designed specifically for the Ethereum and Solana blockchains. This guide will walk you through everything you need to know about using Phantom, from setting it up to buying, sending, and storing your cryptocurrencies. Get ready to unlock the potential of DeFi, NFTs, and the exciting world of decentralized applications with Phantom as your trusted companion!

May 31, 2024
Meta Matt

The world of cryptocurrency can be exciting and complex at the same time. Choosing the right tools to manage your digital assets is crucial for a smooth and secure experience. Enter Phantom Wallet, a user-friendly and powerful crypto wallet specifically designed to navigate the Ethereum and Solana blockchains. But why Phantom, and why consider these blockchains in particular?

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Why Phantom Shines

Effortless Management: Phantom offers a user-friendly interface, making it easy to store, send, and receive your Ethereum (ETH) and Solana (SOL) tokens, along with tokens built on their respective ecosystems (ERC-20 for Ethereum and SPL for Solana).

Streamlined Swapping: Need to adjust your crypto portfolio? Swap your tokens directly within the Phantom interface for added convenience.

Unlocking dApps: The world of decentralized applications (dApps) awaits! Phantom seamlessly integrates with both Ethereum and Solana dApps, opening doors to explore DeFi (decentralized finance), NFTs (Non-Fungible Tokens), and a vast array of innovative blockchain-based services.

Why Ethereum and Solana Deserve Your Attention

Ethereum: The Established Powerhouse: Ethereum is the pioneer of smart contracts, programmable code that automates agreements on the blockchain. It boasts a robust ecosystem with a vast selection of established dApps and a strong developer community.

Solana: The Rising Star: Solana challenges Ethereum with its blazing-fast transaction speeds and lower fees. This makes it an attractive platform for DeFi applications and users seeking a more cost-effective experience.

With Phantom, You Don't Have To Choose! Explore the established world of Ethereum and the exciting possibilities emerging on Solana. This guide will equip you with the knowledge to confidently navigate your crypto journey using Phantom Wallet.

Setting Up Your Phantom Wallet

Step 1: Download the Phantom extension or mobile app from Downloading Phantom works just like downloading any other app or browser extension.

Step 2: Once you launch Solana you will select "Create a new wallet".

Step 3: It will prompt you to create a password. Make sure to make it a password that you can remember, and keep it in a safe spot.

Step 4: You will then see your Recovery Phrase (also known as Seed Phrase). This is 12 random words. Make sure to write the 12 words in order somewhere safe. Losing your recovery phrase means potentially losing access to your crypto forever, as there's no way to recover it without it. NEVER GIVE OUT YOUR RECOVERY PHRASE!! This is for your eyes only!!! Once you write down your recovery phrase then click "I saved my secret recovery phrase" and press continue.

Step 5: Click "Get Started".

Step 6: If you are on your computer you will have to go to where your browser extensions are (typically on the top right hand side of your internet browser) to launch Phantom.

Navigating The Phantom Wallet

When you open your wallet you will see your wallet's balance, and the crypto coins that you hold in your wallet. If you select "Manage Tokens List" then you can toggle which tokens will appear on your wallets homepage

On the bottom of your screen you will see a dollar sign, four squares, two arrows, a lightning bolt, and the world wide web symbol. The dollar sign is the homepage, where you can view your crypto holdings and receive/buy/send crypto. The four squares to the right of the dollar sign is where you can find your NFTs and digital collectibles. The two arrows is where you can Swap crypto. The lightning bolt shows your past transactions. And the world wide web symbol is where you can interact with decentralized apps.

To Access Your Public Address, Click The QR Code At The Top Right Of Your Screen. You Can Then Click The Two Boxes To Copy Your Address. The "Scan QR Code" Button Lets You Scan Someone Else's Wallet's QR Code To Send Them Crypto.

Sending crypto to someone is like sending an email - you need their address! In the crypto world, your public address is like your email address for cryptocurrencies (like when you PayPal someone you need their name or email). It's a unique combination of letters and numbers that anyone can see. Think of it as a public code that people use to send you crypto funds. It's perfectly safe to share your public address, similar to giving out your email. Just remember, it's like your mailbox - anyone can put something in, but they can't take anything out without your seed phrase which is like your email password and keeps your crypto safe.

Sending Crypto On Phantom

Step 1: Click the "Send" button with the arrow next to it

Step 2: Select the Cryptocurrency you want to send

Step 3: Paste the public address (make sure it's a Solana wallet if you are sending Solana, Ethereum Wallet if you are sending Ethereum, etc) of the person you want to send the crypto to. Then click "next".

Step 4: Enter the amount of crypto you want to send and click next.

Step 5: Click "send" and you're all set!!

Make Sure To Check Out To Get A StoneBook To Keep Your Seed Phrases Safe!!

Receiving Money On Phantom

Step 1: Click the "Receive" button with the plus sign next to it

Make Sure To Click The Button That Is Next To The Cryptocurrency You Are Receiving. You Can Either Click The QR Code Symbol To Let Someone Scan Your QR Code To Send You Money, Or You Can Click The Two Squares And Copy Your Public Address And Then Send It To Them (Via Message, Text, Etc). Now they have your public address and they can send you crypto.

How To Buy Crypto On Solana With Phantom

Step 1: Click the "Buy" button with the dollar sign next to it

Step 2: Select the crypto that you want to buy

Step 3: Select how much crypto you want to buy

Step 4: You will then be prompted to use either MoonPay, Meso or Coinbase Pay.

MoonPay offers a wide range of payment methods including credit/debit cards, bank transfers, and Apple Pay. They are known for a smooth and easy-to-use buying experience. Transaction fees on MoonPay can be higher compared to other options. MoonPay may not be available in all regions.

Ramp Network (Formerly Meso) Generally offers lower transaction fees compared to MoonPay. It also ssupports buying crypto with various fiat currencies (e.g., USD, EUR). It may have fewer payment options compared to MoonPay (e.g., might not support credit card purchases in some regions). Being a relatively new player, Ramp Network might have less established user experience compared to others.

Coinbase Pay nand Phantom are part of the same ecosystem, offering potentially smoother integration for buying directly within Phantom (availability might depend on regions). Coinbase is a well-established exchange known for its security measures. Coinbase Pay May have limitations on payment methods depending on your region. Coinbase fees can vary and might be higher for smaller transactions.

Alternatively you can buy crypto on an exchange like Coinbase and send it to your Phantom Wallet. Click here on more info on how that works.

Managing Your Solana NFTs

If you click the four boxes at the bottom of your Phantom Wallet screen, you will be able to view and manage your collectables. You can send NFTs to others, list them for sale on a Marketplace, and view the stats/traits of your NFTs on Phantom.

Swapping Tokens On Phantom

Step 1: Click the lightning bolt at the bottom of your screen.

Step 2: Select which tokens you want to swap. The one on the top is being converted to the one on the bottom.

Step 3: Press "Review Order" and then you can swap your tokens.

If the swap doesn't work because of "slippage" you can change the slippage settings by clicking the percentage symbol in the top right of your "Swap Tokens" page. Slippage in Phantom happens when the crypto price changes between when you see a quote and when your purchase confirms. This can occur due to market swings or limited availability of the token. Set your slippage tolerance in Phantom, a safety net that cancels the trade if the price differs too much from the quote. A higher tolerance allows for smoother buying but might mean a slightly worse price. Start low and adjust as needed to find your balance.

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