What Is Phantom Wallet and How to Use It?

Phantom Wallet is a non-custodial cryptocurrency wallet. Although it was initially designed for the Solana blockchain, Phantom now supports multiple chains

Phantom Wallet is a non-custodial cryptocurrency wallet designed to help users manage their digital assets across multiple blockchains, including Solana, Ethereum, and Bitcoin. It serves as a gateway for users to interact with decentralized finance (DeFi) applications and non-fungible tokens (NFTs).

To set up a Phantom Wallet, users can download the browser extension or mobile app and follow the prompts to create a new wallet or import an existing one. They will be required to choose a password and save a seed phrase, which acts as a master key to recover the wallet in case of device loss or damage.

Once set up, Phantom Wallet provides various key features to help users manage their cryptocurrencies and NFTs. These include the ability to receive and send funds, swap between different cryptocurrencies, buy cryptocurrencies through third-party partners, and manage the list of tokens displayed in the wallet.

Users can also create multiple accounts within the same Phantom Wallet, each with its own set of public addresses and balances. This allows them to easily organize and separate their digital assets for different purposes or blockchains.

To ensure the safety of their crypto wallets, users are advised to keep their seed phrases safe and secure, preferably written down and stored offline. They should also be cautious when connecting to decentralized applications (DApps) and only interact with trusted websites and services.

Regular updates to the Phantom Wallet app or extension are recommended to stay up-to-date with the latest security measures and features. For more in-depth information and tips on using Phantom Wallet, refer to the Binance Academy article for further details.