Welcome to this lightweight non-custodial wallet and generate good income. This crypto wallet helps you deal with the different blockchains that are available on the Solana blockchain. Available in the form of an easily accessible extension, a phantom wallet can be used to perform basic operations i.e. to receive and send crypto tokens. Along with that, you can also use it to generate passive income by staking Solana. Adding more to it, you will be glad to know that the wallet comes with the option to collect NFTs as well. Being a centralized as well as self-custodial wallet, this gives you the opportunity to be fully in charge of the wallet, thereby you will be responsible for the storage and safety of your private keys. And one of the most notable things about this wallet is that it is compatible with some of the most popular Windows web browsers i.e. Edge, Brave, Chrome, and Firefox.
SOME NOTABLE FEATURES COVERED
Although we have noted down some of the very popular features of this wallet, you will still be able to gather some more details by having a look at the following points:
One of the most light-weighted wallet services available today
Can be easily used on desktops that have Chrome or other compatible browsers
You can also configure and use it with a hardware wallet for gaining next-level security
To generate some additional cryptos, you will be able to stake Solana through your wallet
WHAT ARE THE PHANTOM WALLET FEES?
Now, it is very important to understand the fee structure of every network or crypto platform before you start using it. This will help you have a clear understanding of the amount you will be charged for carrying out any transaction through this network. Well, if we specifically talk about the Phantom wallet, we can say that every user who makes a transaction through this network needs to pay the transaction fee which is also known as the gas fee. However, this fee can only be paid in SOL. So, before you make any transactions through your wallet, you need to ensure that you have enough funds in your wallet to pay the transaction fee.
IS IT SAFE TO USE THE PHANTOM WALLET?
Well, it is extremely safe to use this wallet service as your private keys are controlled by you and stored on your device which means nobody except you would be able to gain access to your funds. Apart from that, the security of the wallet has been taken care of by one of the top-ranked software auditing companies known by the name- Kudelski. Apart from this, when you use this wallet, there are very minimal chances that you'd take any actions by mistake.
LEARNING TO SET UP A NEW PHANTOM WALLET
In order to set up a new Phantom wallet, here are the easy steps you need to follow to set up a new wallet:
The first thing that you need to do is visit the https://phantom.app/download webpage
After this, you need to click on the wallet creation option
Store your secret recovery phrase and do as you are told to do
You can also pin the phantom wallet extension for easy access
If you can't find what you are looking for, you can definitely head to the official website of phantom wallet and learn more about your queries. Also, you should understand the fact that the Phantom wallet is a software wallet which means you will need to sync it with a hardware wallet for enhanced security. And, to achieve that, you can connect it with the Ledger wallet.