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Title : Phantom Wallet: Beginner’s Crypto GUIDE!! Step-by-Step!!
link : Phantom Wallet: Beginner’s Crypto GUIDE!! Step-by-Step!!

Phantom Wallet: Beginner’s Crypto GUIDE!! Step-by-Step!!

Phantom Wallet: Beginner’s Crypto GUIDE!! Step-by-Step!!

crypto adoption is on the rise and not just on the investment side more people than ever are using cryptocurrencies to interact with decentralized applications of all kinds the key to this kind of crypto adoption is the ease of use and this is an area where phantom's browser extension wallet has taken the crypto world by storm today I'm going to give you a bit of background about the phantom show you how to use its browser extension wallet and tell you what effect phantom could have on the crypto industry [Music] before I show you how to dabble with apps i need to make sure we're on the same track nothing in this 

is financial advice and that's a fact it's just educational content delivered with clarity and tact please contact a financial advisor if you're looking for a money map if this is the first time you hear my rhymes my name is the guy and this channel is home to some of the highest quality crypto content you can find this includes coins tokens news reviews and other topics that will blow your mind if this sounds mighty fine subscribe to the channel and ping that notification bell so you don't fall behind if the grains of sand in your hourglass are running low you can skip ahead using the timestamps below watching until the end though is how you can help the channel grow that's all you need to know let's see how the phantom wallet works and how it could change crypto the phantom wallet was founded in march 2021 by computer scientists Brandon Millman Francesco Augusti and Chris Kalani all three founders worked for another 

the crypto project called xerox before founding phantom for that unfamiliar xerox is a decentralized exchange built on Ethereum now prior to zero x phantom's founders worked for big tech companies including Facebook Twitter and yelp so yeah these guys are pretty legit the trio founded the phantom wallet intending to become the best i.e most user-friendly browser extension wallet in cryptocurrency rather than go head-to-head with metamask on Ethereum right away the phantom team opted to start by building on a promising smart contract cryptocurrency in need of a browser extension wallet before going multi-chain they settled on Solana because of its large VC backing and because salina users tend to be active users of other cryptocurrencies too this would make it easy for phantom to achieve adoption on other 

chains the phantom browser extension wallet launched in April last year and the project raised nine million dollars from various crypto VCs shortly afterward by november 2021 the phantom wallet had reached the one million download milestone today phantom has over two million downloads and this makes it the second largest browser extension wallet in cryptocurrency by user count not only that but phantom recently raised another 109 million dollars from various crypto VCs giving the project a valuation of over 1 billion which makes it a so-called unicorn why is so much money pouring into phantom you ask well by the end of this tutorial you'll understand the first step to using phantom is to add the wallet extension to your browser to do this simply find the phantom wallet website click the download button in the top right 

scroll down the page and select the appropriate browser note that I'll leave a link to the phantom website in the description you're welcome now because I'm using the brave browser I'll be downloading the phantom browser wallet extension from the chrome web store and to do that I just click add to chrome a pop-up will come up that asks you to confirm adding the extension just click add extension after a few seconds a page that looks like this will automatically open click create a new wallet you'll first be asked to create a password and agree to the terms of service make sure to come up with something super-secure not just the word password looking at you grandma next you'll be shown your secret recovery phrase hovering over the blurred box will reveal the words make sure to write these down and put them in a secure place do not show them to anyone because these words can be used to recover any crypto in your phantom 

wallet if something happens to your computer after you've written down the seed phrase check the box that says I saved my secret phrase and click continue next you'll get a message telling you that you can use the alt plus shift plus p keys to open the phantom wallet at any time though i must admit that I've never done this anyhow click continue again this will bring you to the final slide of the setup which prompts you to follow phantom on Twitter now i suggest doing so because phantom sometimes retweets promising Solana projects that have yet to pop just remember to do your research as with other browser extension wallets you can open the phantom wallet using the puzzle piece icon in the top right of your browser excuse all the other browser extension wallets 

i'm a busy guy now that you've set up your phantom wallet browser extension it's time to load it up with some soul now i'll start by saying that the phantom wallet website recommends you always keep at least 0.05 sol in your wallet to ensure you have enough to pay for transaction fees regardless of network activity if you already have sol sitting around somewhere then obviously the easiest option is to just send it to your phantom wallet by opening up the wallet and copying your phantom wallet address by clicking on the top area where it says wallet one i'll show you how to rename your wallet in a minute if you don't have any soul sitting around anywhere then obviously you're going to need to buy some now you have three options here and the first is to just buy sol on your favorite crypto exchange and send it over your second option is to buy sol from directly within the phantom wallet using a credit or debit card to do this open the phantom wallet click on deposit then click buy with moon pay this will open up a 

a window that lets you select how much sole you want to buy note that buying sold this way is a bit more expensive than buying it on a cryptocurrency exchange it's also quite tedious as you must provide a bunch of personal information including your email name address and credit or debit card information too that's why I prefer the third option which is to connect my phantom wallet to my fix our account to do this open the phantom wallet click on deposit and then click transfer from fix this will open up a window that asks you to log into your ftxus account and once you've done that you'll see the sole 

balance on your account pop up along with the option to transfer it to phantom if you don't have an ftxus account yet you should check out my ftxus tutorial in the description which comes complete with a juicy trading fee discount now that you've added some soul to your wallet you can start exploring some of the phantom wallets features let's start by changing that default wallet name to do this open the phantom wallet and click on the gear icon in the bottom right by clicking into the box where it says wallet one you'll be able to edit your name choose one 

that suits you since we're already in the settings there are a few other options I should point out you can change the language of the wallet you can add frequent wallet addresses you can change your wallet password you can set the auto-lock time for when you must re-enter your password and you can even change the cryptocurrency blockchain you're using right now this selection is limited to different versions of the Solana blockchain but in the future, it will include different cryptocurrency blockchains more on that later last but certainly not least the setting section of the phantom wallet is where you can see your secret recovery phrase or even reset your secret recovery phrase if you lost access to the one you currently have on that note you should always keep any crypto you're not actively using on a hardware wallet and you can learn about how to set up the best hardware wallet in the biz using the link in the 

description now that you've tinkered with the settings in the phantom wallet it's time to explore the next tab this is the recent activity tab which you can access by opening up the phantom wallet and clicking on the little lightning bolt at the bottom of the wallet the recent activity tab is more important than you think for one it lets you double-check whether your Solana transactions went through and where they went the recent activity tab also lets you check whether there is someone else making any unwanted transactions to or from your wallet this can happen if you interact with a malicious smart contract on a cryptocurrency blockchain and this actually happened to a handful of phantom users in October when they tried to ape into some hot new nft collection 

only to find that their phantom wallets had been completely drained now this is why you should always double-check that a dap is legit before you click anything and be wary of any websites that ask you to connect your browser extension wallet be it phantom or otherwise if you're not sure to check the Solana ecosystem website and search for the project if it doesn't pop up you're either super early or it's a scam in either case you should probably wait and see before you ape now if you want to learn more about how to research cryptocurrency projects you can check out my video about that using the link in the description now that you're aware of the importance of the recent activity tab you're ready 

to try out phantom's swap feature fun fact phantom swap feature is how the company behind phantom makes money according to the phantom website quote phantom charges a flat 0.85 percent transaction fee on swaps I should also point out that quote phantom reserves the right to modify these fees and the pairs on which they are charged at any time in its sole discretion so keep that in mind now instead of being its own decks the phantom swap feature plugs into the radium decks behind the scenes though it offers a limited selection of Solana tokens that you can swap between as such if you're looking for some meme coin you'll have to go directly to the radium decks to get your fix and I'll leave a link to my Solana tutorial in the description if that's what you're trying to do anyways to use the phantom wallet swap feature simply select the amount 

of sole you want to swap for the token of your choice and select review order if you're happy with what you see click swap and after a few seconds your swap should be complete notice how there was no need to confirm the transaction it just went through after one click when you go back to the main tab of the phantom wallet the balance of the token you bought will automatically show up this will happen for any other Solana tokens you buy on the Solana blockchain and if it doesn't then that means you'll have to go digging through the Solana blockchain explorer find the token address and enter it manually into your wallet the Solana tutorial I just mentioned shows you how to do that so I won't get into it here all I will show you here is how to select which Solana tokens you want to see on the main tab of the phantom wallet to adjust 

this click on manage token list what's awesome is that the phantom wallets token list is pretty extensive meaning you probably won't have to go as far as digging through the Solana blockchain for a token contract address unless you're dealing with a real steamy coin just search the name of the crypto you're trying to find and it should pop up click the little toggle next to the name and when you're back to the main tab of the phantom wallet you'll see your token has been added to the list now this brings me to what is arguably the phantom wallet's most famous feature and that's its nft collectibles tab to access the nft collectibles tab click on the icon consisting of four squares at the bottom of the phantom wallet as you can see i currently have no nuts in my phantom wallet 

so let's change that shall we if you watch my video about the top nft marketplaces you'll know that Solana's top nft marketplace is solanart this is where I'm going to pick up an nft to show off the phantom wallets nft collectibles tab if the disclaimer didn't make it clear enough this is not an endorsement of the nft collection in question I literally just chose one with the lowest floor price as you can see i now have one nft in my phantom wallet if I click on the left and scroll down it gives me all the details about that nft, as well as an option to send it to someone else and that, reminds me if you're curious about the different types of nfts and how they're valued i made a video about that which you can find 

in the description, I digress the last phantom feature on the list is soul staking which can be done directly within the browser extension wallet to stake sol using the phantom wallet click on your sole balance on the main tab then click on start earning sol this will open a list of Solana validators but before you delegate any Seoul pop open the Solana beach blockchain explorer and check which validator takes the least commission now commission is basically how much of a cut the validator takes from any staking rewards it generates with your delegated soul and right now it looks like most Solana validators are taking ten percent since Selina's taking rewards are currently around six percent per year that means you're missing out on around 0.6 per year which 

doesn't sound like much but can add up if you plan to stake for a long time speaking of which be aware that any soul you stake will be locked for five days and if the validator you choose to delegate to does something shady like an attempt to manipulate transactions the Solana blockchain will automatically destroy some of their stake including yours this means you should do your research on a validator before you delegate any soul to them naturally the risk of mischief with newer validators is higher and these are often the ones that offer the lowest commission since they're trying to attract some stake even so there appear to be a few big-name validators offering zero commission staking on Solana namely all nodes which runs validator nodes on multiple 

proof-of-stake blockchains again this is not an endorsement just an example once you've figured out which Solana validator you want to delegate your sold to go back to the validator list in the phantom wallet browser extension and search for that validator next click on their name and select the amount of sole you want to stake note that there is no minimum stake but make sure not to accidentally click max because then you won't have any soul left to pay for transaction fees related to other activities after clicking stake you'll get a message saying your staking wallet is being created once that's done when you go back to the main tab and click on your soul holdings instead of start earning soul you'll see how many souls you've currently staked you can of course delegate 

soul to multiple validators and this can be done by clicking where it shows how many souls you're currently staking clicking on the three little lines on the top right of the tab clicking stake and once again searching for another validator to delegate to when the time comes to unstake simply select the validator you want to unstake from and click the unstake button it's that easy if you're wondering about the other ways that you can make passive income with crypto you can check out my video about that using the link in the description to wrap things up i want to take a second to explain why phantom is such a big deal for crypto besides the fact that the phantom browser extension wallet provides an unparalleled user experience the phantom wallet will soon be adding support for the Ethereum blockchain after Ethereum phantom 

will be adding support for other cryptocurrencies that leverage the Ethereum virtual machine and will also integrate the bridges between these blockchains directly into the wallet I suspect that this cross-chain functionality will be built into the phantom wallets swap feature assuming this is the case it would constitute a cross-chain experience unlike any other for now though the phantom team is focused on quote perfecting the experience on Solana 

which includes pushing the boundaries of what the browser extension is capable of the phantom team is also focused on its recently released mobile wallet which is only available for ios users for the time being unfortunately I couldn't find a timeline for an android wallet release, in any case, it seems that phantom's rise has taken metamask by surprise and recent actions by metamask's parent company suggest it's trying to stay at least an arm's length ahead in this arms race given how much money has been pouring into phantom's pockets however it's clear that the biggest bets are on phantom and it's barely been around for a year as a 

the cherry on top Solana is one of the most funded crypto projects out there and it has likewise been allocating millions of dollars to development if you want to learn more about Solana you can check out my most recent update about the project using of course the link in the description that's all for today's phantom wallet tutorial if you found it helpful let me know by smashing that like button if you want to make sure you don't miss the next video subscribe to the channel and ping that notification bell, if you've already binge, watched every video on this channel well-done head on over to coin bureau 

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