A crypto wallet is an account for cryptocurrency and NFTs, but unlike a conventional bank account, it’s free, no ID required, and only takes 3 minutes to set up.
There are different platforms available that enable you to create wallets, and these differ based on the network (or blockchain) they’re based on. Common blockchains are Bitcoin, Ethereum or Solana.
It means you'll be able to send and receive cryptocurrency. Setting it up doesn't commit you to anything, cost anything, or even need you to share any personal info.
As mentioned, there are various wallets for different blockchains and purposes. We will teach you how to set up a ”Phantom wallet”. It's a secure and easy-to-use wallet for the climate-neutral cryptocurrency Solana.
A Wallet address is a 44-character code that is unique for your account. Currency gets transferred to and from wallet addresses. Your wallet address can be safely shared just like your email address or bank account number.
A Solana address can look something like this:
Think of a secret recovery phrase as a master password for your wallet. It’s basically 12 randomly generated words that gives you, or whoever has them, full control of the assets in the wallet. So keep the words as secret as the name implies.
Once your wallet is set up, you don’t need to use the secret recovery phrase in your day-to-day usage. Instead, you use a password or Face ID (iPhone).
As long as you have your secret recovery phrase, you can lose your password - but not vice versa. So keep the words secret, hidden, and backed up.