What is Phantom wallet? 👻
Phantom wallet is the Solana Network’s premier wallet app, allowing people to buy/sell/trade cryptocurrencies and NFTs. It’s pretty much Solana’s Metamask, but better!
Can Phantom wallet hold and receive Bitcoin(BTC)? 🤔
Yes! You can buy, sell, and hold bitcoin(BTC) (wrapped Bitcoin or “wBTC”, to be specific) using Solana DEXs such as Jupiter and Orca. This way, you can use and take advantage of Solana’s cheap fees, but still, be able to invest in the growth of the Bitcoin(BTC) cryptocurrency.
How to bring your Bitcoin(BTC) to Phantom ✨
You can use reputable exchanges such as FTX and Binance to withdraw tokens directly to your Solana Phantom wallet. (we recommend using FTX because Binance’s Solana SPL withdrawals are frequently under maintenance.)
You simply click on withdraw on your preferred token (for this example, USDT), then simply pick “Solana SPL” as the withdrawal option.
After you received your USDT on your Phantom wallet, you can then swap the USDT for BTC on Jupiter.
is Phantom wallet secure? 🔐🧐
So far Solana’s Phantom wallet has had a very good track record of securing the funds of its users.
As always though, we heavily recommend grabbing a hardware wallet if you want to really ensure the security of your coins and tokens.
Final thoughts 🗒
Trading or investing in cryptocurrencies is excellent and all that, but always make sure your funds are secure. We always recommend using a nice hardware wallet like a Ledger to achieve this.
Happy trading and investing!
