Free Guide:
6 Simple Steps To Invest Into
Cryptocurrency Through Phantom Wallet (2024)
- Go to your App Store or Google Play Store and download the Phantom Wallet App
2. Follow the setup guide on your phone and click on the $ (Buy) button as seen below. For privacy reasons, I’ve hidden my balance 😉
3. Example:
If you want to buy Bitcoin (BTC), you just click on “Bitcoin [Taproot]”
Why Taproot?
Transaction Fees: Both, Taproot and SegWit reduce fees compared to legacy addresses, but Taproot can be more efficient for complex transactions.
Privacy: Taproot offers better privacy enhancements.
Functionality: Taproot introduces more advanced scripting and contract capabilities.
Compatibility: Native SegWit has wider current adoption, but Taproot support is increasing.
4. After you clicked on Bitcoin “Taproot”, the following page shows the so-called “On Ramp” partner from Phantom which is MoonPay.
MoonPay lets you buy crypto through the Phantom Wallet App super easy. It’s one of the biggest Crypto “OnRamp” services on earth.
It has over 85,000 Trustpilot reviews, it’s ISO 27001 certified and used by 20 million people on earth.
5. After you clicked on MoonPay, you see the following window where you choose the amount in FIAT currency aka Euro, Dollar or others to buy Bitcoin or any other cryptocurrencies you choose.
At the time of writing this guide, you’ll receive 0.01522 BTC for €1000.
You can put any amount you like in here but keep in mind, there are some transaction fees which are around €20 — €40 per transaction. It makes no sense to buy €100 in crypto if you have to pay €40 in transactions.
I’d advise you to buy no less than €1000 in crypto.
If you don’t have €1000 to spend in crypto, I’m honest here – you have to make more money and crypto is nothing for you.
Next step.
6. The final step of the guide is “Checkout with MoonPay”.
Here you put in a valid email and MoonPay is then communicating with you via mail aka it sends you confirmations etc., after you paid with your FIAT, and it sends you your crypto in 2 minutes — 12 hours – depending on what you buy.
Important: Your Cryptocurrency is then saved in your Phantom Wallet App which is on your phone which is the whole point of this guide. You are now responsible for your cryptocurrencies and must manage them yourself. If an exchange is not liquid anymore or has massive problems with the government, you’ll be fine, because you have made your cryptocurrencies so-called “self-custody”.
Your cryptocurrencies are now directly on your phone and not in a wallet managed by an exchange, which comes with massive advantages which I’m telling you about in the following guide: “Wallets, Security, Seed Phrases and Private Keys”.
We hope you liked this first part because you’re owning cryptocurrencies now.
How do you feel?
On to the next one to make an OnChain Security Expert out of you.