About Solana Wallets
A Cryptocurrency Wallet is an application that can be used to store digital assets. For a user to receive a cryptocurrency on any blockchain protocol, there is a need to create a wallet that is acceptable on that particular blockchain. For example, if Anne wants to get started with trading or storing SOL (Solana itself) or her choice tokens on the blockchain, she will be needing a wallet to receive those tokens in and for sending them out whenever she wants to.
Just like a physical wallet, cryptocurrency wallets can be used to store, send, receive and retrieve digital assets on a blockchain.
A non-custodial wallet is a wallet in which the user has complete control over their funds and do not require their personal credentials to assert ownership.
Solana SPL tokens can be received and sent in this kind of wallet. An example of this wallet provider is Solflare, Phantom and Sollet (no longer advisable to use unless you’re developing).
Custodial Wallets (Exchanges)
These are wallets that are mainly provided by regulated centralized exchanges. They require verification from their users. On these kinds of Wallets, Solana SPL tokens cannot be stored on it.
The Solana blockchain protocol can be used to create tokens that work on the network (these tokens are known as Solana Program Library tokens). SPL Tokens only work on non-custodial wallets.
How to Create a Solflare Wallet
Step 1. Go to https://www.solflare.com/ and click on ACCESS button
2a. If you already have a wallet, you can import it here by pasting your mnemonic in the textbox below. After doing so, click on Next Step. (You can include a password if you want to encrypt your wallet but it is not compulsory to do).
2b. If you have no previous wallet, just click on Create a new wallet and immediately copy the mnemonic given. Do not add to it or remove from the words.
2c. After copying the mnemonics, Click on Next and Access with the Mnemonics.
Step 3. If you are retrieving a wallet, you will get this modal. If you can’t find your Solana address in any of the ones shown to you, select another derivation path from the drop-down menu on the right side until you can find your address. Then click the “Access” button.
Step 4. After clicking on Access, you are directed to the https://www.solflare.com/portfolio page. This page shows your SOL balance and all your Solana SPL tokens.
Step 5. Click on the ‘copy’ button under the address to copy your Solana address. You can also click on ‘receive’ to scan the barcode that encodes your wallet address as text.
NOTE: Do not forget to put your seed phrase in a secure place so as to avoid theft or misplacement. If you lose your seed phrase, you lose ownership of your wallet.