A Burner Wallet is a sub-wallet or a completely different wallet from your original one, a burner is used to connect to unsecured websites and is mostly used to mint with.
The “burner” in the wallet’s name reminds users that it’s not secure for long-term storage. If you use a burner wallet, you should regularly sweep funds/NFTs into a more secure wallet.
I use a Main wallet where I store most of my NFTs/liquidity and I send liquidity to different burners when I need to swap, trade or mint. I use my Main wallet only to buy/sell on MagicEden from time to time. I am also using a Ledger, it’s super important especially when you start to have a decent amount of money on-chain.
So how to create a Burner easily?
Well with Phantom Wallet, it’s quite simple! Open your Phantom Wallet extension and click on this icon:
And then, you create a new wallet from the following button, you can name it as you want, I’d go with Burner #1 for example:
And you’re good to go! Your first burner wallet is up and running. Now you just have to keep your Main wallet safe and store liquid/nfts in it. Just send funds to your Burner when you need to do any kind of transaction.
This is an easy way to prevent a large number of scams but as you should know, you’re never risk-free.
