What is MetaMask Wallet? How to Use It ?

https://coingape.com/breaking-this-vulnerability-will-impact-only-certain-wallets/Let’s say you have a large amount of cash, where would you store it? The best option would be banks and safe lockers. But, if you want to access it easily, you can keep it in your physical wallet. Now, when it comes to digital assets like cryptocurrencies, where to store them?

Here’s where crypto wallets come into the picture. And, MetaMask wallet is one of the easily accessible and reliable software crypto wallets. In this article, let us discuss what is a MetaMask wallet and how it works in detail.

What is MetaMask Wallet?

MetaMask wallet is a software crypto wallet that allows you to store, spend, buy, transfer, and swap cryptocurrencies and NFTs. Besides, it also acts as a gateway to access decentralized Web3 applications through traditional internet browsers.

Consensys, a blockchain software company developed the MetaMask wallet in 2016 to help users interact with the applications built on Ethereum. Within a few years, it emerged as one of the most popular and widely used crypto wallets in the industry.

Around 21 million people are actively using the MetaMask wallet in a month as per MetaMask Statistics by EarthWeb. Its simple-to-use platform combined with the accessibility of more than 3,700 Ethereum dApps are the major reasons for its popularity.

Things you can do with a MetaMask wallet,

• Buy, spend, store, and transfer digital assets – cryptocurrencies and NFTs.
• Connect to Ethereum dApps like DeFi protocols, gaming applications, etc.
• Stake, lend, or borrow cryptocurrencies easily through DeFi platforms.
• Connect your wallet to other crypto wallets and transfer tokens between them.
• Access and play blockchain-based games like Axie Infinity.
• Access blockchain networks such as Ethereum and BNB Smart Chain.

3 Major Use Cases of MetaMask Wallet

Storing Digital Assets

MetaMask wallets are Ethereum-based wallets and are connected to the Ethereum Mainnet Network. So, they allow us to store all the tokens on the Ethereum network like Ether, ERC-20, ERC-721 tokens, and also some BNB Smart Chain tokens. The wallet also supports multiple wallet addresses to store tokens based on your preference.

Unlike many Web2 applications we use today, MetaMask does not store your personal details and financial information on third-party providers. The confidential information like private keys and recovery phrases will be stored in the MetaMask browser’s local data cache. This ensures the security of your information as well as your funds.

Swapping or Transferring Tokens

Accessibility is another feature that plays an important role in the adoption of cryptocurrencies. Crypto cold wallets provide the best security features but transferring funds from your cold wallet to another wallet address is a time taking process.

Being a software wallet, MetaMask makes it easy for you to access your cryptocurrencies at all times. You can easily swap your crypto tokens with other tokens like NFTs or transfer funds to other blockchain addresses within a few minutes. MetaMask wallet supports a variety of Ethereum tokens and you can access and transfer them based on preference.

Accessing Decentralized Applications (dApps)

Ethereum network has brought a revolution into the crypto world by introducing smart contracts and dApps. But, we cannot access these applications with the current Web2 interfaces. MetaMask wallet bridges this gap between Web2 interfaces and Web3 applications with its innovative features.

We can install and add a browser extension of MetaMask wallet on Web2 interfaces like Chrome. And, we can now access various dApps like lending platforms and blockchain-based games with it. MetaMask also allows us to participate in these apps, and stake or lend crypto tokens within a few simple steps.

How to Setup Your MetaMask Wallet?

MetaMask wallet is a free-to-use crypto wallet that you can download on internet browsers like Chrome, Edge, and Firefox. For better accessibility, you can also download a MetaMask mobile application. Its browser extension feature allows you to access the platform within a few clicks.

After installing the application, you can either create a new wallet or import your existing wallet into the MetaMask. In case you are creating a new wallet, the platform prompts you to set up a recovery phrase or seed phrase which is a randomly generated 12-word password. It is crucial to keep this password safe as it holds total control of your wallet. It also helps you recover your wallet and funds in case you lose your public key and private key.

Conclusion

MetaMask wallet is one of the best software crypto wallets existing today. Even though it provides security to your funds and information, it is connected to the internet. So, it is prone to online threats such as hacks and thefts.

One of the ways to provide additional security to your funds is to connect a cold wallet to your MetaMask. Only store the funds which you have to access frequently on software wallets. Otherwise, it is wise to store the funds in a cold wallet. Overall, MetaMask is a beginner-friendly crypto wallet that not only allows you to store and transfer crypto but also allows you to access dApps.

FAQs

Is MetaMask a safe wallet? 

Yes, the MetaMask wallet is a safe and reliable crypto wallet that exists today. The platform gives you complete control of your funds and does not store your private keys. It also employs advanced security features like encryption to keep your funds safe.

Can I store Bitcoin on MetaMask?

No, you cannot store Bitcoin on MetaMask because it is an Ethereum-based wallet. MetaMask only allows you to store EVM-compatible tokens like Ether and ERC-20 tokens. But, you can store wrapped Bitcoin (WBTC) on your MetaMask wallet.

Is MetaMask built on Ethereum?

Yes, the MetaMask wallet is built on the Ethereum network and it supports many Ethereum-based tokens like Ether, ERC-20, and ERC-721. But, you can also connect your MetaMask wallet to other networks like BNB Smart Chain.