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MetaMask is one of the most popular and top-rated cryptocurrency and token wallets used to manage your crypto and NFTs related assets primarily built on Ethereum, interacting with decentralized applications (dApps) across a variety of blockchains.
It comes with a variety of features including encrypted data storage, custom UI, custom EVM accounts, network access, and many more.
MetaMask developed by Consensys in 2016 as MIT-licensed open source software trusted by more than 100 million users across the globe that allows you to hold your private keys to your assets with full control of your funds.
If you are new to MetaMask and want to use it but don’t know exactly how it works, this simple guide will help you. In this guide you will learn everything you need to know about MetaMask, what it is, how it works, how to use it, etc.
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MetaMask is a web3-based cryptocurrency wallet that allows you to store and manage your crypto assets and NFTs that are built on Ethereum and EVM supported blockchain.
MetaMask is accessible via browser plugin and a mobile app, allowing you to connect decentralized applications built on the same environment as Ethereum.
As its core, MetaMask is a leading self-custodial (also referred as non-custodial) web3 wallet. The meaning of this is that each user holds a private key for their assets and only they have all the control of their funds. This wallet is not the same as centralized exchanges (CEX) where your funds are stored on their servers; it gives you complete ownership of your private keys.
MetaMask is Ethereum compatible as well as any other EVM (Ethereum Virtual Machine) based blockchain. In addition to private keys, it assigns a specific address to users that allow them to send and receive cryptocurrencies safely.
This includes various layer-2 solutions, Polygon, Binance Smart Chain, and Avalanche. With MetaMask, you can:
Storing your assets: MetaMask holds ETH and any ERC-20 token, including stablecoins, DeFi tokens, and NFTs.
Make payments: You can send and receive crypto from one address to another with ease.
Use dApps: MetaMask is the gateway to dApps like decentralized exchanges (DEXs), NFT marketplaces, and blockchain games.
Network management: You can switch between different blockchain networks, such as Ethereum mainnet or Binance Smart Chain.
It generates and keeps a private key (or seed phrase) on the Ethereum network that will allow you to access your assets. Whenever you need to perform a transaction or interact with a dApp, MetaMask creates a digital signature that indicates you are the rightful owner of the funds being sent.
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Web3 Explorer: MetaMask allows interacting with decentralized applications that are built on Ethereum. You can easily use dApps like PancakeSwap or Uniswap with MetaMask account and experience seamless crypto transactions without worrying about anything.
Self-Custody: Crypto market is highly volatile and as technology gets advanced, hacking and bankruptcies are gaining more traction. MetaMask offers a self-custody ecosystem in which you own access to your private keys that dramatically lowers the risk of losing your account and assets.
Balances and History: MetaMask allows you to see your total balance and previous transaction history. The platform offers balances and history feature that exactly works mini bank statement that keeps all the transaction related data in a secure tab.
MetaMask is built on Ethereum and it’s only compatible with it and EVM—compatible blockchains. The chains that MetaMask supports are:
Apart from them, MetaMask doesn’t support non-EVM blockchains like Bitcoin or Solana.
It has some drawbacks that you should know. Here, let’s explore its drawbacks:
No Dedicated Support: MetaMask platform don’t have any dedicated support team for resolving users issues or concerns. So, if you face any challenges, you’ll need to go to its community forum and post your issues. This is the only way to solve your issues.
Risk of Losing Funds: MetaMask provides a private key for your account management, and somehow you lose it or lose your seed phrases, you’ll lose your wallet for good. If you don’t store your keys and other login related information’s safely, you could lose access to your crypto and NFTs.
Security Vulnerabilities with Third-party: MetaMask allows you to interact with other EVM-based decentralized applications (dApps). However, it doesn’t tell you which dApp is secure or not secure, and due to this, some dApps may be malicious and could hack your account, access your private keys, and other crypto assets.
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Here are key steps for making your MetaMask wallet completely secure:
Use a Strong Password: The best way to keep your account safe is by using a highly strong password. Choose long passwords that contain special characters. Avoid using the passwords that has been used earlier and try to change your passwords frequently, it will highly reduce the risk of hack.
Avoid Clicking on Suspicious Links: Clicking on suspicious links can be risky or harmful to your MetaMask account. In today’s modern tech generation, hackers mainly use phishing to gain access to cryptocurrency wallets. Therefore, make sure to avoid clicking on any type of suspicious links or visiting websites that demand access to your personal information regarding crypto wallets.
Use Trusted dApps: When interacting with third-party decentralized applications, always makes sure that they are secure and reliable. Before installing them and adding your MetaMask wallet, read their reviews giving by their users, check their sources, and reputation in the cryptocurrency industry.
Setup and compatibility with MetaMask is fairly simple. Here are the steps you need to take to set up your wallet:
Install MetaMask
Install the MetaMask browser extension by downloading it from the official website, or from your mobile app store. The extension can be added to Chrome, Firefox, Edge, and Brave browsers.
Create a New Wallet
After downloading the extension, open it and choose Create a Wallet. You will be asked to set a strong password. Use the password you have just created to unlock your MetaMask wallet on your device.
Save Your Seed Phrase
You will be given a 12-word seed phrase by MetaMask. Note it down and save it somewhere safe — this is your only backup if you need to recover your wallet.
Confirm Your Seed Phrase
You’ll have to enter your seed phrase by choosing the words in order. This step confirms that you’ve written your seed phrase down correctly.
Done!
With the seed phrase confirmed, you set up your MetaMask wallet ready for use. Now you can receive/send crypto and use dApps.
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You pay Gas Fees when sending crypto on Ethereum network. Gas refers to the fee paid to miners or validators to process and validate transactions on the blockchain. Gas fees basically pay the participants of the network to secure the healthcare ecosystem and validate your transaction.
When it comes to submitting transactions, MetaMask makes it easy to estimate and pay these gas fees. For transactions to be confirmed, you can set it faster or slower where it is the cost of gas.
MetaMask is a great tool for those looking to get started in Ethereum and decentralized finance. For DeFi, NFTs, or just want a secure place to store your ETH and tokens, this is an essential tool within the decentralized application area.
But if you want a wallet that has broader crypto currency support, meaning it can store tokens beyond just Ethereum peers/sidechains, or if you prefer a more user married mobile experience, there are other wallets such as Trust Wallet or Coinbase Wallet better suited to your preference.
MetaMask is a great crypto wallet as it offers flexible and straightforward ways to store crypto and swap tokens on the Ethereum blockchain. Its decentralized ecosystem removes and kind mediators or middleman’s, making it a perfect choice for crypto investors.
If you’re thinking of developing a MetaMask type crypto wallet, we can help you. We are a professional crypto wallet development company having a 10+ years of experience in the blockchain domain. Our teams are excelling in crafting highly secured and user-centric crypto wallet. If you have a similar type of project in mind, we can bring it to life and help you capture the growing market of crypto industry. Connect with us.
DC Kumawat is the CEO of Orion InfoSolutions, a leading provider of IT solutions to businesses of all sizes. He has over 14+ years of experience in the IT industry. He is a passionate advocate for the use of technology to improve business performance.