When you get interested in entering the world of cryptocurrency, you will find a Metamask wallet. It is one of the cryptocurrency wallets on the Ethereum blockchain, which is web-based, installed as an extension to your browser.
Browsers that support Metamask wallet are Google Chrome, Firefox, Brave, and Edge.
Besides the web browser extension, at this time Metamask has been released for mobile with Android and IoS operating systems. This may be due to a large number of user requests to allow Metamask access via mobile smartphones.
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- 1 Metamask wallet explained
- 2 How Metamask wallet works
- 3 When was Metamask launched?
- 4 The benefit to using Metamask
- 5 Metamask browser extension
- 6 How to use Metamask?
- 7 Is Metamask only for Ethereum?
- 8 Metamask e Binance
- 9 Is MetaMask safe on your phone?
- 10 How do I keep Metamask secure?
- 11 Metamask how to delete an account?
- 12 Is Metamask wallet safe?
- 13 Final thought
Metamask wallet explained
MetaMask is a popular browser extension, which functions as a cryptocurrency wallet connected to the Ethereum blockchain.
The wallet allows users to interact with the Ethereum ecosystem, which hosts many decentralized applications (Dapps), without having to download the entire blockchain on their device.
As such, it is one of the best Ethereum wallet solutions for easy access to decentralized exchanges (DEXs), gaming platforms, gambling sites, and many other applications.
The Ethereum blockchain is an open-source network where developers are allowed to build their own applications known as Dapps and cryptocurrencies. MetaMask wallet is a place to store keys only for Ethereum cryptocurrency.
Most of the tokens built on the Ethereum blockchain are called ERC20 tokens because they follow the rules that Ethereum developers have set for creating new cryptocurrencies.
Although Metamask basically built on the Ethereum blockchain. But they also provide access to other networks such as Binance Smart Coin and other Testnets.
How Metamask wallet works
How MetaMask works are that this wallet allows communicating with the Ethereum ledger through a system called Infura.
MetaMask is present as a DEX aggregator as well as a DEX. In this platform, later the system will not only look for the best-quoted price but will focus more on the best price and results provided by DEX. Of course, by not exiting the MetaMask application.
The MetaMask add-on can also include multiple wallet IDs, including adding MyEtherWallet. Through the MetaMask wallet, you can access DApps and other Ethereum applications. Therefore, it also acts as an Ethereum blockchain browser.
One unique feature of Metamask is that it can interact with websites. Where the website will send a ping to your wallet, and you are asked to accept or reject the transaction. This is different from other wallets, which have to copy-paste the payment address or scan a QR code on a separate device.
When was Metamask launched?
Metamask was launched in 2016 by ConsenSys software inc. It is a company based in Brooklyn and has several branch offices including New York, Washington, D.C., and San Francisco.
ConsenSys is a software manufacturer for developing decentralized software services and applications that operate on the Ethereum blockchain.
Who owns Metamask wallet?
ConsenSys Software Inc is the developer who built the Metamask wallet, the company was founded by Joseph Lubin with more than 500 employees in 2020.
According to Fortune, Metamask itself has more than 3 million monthly active users It is one of the very popular Ethereum wallets, due to its ease of use and versatility in many projects on the Ethereum blockchain.
The benefit to using Metamask
- It is an open-source wallet, which allows users to further develop according to their needs.
- Hierarchical deterministic settings. MetaMask giving seed phrases that can be used to reset lost account information.
- Built-in coin purchasing, users can choose Coinbase to buy Ether and ShapeShift to buy Ether or ERC20 tokens.
- Simple user interface. MetaMask is very easy to use, even for beginners it will be easy to navigate how to receive and transfer cryptocurrencies.
- Local key store. MetaMask stores keys in the user’s browser, so users have more control over their public and private keys.
- The MetaMask community has more than one million active users and has more than 40 thousand followers on Twitter.
Metamask browser extension
Metamask is an integrated wallet with compatible browsers. The user can download it and install it in the browser and immediately he can create a new wallet or if he already has a password, can log in with the old seed phrase.
So to install Metamask, users must use one of the supported browsers, currently available for Chrome, Firefox, Brave, Edge. The download page will automatically detect the browser you are using. It greatly simplifies installation because users do not have to manually search for download pages to customize the browser they are using.
You can download Metamask on Chrome browser, visit the download page and click “Install Metamask for Chrome”.
This requires some permissions to install the extension on your Chrome, once installed it will display a welcome page and a get started button.
In the welcome message you will see a strange Fox that becomes a Metamask symbol, then click Get Started. It will show you two options, whether to import the seed phrase or create a new one. If you don’t have a wallet yet, continue by clicking Create a Wallet.
However, if you already have a wallet, continue with importing seed phrases. The next page shows two options, whether you want to submit anonymous data to help developers improve the app. You are free to choose what you like.
After that you need to click create, then a video with a duration of 1.45 minutes will appear telling you the importance of saving the key phrase. You can skip and click Next to continue, but if you willing to watching, its good.
Next you will need the seed phrase to continue, choose all the words in order one by one according to the seed phrase that you recorded earlier.
After you confirm the seed phrase and there are no errors, then click all done, you are ready to use the Metamask wallet to store Ethereum tokens.
To start using Metamask in the Firefox browser, you must first download Firefox on your computer. Next, visit the download page, or go directly to the Metamask for Firefox add on-page.
Similar to the Chrome pad installation, it also requires some permissions before you can proceed. When the add-on is properly installed, you can continue to use the extension for the process of creating a wallet or importing seed phrases that have been creating previously.
Metamask android currently has more than one million downloads, with the last update on June 16, 2021, version 2.5.0 with android at least version 4.4. The embedded features are more or less the same as the desktop version of Metamask, which allows users to interact with Ethereum Blockchain projects.
In its latest release Metamask android allows users to buy ETH in more than 33 countries using Apple pay. You can swap every token included a custom token in your wallet.
From a total of 7,502 reviews, this application received a rating of 3.6, this is due to some users experiencing problems with their wallets, thus giving a one-star rating. However, more people are satisfied with using Metamask wallet on android.
How to use Metamask?
- To buy Ether or token, click Buy two options will appear, Buy ETH with Wyre, and Directly deposit Ether, if you have ETH on another platform, second option can be selected, it will show QR code and public address.
- The second method of depositing ETH is easier, if you have ETH on another platform, you only need to copy and paste the public address in the transfer form on another platform.
- The first option Buy ETH with Wyre will take you to two payment options, Apple pay and Card Payment, you just follow the purchase instructions.
- To send the token you select “Send” on the home page of your dashboard, then paste the public address of the transfer destination.
- To swap tokens using the “Swap” button, a token selection will appear and you can choose which one to swap.
Is Metamask only for Ethereum?
Metamask is just a Browser extension for Ethereum and can function as an Ether wallet, which can interact with Ethereum Dapps and smart contracts without running a full node on the Ethereum blockchain.
The development team seems to be continuing to expand the network coverage, they also plan to add Polkadot in the future, although they are not currently available. That plan will use the Snaps plugin system.
Does Metamask support Bitcoin?
Metamask is an Ethereum wallet, it can’t store Bitcoins, because it doesn’t support the Bitcoin blockchain network, but users still allow to store wBTC, it’s BTC wrapped and compatible with ERC20 Ethereum tokens. Metamask supports ERC-20 and BEP-20 tokens.
Using wBTC allows BTC holders to participate in the Ethereum Dapps project, according to Coinbase 1 wBTC equals 1 BTC, you can find it on the exchange.
Metamask e Binance
Metamasks can also be linked for Binance smart coins, this is important to make arrangements so that there are no errors because transfers to incompatible addresses allow the tokens to be lost.
How to link Metamask with Binance smart coin, these are the steps that need to be done.
- On the dashboard click on the Mainnet Ethereum and scroll down until you find Custom RPC.
The next step is to fill in the form provided in the form box above as follows:
- Network Name: BSC Mainnet.
- New RPC URL: https://bsc-dataseed1.binance.org/ or https://bsc-dataseed2.binance.org/.
- ChainID: 56, or 0x38 if 56 doesn’t work.
- Symbol: BNB.
- Block Explorer URL: https://bscscan.com/.
After everything is filled in then click save, then now Metamask has been connected to Binance smart coin.
Is MetaMask safe on your phone?
The biggest risk challenge is if the user is compromised by malware. Because it allows hackers to steal your data and you lose control of your wallet.
A hacking event has occurred on EasyFi Network, where Metamask admins report that his wallet was compromised. And caused hackers to drain $6 million from EasyFi’s stablecoin liquidity pools.
For security to use Metamask mobile you can install an antivirus on your smartphone. Or if possible you don’t use the application, by disconnecting the internet setting.
How do I keep Metamask secure?
Metamask is a non-cloud-based wallet, if you lose your computer or your smartphone, you can lose all access to your wallet.
Therefore, the way to secure your Metamask wallet is to store the seed phrase offline, this might be useful when you lose wallet access due to losing your password or device.
You can write down the seed phrase on paper and store it in a safe or cupboard that you think is safe from theft.
Also, you better not store too much ETH in your Metamask wallet. It is still vulnerable to hacking. It will be safer if you use a hardware wallet, such as Trezor.
This is to be careful with the worst possible case for your funds. Because historically there has been a drain on a certain amount of ETH from one of the Metamask wallet users.
Metamask how to delete an account?
Is it possible to delete an account from Metamask? There are times when a user no longer needs the Metamask wallet and wants to delete their account.
Referring to Freenet, to delete a Metamask account is basically to contact Metamask and ask it to delete the account. It can choose between two options, via the app and e-mail.
How to delete an account via apps
Visit “http://metamask.consensyssupport.happyfox.com/new” it will be redirected you to the ticket page.
You fill in your name, email address, and Request to delete my account.” Writing down the reason, after that create a ticket. Then about 72 hours the ticket will be processed and if you get approval your account will be deleted and get an email notification.
How to delete an account via email
You can send an email message to [email protected] In the subject, you can write the title request to remove the account. It may take you about three days to get a reply that your account was successfully removed.
Is Metamask wallet safe?
Metamask is a wallet that is connecting online, it can provoke vulnerability to cyber hacker attacks. The most common attacks are through phishing attacks, how do they work?
If you open multiple tabs and lock your Metamask. Hackers will see through the open tabs whether you are using Metamask or not.
You may need to be alert if there is a failed transfer notification asking for your password. It is a phishing attack and your wallet will be taken over if you provide the passwords.
Using the Metamask wallet allows users to interact with various projects within Defi. This provides easy access and to send and receive funds from around the world.
But vulnerability to hacking is a serious problem and users need to protect their wallets securely. Don’t leave a lot of money in the wallet because it is connected online. The risk is much higher than the hardware wallet.
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