Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
MetaMask is a non-custodial crypto wallet that allows you to receive, store and send crypto assets. The wallet is an extension for browsers of the Google Chrome family and a smartphone application. And to date, this extension has over 10 million users worldwide. So you'll learn why MetaMask has earned such love and what is so interesting about it in this article.
Facts about MetaMask
The wallet’s developer is ConsenSys, which first presented its product in 2016. Almost immediately, MetaMask earned the audience's attention due to the rapid development of the decentralized finance (DeFi) sector, as it is one of the most convenient and versatile tools for accessing decentralized applications (DApps). But that's not all you need to know about MetaMask. The most exciting information about the wallet is waiting for you ahead.
# 1 Fact: How it works
All transactions and wallet balances are stored in a blockchain, and private key holders have the right to access them. MetaMask keeps these keys in encrypted form on the user's device and allows them to dispose of the cryptocurrency. Transactions are signed and sent to the blockchain on the user's computer, and the wallet can be linked to decentralized applications.
# 2 How safe it
There are different opinions about MetaMask security, but one should still adhere to this: security depends more on the user's digital hygiene than the wallet's developers. It would help if you always considered what software is used on the device, who developed it, and what access that software has. Also, don't forget about the apps that MetaMask connects to.
Some may request unlimited access to the tokens stored on the wallet, and in case of malicious intent or hacking of the app, all coins can be lost. For added security, you can use MetaMask with hardware wallets, which means MetaMask acts as an external interface. Thus, all user private keys are stored on the hardware wallet, and transactions are signed there. So even if intruders gain access to the computer, the user's funds will be protected.
# 3 Fact: What is a seed phrase
A seed phrase is a list of random words used to recover your funds if you lose the password from your MetaMask app or the device your wallet is installed on. A seed phrase is usually generated when you set up your crypto wallet. Thus, you shouldn't skip this step. A backup will always come in handy in dire situations.
Consider that the security of a seed phrase is just as important as the security of a private key. That's why it's essential always to be responsible for its storage and immediately withdraw all funds if it is compromised. It is also not superfluous to write it down on paper and hide it in a safe place.
# 4 Fact: What networks are available
MetaMask was initially developed for the Ethereum network and tokens issued in its standard — ERC-20. Still, it also supports all networks compatible with the virtual machine of the Ethereum network (EVM). You can add networks of different standards to MetaMask, such as Binance Smart Chain (BSC). After adding this network to the wallet address, you can transfer all tokens issued in the standard BEP-20.
Below you can see a list of networks with which MetaMask works:
✔️ Ethereum (ERC-20), which is available by default
✔️ Binance Smart Chain (BSC) BEP-20
✔️ Polygon (MATIC)
✔️ Arbitrum
✔️ Optimism
✔️ Moonriver
✔️ Avalanche
✔️ Harmony
✔️ TomoChain
Consider that this is not the complete list of available networks to add to MetaMask. And if you want more information, you can visit the official website.
# 5 Fact: How to use it
And now there's the most important thing you need to know about MetaMask: how to use the wallet. Below you'll find a short order of actions to get started with this extension:
📌 Install the extension in the Chrome browser from the official website or Google store
📌 Select Create New Wallet option
📌 Save seed phrase in a safe place
📌 Congratulations, your wallet is ready to use
Conclusion
MetaMask is inherently an online wallet. Thus, it will always be less secure than offline cold storage wallets. Nevertheless, it is superior to other wallets in terms of ease of access to the Ethereum DApp world due to its ease of installation and accessibility on desktop and mobile platforms. It's hard to imagine how the DeFi sector could have spread to such proportions without MetaMask.
Moreover, for both novice and experienced users, MetaMask is a handy way to manage your assets. It is due to its simplicity and functionality at the same time. The launch of the mobile application further expanded the potential audience of the wallet because now, the majority of transactions in the world are performed from mobile devices. It is convenient on the road or in other situations where there is no access to a computer.
Author Bio
Cynthia Young is an academic writer with a wondrous love for business literature and chamomile tea. She starts her day reading articles in her favorite business magazines and ends up writing her own. For several years he has been working with a team of writers Rated by Students.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.