MetaMask is a browser extension that serves as an Ethereum wallet for users who have invested in Ethereum. You can install it like any plugin, and it is free and secure. You can use the wallet to store ERC -20 Tokens and Ethereum and transact with other Ethereum addresses. MetaMask allows web applications to read and interact with Ethereum’s blockchain.
Many users are reluctant to use Dapps because they are difficult to use. MetaMask has lowered the entry barrier for dapps. Users can connect to dapps and spend their coins in different applications like games and trade the currency in exchanges, and can use it to access Defi apps like Compound and PoolTogether.
Advantages of MetaMask
- You need only one plugin for a range of Dapps.
- It is easy to use and operate. You do not have to manage private keys, you need to remember the password.
- It saves space as you do not have to download the Ethereum blockchain.
- MetaMask is designed to work with Dapps.
Disadvantages of MetaMask
- MetaMask holds the private keys in your browser. It is less safe than hardware and paper wallets.
- Instead of being a full node, the metamask relies on external nodes. External nodes can have downtimes.
How to use MetaMask?
MetaMask is easy to use and set up. To use MetaMask, you either need Chrome, Firefox, Brave, or Opera.
Step1: Install MetaMask on your browser
You can download the MetaMask wallet from the official website where you download the software for your browser (Chrome, Firefox, Opera, or Brave), Android Phone, or iPhone. Once you have selected the suitable options, click the install MetaMask.
Alternatively, you can visit the browser store and download MetaMask. Navigate to the Extension icon on the top right-hand corner of your browser and find the MetaMask option after downloading the software.
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In this blog, we show you how to install MetaMask on Google Chrome, it will be a similar method on other browsers.
- Click on Install MetaMask as Google Chrome Extension.
- Click on Add to Chrome
- Click Add extension.
Now that you have installed the extension on your browser, we proceed to create an account.
Step 2: Create an account
- Click on the extension icon in the upper right hand to open MetaMask.
- To ensure you have the latest version, click on Try it now.
- Click Continue
- Click Reveal Secret Word – In this section, you will see a 12-word seed phrase or backup phrase. Copy each word down in the order they appear on the screen. The order of the words is crucial if you want to import the account on a new device. Avoid storing the phrase digitally, instead, write the seed phrase down and keep it carefully. Click Next, once you have written it down carefully.
- Verify your secret phrase by selecting the previously generated phrase in the correct order. Click Confirm.
Click All Done to complete the setup process, and you will automatically log in to MetaMask. If you get logged out, you will be able to log in again by clicking the icon on the browser.
Step 3: Deposit Funds
Click on View Account to ask for access to your MetaMask wallet. Your wallet has three components –
- Your public address – You can share your public address with people or platforms like exchanges to receive cryptocurrency into your wallet. You can locate your unique address by clicking on the Account 1 button. To automatically copy your public address simply click the layered square icon beneath Account 1. You need to ensure the token is compatible with MetaMask, or you may lose the token.
- Buy and send coins – Depositing and sending coins is the core function of any wallet.
MetaMask is intuitive and easy to use. Before you begin transacting, you need to fund your MetaMask wallet with Ether (the native Ethereum cryptocurrency). You need to pay blockchain cost fees called gas fees for all transactions on MetaMask.
The initial funds you put into your wallet will depend on how much you plan to transact through MetaMask.
To buy crypto coins, simply click on the buy button will bring you to a window where you can purchase Ether using Wyre or CoinSwitch. You can purchase Ether using your debit card or other crypto tokens in your wallet.
To send crypto assets from MetaMask to another person’s wallet, input the recipient’s public address in the box provided and specify the amount including gas fees.
- Activity – you will be able to view your transaction history in this tab.
The MetaMask extension is always available on your browser. MetaMask is intuitive and easy to use. If you need to restore your account do not despair, first take a backup of your account.
How to backup and restore an account using seed phrase?
If change computers or use another browser and want to connect your wallet again. You need to input the seed phrase to restore your account. You can find the phrase as follows –
- Click on the account icon
- Click on Settings
- Click on Reveal Seed Word
- Enter password.
You can now save the seed phrase. The backup is now complete, you can now proceed to restore your account.
- Open MetaMask and click on import using the seed phrase
- Enter your seed phrase
- Create a strong password
- Click Restore.
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