by MetaMask, a wallet that only works with the Ethereum blockchain, is available. MetaMask is a deep-rooted wallet. Do you really want to go shopping without your wallet? To transact with a Blockchain, you will also need a cryptocurrency wallet.
Your personal key to the cryptographic world is your wallet. You can use it to purchase, sell, or transfer assets on Blockchain.
MetaMask, the wallet for Ethereum’s most diverse blockchain, is available. It’s your gateway to its DeFi ecosystem, non-fungible tokens (NFTs), ERC-20 tokens, and practically-everything Ethereum.
You can download it as an iOS or Android app. This extension can also be used with several browsers, including Brave, Chrome, Brave, Edge, Edge, Brave, Edge, and Firefox.
Before we get into the registration process and all other details, let’s first say hello to this amazing hot crypto wallet.
Yes, I do. It is a lot to absorb at once. We’ll take it step-by-step.
What is MetaMask?
Blockchain provides privacy, transparency, as well as immutability. You’ll be able to use apps, transact anywhere and do much more without anyone seeing (read Google, Governments).
There are many blockchains. Each one is coded for a different purpose.
Ethereum, a massive decentralized ecosystem, is available to the masses. MetaMask, an open-source hot wallet, is free to use to get Ethereum started.
Hot wallets can be used on any internet-connected device and are free. This brings up the most vulnerable aspect of hot wallets, security. A hot wallet can keep a low-key user safe, but you need to be cautious about crypto trading platforms that use them.
Let’s look at some of its most notable features:
Use it quickly
MetaMask makes it easy and quick to get started. It doesn’t require an email address. You don’t even need an email address to set up a password. The secret recovery phrase must be stored and remembered.
Security
No one can access your information because it is encrypted in your browser. You have the 12-word seed phrase, which is also known as a secret recovery phase, in case you lose your password. It is important to protect the seed phrase, since MetaMask does not have any information about it. It can’t ever be recovered if it is lost.
Built-In Crypto Store
MetaMask is not able to buy Bitcoin. It supports Ether and all other Ether-related tokens. This includes the well-known ERC-20 tokens. ERC-20 tokens are used to build cryptocurrencies on Ethereum (except Ether).
Backup and restore
MetaMask saves your information locally. MetaMask can be restored with your secret recovery code in the event that you change browsers or devices.
Community Support
MetaMask had 10,000,000 active users worldwide as of August 2021. These numbers have increased by 1800% since July 2020, thanks to the intuitive and simple user interface.
MetaMask is a hot wallets alternative. Let’s start with installation, before we move to the use cases. The illustration for Chrome browser and Android mobile platform are further sections.
Chrome installs MetaMask
Go to the Download Page and choose your platform. Then, hit the download button. It will automatically detect your browser. For Android and iOS, you will need to select the platform that you wish to search or get the links.
MetaMask Browser Extension
This will be demonstrated using the chrome browser. To visit the MetaMask extension webpage on the chrome webstore, click Download MetaMask Chrome.
Pin it to your browser toolbar. It is the same process as installing any browser extensions on chrome.
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Register for MetaMask wallet
This will greet you. To begin the registration process, click Get Started.
On the next screen, you have two options: Import wallet, and Create wallet. To register a new wallet, click the second option.
To continue, you will be able to choose to share anonymous data with MetaMask. To ensure your complete security, you can click Yes. It won’t affect your MetaMask user experience. Proceed by selecting the appropriate option.
Next, create a strong password.
Next, the MetaMask team will try to stress the importance of the secret phrase recovery phrase with a brief video. You can watch it now and then click Next.
It’s now time to save the secret recovery word. The secret phrase can be found and downloaded as a text file. To continue, click Next.
MetaMask doesn’t save this phrase for you, but they will go to great lengths to make sure you remember it. You will see a word puzzle that rebuilds the phrase exactly as it was. If you don’t do it correctly, the Confirm button will not activate and you won’t be able to continue.
If you forget to save it or remember, there is a button at the top of the MetaMask icon. This will take you back to the original page where you can download it and remember it.
After you have completed this, click the Confirm button. You will then see the congratulations message at the end of the registration process.
To enter your wallet dashboard, click on the All Done button.
MetaMask for Android: Installing
After downloading the app from the Google Play Store and scrolling through the Get Started screen you will be presented with three options.
- Secret Recovery Phrase to Import
- Sync with MetaMask Extension
- Make a new wallet
Make a new wallet
The process of creating a new Android wallet is the same as the one described above. You only need to download MetaMask on the play store, and then start the registration process.
Instead of repeating the steps, I will show you how to import MetaMask wallet onto your Android mobile.
Sync with MetaMask Extension
Note that this feature was temporarily disabled.
This option allows you to scan a QR Code from your desktop browser extension to import your wallet to your Android mobile.
Click the MetaMask extension to get the QR code. Next, click your avatar. Next, click the MetaMask extension and then click your avatar.
Next, click Advanced under the Settings. Finally, choose Sync With Mobile.
You will then receive the message from MetaMask that this feature is disabled.
Their team may be working on a few things to make the hot wallet more secure so that more people can use it.
You can’t also screenshot or screen record within the MetaMask Android app. Even if you did succeed, the screen would be black. (PS: Mobile screenshots may not be clear because of this.
This could be a useful security feature that protects users from phishing apps. Good work, MetaMask!
Secret Recovery Phrase to Import
We are now left to import the wallet using the secret 12-word recovery phrase.
This information should be entered along with your new password. Click IMPORT to close the window.
Note that the password you enter here may be different than the one used in the browser extension. However, this will make it more difficult to remember each one individually.
It is best to use a password manager, or the same password for MetaMask across all platforms. This further confirms that MetaMask can be used as a non-custodial wallet. Everything is saved on your device, no cloud storage or syncing.
The congratulations screen will appear after that. Finally, you will be able to access your MetaMask mobile dashboard.
MetaMask
Let’s now look at MetaMask.
Account Verification
You have your wallet on the most powerful blockchain.
Congratulations! But what is the proof? Are you not sure that animations in applications are trustworthy?
Let’s confirm your existence with Etherscan, a tool that allows you to track ethereum-related events.
To check the transaction history and balance, copy your MetaMask address and paste it in Etherscan. You can also check this information from within your MetaMask account.
Click the MetaMask icon from your browser, and then click on the three vertical dots. To view the details, click the View account on Etherscan.
This is what you’ll get:
The wallet has no transaction history because it is new. This wallet is essentially a bank passbook that shows all your credit and debit history.
You can also switch to View if a full-screen MetaMask dashboard is what you desire.
This option can be found below the View Account button on Etherscan. Expand View will open your wallet and keep it open until it is closed. This is a relief from the popup that closes when you switch tabs or minimize your web browser.
Public and private keys
These terms are often used interchangeably. The public key is used to receive funds. If you wish to access these funds, you will need your private.
Private keys are your proof that funds in your wallet are yours. You will also need it for every transaction.
MetaMask allows you to access your public key directly from your dashboard. Simply hover over your account name to see a Copy option. Click to copy your public keys.
This public key is for my test account:
0xAc9c3F6CC307832af263409E758a0dabeBA5F502
A private key can be described as an extremely private affair.
Do not share your private keys with anyone. Your account will be deleted if you do. Private key holders can transfer funds and the account from MetaMask to any other wallet they choose.
Click the three vertical dots and enter your Account Details to export your private key. On the next screen, select Export PrivateKey.
To reveal your private key, enter your password and click confirm. To emphasize the secrecy of my private key, I have censored it.
It is strongly advised to keep your private keys in a physical format, rather than in a text file on Google Drive or elsewhere online. It will increase the security risks associated with a hot wallet already at risk.
Multiple accounts
Multiple accounts can be added to your MetaMask account. Each account can have a different purpose. MetaMask allows you to have an NFT and a business account separately.
Each account will have its very own pair of private-public keys. Your secret recovery phase is the master keys to all your accounts. A private key can be used for import (more later), but a secret recovery phrase, also known as a seed phrase, can be used to gain access to all accounts at once.
Click your avatar in the MetaMask popup to create an additional count. Next, click the +Create an account. You’ll find it under your first account if you name it.
You can’t delete an account that has been created within the MetaMask account. However, an import account can be removed at your discretion. A wallet that was built on Ethereum (or any other blockchain) cannot be deleted. It is possible to stop using it.
Send, Buy, and Swap
There are also primary operations, such as Buy, Send and Swap that you can perform with your MetaMask account.
Buy Ether (or ERC-20 tokens).
This can be used to deposit ETC (ether) or any other ERC-20 tokens into your account. There are two payment options: Wyre or Transak.
Wyre accepts credit/debit cards and Apple Pay. These options charge a 3% transaction cost and impose a USD 500 cap on weekly transactions.
The ACH transfer option for US citizens is available with a minimum 0.75% fee and a higher threshold of USD 25000 per transaction. Although Apple Pay and the card transact immediately, ACH transfers may take up to a week for realization.
As an incentive for miners to perform your transactions, you also pay a Network Fee. These are two examples of Wyre buying USD 100 and USD 1,000.
The transaction fee is proportional to the amount of the transaction, but the network fee is calculated differently. It is determined by the data size and not the transaction amount. You can learn more about it, and about mining in general, by visiting our guide about cryptocurrency mine.
Transak is similar to Wyre. You can use either one or both depending on the currency you have and your availability.
MetaMask allows you to send messages
To use this function, you will need the public key for the receiver. To send, click the Send button on the dashboard. Enter the public key for the recipient.
After that, enter the amount you wish to send and click Next.
You can then adjust the Estimated gasoline fee (miner’s tip) to prioritize your transaction.
Transactions that have very low miner tips can be delayed or even fail depending on network conditions. This is a good idea, especially if it’s your first time. Final step: hit Confirm.
Once the transaction is verified, you will see the history under Activity.
To illustrate how MetaMask works, I requested 5 Ethereum on Ropsten Test Network (top left, beside the avatar).
Assets on test networks don’t have a value. These test networks can be used to help developers test their products before they launch them on the Main Ethereum Network. This transaction can be viewed on Etherscan.
Token Swap
MetaMask allows you to swap Ether or ERC-20 tokens.
The wallet scans all available exchanges to find the best quote for you. It attempts to minimize network fees and slippage (variation between order placements and confirmation).
Fret not! You have the option to set a Slippage Tlerance (1%-5%), which will cancel your transaction.
MetaMask charges swaps a fee of 0.3% to 0.875%. This fee is included in the quotes you receive.
Import Account
This function will only import one account, not the entire wallet. You will need to import the wallet for each instance separately, as it is not natively supported by MetaMask.
Click your avatar, then click Import Account. Then enter the private key for the subject account and click Export.
Finally, you will see the imported account under your native account. This account was imported to my MetaMask wallet. I then transferred one Ether to the Ropsten Test Network.
This operation did not delete the account from the first wallet. The imported account can be deleted from the wallet but the original will remain at its original place.
Decentralized Applications (dApps).
These apps are built on blockchain (ethereum) MetaMask allows you to interact with these apps and make use of them.
Mintable, for example, is a dApp that creates NFTs. To register your NFT, you will need to connect a wallet after signing up. Have a look at these:
It is very similar to the Google or Facebook authentication that you may have used. MetaMask allows you to use decentralized apps, but it also supports transactions and keeps their history.
Its capabilities are dependent on the dApp that you use.
Security Tips
MetaMask can be used in many ways, but it is essential to use it safely. It’s not the best way to store ethereum assets because it’s a hot wallet.
There are some tips to help you keep your wallet intact. Let’s take a look at them:
- Always make MetaMask the main tab of your browser. After each use, lock it.
- Never reveal your secret recovery password, private keys, or password to anyone.
- You should keep MetaMask in a separate browser.
Don’t use Google or social media accounts with MetaMask if you don’t have a dedicated MetaMask web browser.
- If you have any crypto assets, consider getting a hardware wallet.
This list is not complete, however. Keep reading to learn the best ways to safely store your assets.
Conclusion
This is a small glimpse at what MetaMask could do.
MetaMask is a great option for anyone looking to get a hot wallet with ethereum.
It is a powerful, intuitive, and easy-to-use tool that allows you to interact with the Ethereum blockchain.
