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How to Use a MetaMask Wallet

May 07, 2022 - 5 min read

MetaMask is a hot wallet that allows users to trade Ethereum-based tokens for free. The MetaMask wallet is a general-purpose blockchain wallet.

It serves as a gateway to the DeFi ecosystem, as well as non-fungible tokens (NFTs), ERC-20 tokens, BEP tokens, and much more. MetaMask’s compatibility with practically all Ethereum-based platforms is one of the main reasons for its popularity among new and existing crypto users. Polygon, Optimism, Arbitrum, zkSync, BSC, Celo, Avalanche, and NEAR/Aurora are among the Ethereum-compatible Layer 2 networks that MetaMask supports.

MetaMask is powered by web3.js, a library that is part of Ethereum’s official development. The intention behind web3.js was to make it possible to construct web apps that interface with the Ethereum network.

The MetaMask wallet is available for Chrome and Firefox, as well as iOS and Android. It is a high-definition wallet that includes a memory phrase that can be saved as a backup, allowing users to preserve control of their funds.

Features of MetaMask

Some of the MetaMask wallet’s features are as follows:

Ease of use

MetaMask wallet is simple, quick to set up, and keeps users anonymous. Users don’t even need to have an email address. All users need to do now is create a password and remember (and save) their secret recovery phrase.

Protection

No one can access the user’s information since it is encrypted in the browser. However, if users forget their password, they can retrieve it using secret 12-word recovery phrases (also known as seed phrases). Notably, the integrity of the first statement must be preserved, as even MetaMask has no information about it. Therefore, it is impossible to retrieve the password and seed phrase after being lost.

Backup

MetaMask keeps a local copy of the user’s data. Users can restore their MetaMask wallet using the secret recovery phrase if they switch browsers or devices.

Community support

MetaMask is a popular Web3 navigation tool used by millions of people. As of April 2022, it has crossed 30 million

dApp browser

It can be used as a cryptocurrency wallet as well as an interface for interacting with dApps. It enables users to connect with decentralized apps with ease (dApps).

Doesn’t support Bitcoin

MetaMask does not allow users to purchase or deposit Bitcoin. Instead, it only works with Ether, other Ether-related, and ERC-20 tokens.

Getting started with MetaMask

First, the user needs to download and install MetaMask. Next, the user must go to the official download website, choose a platform, and click the download button. To use MetaMask in browsers, MetaMask requires the installation of extensions in browsers such as Google Chrome and Firefox. It’s also on the Google Play Store and the Apple App Store. The process is similar to installing any browser extension on Chrome. The installation in other browsers such as Firefox or Android/iOS phones will be pretty identical.

Following the installation, users will be presented with two options: import or create a wallet. A new user will create the wallet, and the wallet will be imported by an existing user using the seed phrase.

The new user should save the secret recovery phrase. The secret phrase can be revealed and downloaded as a text file by the user. Since MetaMask does not keep these secret phrases, it makes every effort to ensure that the user remembers them.

An existing user can import a previously created wallet using the saved seed phrase.

Frequently Asked Questions (FAQs)

How can you identify a public address in MetaMask?

After logging in to their account, users can find their unique MetaMask public address by clicking the three dots and then “Account details.” Users will then see a QR code and an Ethereum address.

How should you interact with a dApp using MetaMask?

To utilize MetaMask and interact with a dApp or smart contract, users must first locate a “Connect to Wallet” button or anything similar on the platform they are attempting to use. After clicking it, a window should appear asking if the user wants to link the app to their wallet.

It’s as simple as connecting to a dApp and revealing your addresses, and they won’t be able to access your funds. Users will be able to interact with decentralized applications normally and take advantage of their features once they have been connected.

How can one transact on MetaMask?

Simply input the recipient’s public address and click send to transfer ETH or other ERC-20 tokens. To receive the ETH, a user should share the wallet’s public address.

How do I set up a Binance chain on MetaMask?

To do so, open MetaMask and add the BSC network by clicking the MetaMask icon, choosing the list of networks at the top, and selecting Custom RPC. With MetaMask wallet, users can now access the Binance smart chain network. Like the Binance Smart chain, users can also use Avalanche C-chain, Polygon, and others.

How should you manage ERC20 tokens on MetaMask?

On the MetaMask wallet, managing ERC20 tokens is as simple as managing Ethereum. ERC-20 coins can be manually added by entering the contract address of the ERC-20 token.

References

  1. Willmore, J. (2022, 12 Apr.). ConsenSys continues to enhance the web3 user experience. ConsenSys.
  2. Leech, O. (2022, 11 Jan.). How to set up a MetaMask wallet. CoinDesk.
  3. Cortez, J. (2022, 26 Apr.). MetaMask cryptocurrency wallet review. Investopedia.

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