“What is Meta Mask and How to Use It?” What if you could open a verified crypto wallet in no time? And can exchange cryptocurrencies very quickly. You can also directly import from other wallets in addition to exchanging cryptocurrency called Ethereum.
How about converting from Ethereum to any other coin very quickly with low fees? Today we discuss about one such crypto wallet application. So without further ado let’s get to know the details about this crypto wallet.
What is Meta Mask?
A cryptocurrency wallet called Meta mask is accessible through the Chrome, Firefox, and Brave web browsers. It is also a browser extension. This means that it acts as a bridge between the normal browser and the Ethereum blockchain.
The Ethereum blockchain is a network where users can create their own apps (called d Apps) and cryptocurrencies. Ethereum allows its users to write transaction guidelines called smart contracts.
Ethereum’s cryptocurrency is called Ether. Other cryptocurrencies built on the Ethereum blockchain are called tokens. Most tokens built on the Ethereum blockchain are called ERC-20 tokens because they follow the rules set by Ethereum developers for creating new cryptocurrencies.
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Thus, the Meta Mask wallet can be used to store keys for Ether and ERCi20 tokens in three different web browsers. It enables users to use a regular browser to access the Ethereum blockchain. What other features does it have? And are they any good? To find out, we’ll continue with the Meta Mask wallet review, and focus on the good stuff first.
Good Thing Meta Mask:
Good thing, then. Listed below are some of the main advantages that users of the Meta mask wallet most frequently cite:
Open Source: This means that all Meta Mask code is online and available for free and access. You can make your own version at home! I’m kidding, don’t do it. I mean, you could, but don’t. Open source software can be reviewed and updated by the community, meaning it can be continuously improved.
HD Settings: Hierarchical Deterministic Settings helps users back up their accounts. They do this by providing the user with a list of words called seed phrases. You can restore forgotten account information by using a seed phrase.
Built-in Coin Purchase: Meta mask links directly to two exchanges where users can purchase cryptocurrencies. Users can choose Coin base to buy Ether and Shape Shift to buy Ether or ERC-20 tokens.
Customer support: Meta mask wants to connect to the Ethereum network as much as possible. It has a video introduction and a detailed support page on its homepage
Simple interface: Once it’s set up, Meta Mask is very easy to use – a sentiment echoed by other user Meta Mask wallet reviews. All its features are clearly laid out so sending and receiving coins is easy, even for beginners!
Local Key Storage: Keys are kept on their own servers by some wallet providers. This is common on exchanges that provide wallets like Coin base. The meta mask key is stored in the user’s own browser, not on a remote server. This gives the user more control over their public and private keys.
Community: A crucial component of the Ethereum community is Meta mask. It has got more than one million active users and about 70.000 followers on Twitter
The Bad thing is Meta Mask:
Not everything is perfect with the tool in question though, and it would be an incomplete Metamask Wallet review if we didn’t mention some of its most notable flaws.
Browser Access: Meta Mask does not have access to any of your information, but the browser it is installed on is optional. Your browser won’t have access to your personal codes, but it can collect information about when and how you use the app.
Mozilla and Google are not very popular in the crypto community Many crypto users would be uncomfortable allowing these companies to collect information about them. This may deter some potential users from using the Meta mask wallet.
Online: Online wallets have advantages and disadvantages. One of the main disadvantages is security. Any data stored online is more vulnerable to hackers than data stored offline. Meta mask itself does not provide sufficient security. Remember, always use more than one wallet.
Now you know a bit about what users are talking about in their Meta mask Wallet reviews. But how does it measure up to other Ethereum wallets? Let’s look at Meta Mask vs My Ether Wallet.
Meta Mask VS My Ether Wallet
My Ether Wallet is one of the most used Ethereum wallets. It is an online platform, but not just an online wallet Think of My Ether Wallet as more of a wallet generator. It is a platform where users can create their own wallets and gain access to the Ethereum blockchain. Users can view their cryptocurrency that is held in any Ethereum private key using MEW.
Wallets created to give users full control of their keys. Both cold and hot storage can be done with them. Only hot storage can be used with Metamask. A full node wallet can also be created with MyEtherWallet. This means it connects directly to the Ethereum blockchain and stores the entire ledger on your device.
Metamask communicates with the Ethereum ledger through a system called Infura. This indicates that it relies on other computers to keep the Ethereum network current. Full node systems are generally preferred over systems that involve trusted intermediaries such as Infura.
My Ether Wallet can even use Access to write smart contracts, where Meta Mask cannot. So, is My Ether Wallet better than Meta Mask? In some ways, though, both platforms are flexible enough to be used together. Together, the two systems present a strong wallet package.
So, don’t think of it as MetaMask VS MyEtherWallet, because they are on the same team!
Now, let’s get back to the original Meta mask wallet review. Next, I want to talk about Meta Mask wallet security.
Meta Mask Security
After reading this Metamask review you should ask yourself a very important question when deciding whether or not to download a wallet: Is Metamask safe?
MetaMask has not suffered any major hacks. It has HD backup options, and a large developer community consistently updates its open-source code. However, the wallet is online, so it is more risky than hardware wallets and other types of cold storage.
The most common risk to MetaMask wallets is phishing attacks_. _A phishing attack is a scam hackers use to steal personal information such as usernames and passwords.
A phishing attack on a Meta mask wallet would work something like this:
Jean is working on her laptop with several tabs open in her browser. To do a transaction, he opens his MetaMask wallet. An attacker uses open tabs to see that Jean is using metamask.
The attacker sends a pop-up message to Jean that his transaction failed. This happens occasionally, so Jean isn’t worried. He entered his password to recreate the transaction. The attacker now has access to Jean’s wallet.
Such attacks are quite common in online wallets. Meta mask is working on a patch for this type of problem, but users are responsible for their own security, so be careful! When using Meta mask, keep the wallet locked when not in use and only use one tab at a time to complete transactions.
So, is Metamask safe? The answer here is a nervous yes. The security of an online wallet depends on its users. So, if you’ve been illegally streaming episodes of Game of Thrones with an open Metamask wallet and your Ether disappears, don’t say I didn’t warn you!
Now that we’ve had a serious chat about browser security, let’s get to the more fun parts of this Meta Mask Wallet review – like, how to set up Meta Mask and how to use Meta Mask.
01. What are the benefits of Meta Mask?
Popular: It is commonly used so users only need one plugin to access a wide range of DAPs.
Simple: instead of managing private keys, users only need to remember a list of words and transactions are signed on their behalf
Saves space: users do not need to download the Ethereum blockchain as it sends requests to nodes outside of the user’s computer.
Integrated: D apps are designed to work with this, so sending Ether in and out becomes much easier.
What are the disadvantages of it?
Third party: Meta Mask holds the private key within the user’s browser. A hardware or paper wallet is more secure than this one. For convenience of usage, this is a fair compromise.
External Nodes: Rather than being a complete node, it relies on external nodes that have occasional downtime that can stop Meta Mask from working.
02. How to Start Using Meta Mask
You first need to buy a major cryptocurrency, usually Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use the Binance exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you complete the KYC process. The addition of a payment method will be required. Here you can either pay with a credit/debit card or use a bank transfer and buy a major cryptocurrency, usually Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)
Although it may seem complicated from the start, MetaMask is one of the easiest Ethereum wallets and DAP browsers to use, and can be set up in minutes in most cases.
You’ll need Chrome or a Chromium-based browser like Brave or Firefox to use MetaMask.
First, you need to download and install the official Meta Mask extension/addon for your browser; Either a Google Chrome extension or a Firefox addon depending on your browser. For our guide, we’ll be using the Firefox version, but the steps are pretty much the same for other browsers as well.
Click on “Get Chrome Extension”. Your browser will now open the Chrome Web Store.
Click “Add to Chrome”.
Then, select “Add Extensions” from the pop-up menu.
After adding the Meta Mask extension, you will be returned to your browser page. The meta mask will appear in your browser. You can click on it to open the meta mask.
Click “Get Firefox Extensions”. You will be directed to Firefox add-ons.
Click on “Add to Fire Fox”.
In the pop up, click on “Add”.
03. How to use Meta Mask?
Now you can add funds to your wallet. Click on your wallet address (1) to copy it, then send ETH to that address from an exchange. In this example, we will use Binance Exchange
The well-known cryptocurrency exchange Binance was founded in China but later relocated to the EU’s crypto-friendly island of Malta. For its exchange platform for cryptocurrencies, Binance is well-known. Binance burst onto the mania scene in 2017 and has since become the world’s top crypto exchange.
Once you complete the KYC process. The addition of a payment method will be required. Here you can either provide a credit/debit card or use a bank transfer, and buy a major cryptocurrency, usually Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB).
☞ Sign up to Binance
Next Step – ETH to Meta Mask transfer
Or, if you haven’t purchased ETH yet, click “Buy” to purchase funds from Meta mask’s built-in exchange.
Once your funds are deposited you will see your balance at the bottom of the wallet (3). ETH will be displayed by default. Click “Add Token” to include any customized ERC-20 tokens that are not already listed.
Depending on the amount of traffic Ethereum is experiencing it may take a few minutes for your ETH to arrive.
When you have the cryptocurrency, you can transfer your money to other users, businesses, or other ETH wallets. To do this, click the “Send” button in the main panel of MetaMask. Enter the amount of ETH you wish to transfer along with the desired transaction fee.
Then, click “Next”.
A greater cost will hasten the confirmation of your transaction. Metamask automatically sets a fee by default. However, sites like EthGasStation can help you manually find an ideal fee.
Click on “Next” (3) to finalize your transaction details. Then, click on “Confirm”. Once more, the confirmation of your transaction may take some time.
In the “Activity” panel of Meta mask, you can view the status of your transactions.
What can you do with Meta Mask?
You can use all of Ethereum’s functionalities after learning the fundamentals of MetaMask, including:
Send and receive transactions between standard Ethereum addresses, such as those owned by individuals and merchants.
Payment for transactions in D Apps such as games, gambling apps, DeFi apps and decentralized exchanges.
Storing ETH and custom tokens (eg, ERC-20 tokens).
Storage of collectible and non-fungible tokens (NFTs).
Connecting to Ledger and Treasure hardware wallets.
Trading cryptocurrencies is very risky. If you are a beginner, make sure you understand these risks The information posted is my opinion and not financial advice. You are responsible for what you do with your funds
Meta mask is your bridge to the decentralized web and it’s important to understand how to prepare carefully for it. Hopefully, this article has helped you find the answers you need and if you have any questions about the process, don’t hesitate to leave a comment below. Thank you!