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What is MetaMask and How to Use this best crypto hot wallet?

Key Takeaways
  • MetaMask
24-Sep-2022 Divya Behl
What is MetaMask and How to Use this best crypto hot wallet?

Key takeaways:

  • MetaMask is a browser extension wallet that can make crypto and blockchain accessible.

  • It only works on EVM-supporting blockchains.

  • It is a hot wallet, so it is not made for your HODL portfolio.

If you've been exploring the world of Ethereum and decentralized applications, you have probably heard of MetaMask. It is a browser extension that enables users to connect directly with the blockchain networks like Ethereum and Binance, even their testnets without an intermediary. 

In other words, a Google Chrome plugin makes it possible to run ERC20 tokens and decentralized apps directly in your browser. If you are new to cryptocurrency and digital tokens, MetaMask can initially seem pretty complicated. But don't worry! This article will give you everything you need to know about MetaMask and how you can use it for your own decentralized apps or token sale transactions.

What is MetaMask?

MetaMask is a software or extension that enables users to run Ethereum decentralized applications directly in their browsers. The remarkable thing about it is that it allows users to access the blockchain network and Ethereum accounts now from the browser. It is a wallet that you can use to store your cryptocurrency and tokens. The extension can also help users send or receive payments in Ether and EVM-compatible cryptocurrencies. This makes it one of the essential tools for people who are involved in the world of blockchain and ETH. 

If you want to explore the world of decentralized apps, you must have a MetaMask installed in your browser. It can help you manage your Ethereum accounts, and execute smart contracts both on the mainnet and testnet. The best part is the accessibility that it provides with a great UI and quick functioning.

Why use MetaMask?

You should use the MetaMask plugin to connect with the Ethereum network for many reasons. For starters, it is a very convenient and user-friendly way to manage cryptocurrency transactions. 

You can use it to create virtually infinite Ethereum accounts that are entirely free. You can also use it to manage multiple accounts and tokens on the same browser. You don't have to switch between wallets to send or receive payments from different people. If you plan to invest in ICOs, then you should use MetaMask. It is the only browser extension that allows you to participate in token sales directly from your browser. 

Finally, you can also use MetaMask to create, execute, and manage smart contracts. Making it a one-stop shop for everything related to Ethereum and blockchain.

How to Install MetaMask?

You need to follow a few steps to install MetaMask on Google Chrome. Make sure you follow these instructions carefully to get the correct version of the plugin and avoid any problems. 

  • First, go to the MetaMask website and click on "Get Chrome Extension". This will automatically redirect you to the Chrome Store. 

  • Then, click on "Add to Chrome". This will open up a pop-up asking you to confirm the installation. Click on "Add" or "Install" to ensure. 

  • Once the installation is complete, a pop-up will appear to warn you that the extension has been added to your browser. 

  • Click on "Add Extension" to continue. You can click on the MetaMask icon in the toolbar of Google Chrome to open the plugin. If you can't find it, click on the menu and select "more tools". Then, select "MetaMask" to open the plugin.

How to use MetaMask?

Once you have installed and opened the MetaMask plugin, you need to create a new account. This is like a wallet that will help you store your cryptocurrency and execute smart contracts on the Ethereum network. Here are a few steps you need to follow to create an Ethereum account in the MetaMask plugin. 

  • Click on the "create account" button and select a strong password. You will have to enter this password again to confirm. 

  • You will see the "ETH Account" tab in the top-left corner. Click on it, and you will be asked to select a logo for your account. 

  • Click on "Finish" after you like a symbol. 

  • Now, you will be asked to choose a network for your account. Select "Main Network" if you want to create a wallet for Ethereum and other tokens. Select "Test Network" if you're going to test a smart contract. 

  • You will see a prompt to add a payment method. You can choose to add a credit card, debit card, or a Bitcoin account. If you select the Bitcoin option, you will be asked to provide an address to get the funds transferred to your account.

Is MetaMask Safe?

Every user should ask this fundamental question before installing a new plugin or extension. After all, you don't want to put your funds at risk by using a less secure wallet or app. It is essential to understand that MetaMask is an open-source project. That means its code is available for anyone to view and check for any bugs or loopholes. That's a good thing because anyone can check for potential code problems that could risk users' funds. 

So far there have been no reports of people losing their funds due to a bug or loophole in the MetaMask code. However, it is always a good idea to keep in mind that nothing is 100% safe and secure. So, make sure you keep your computer clean from viruses and malware. Don't click on suspicious links or download files from untrustworthy websites.

Pros of using MetaMask

You can create multiple Ethereum accounts using the same browser. That means you don't have to create a new account for every transaction or payment you want to send.

You can easily switch between tokens and Ethereum accounts using the "accounts" button in the toolbar or the drop-down menu. 

You don't have to download the entire blockchain to your computer, and that makes it easier to use and access Ethereum networks without affecting your computer's performance. 

You can use it to create and execute smart contracts on Ethereum and other networks without downloading a dedicated app. 

You can use it to participate in token sales directly from a browser. And finally, it is that it is a free and open-source browser extension.

Cons of using MetaMask

Being a hot wallet, it is not the best option if you want to store your funds for an extended period. The browser-based wallet isn't as secure as a hardware wallet like Ledger Nano. You can't use it to store other cryptocurrencies like Bitcoin or Litecoin.

Final Words

If you are new to the world of cryptocurrencies, MetaMask is your ally, it is important to make sure that your wallet is safe. It is also important for users to understand that it is not very ideal for them to keep their cryptocurrencies in hot wallets like MetaMask for an extended period of time, a click on a bad link, and your wallet might be emptied. But it is needless to say that the wallet is a must-have for understanding the world of cryptocurrencies and accessing it in depth.

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