Digital wallets enable individuals to hold their crypto assets. Such a wallet is MetaMask, allowing one to manage and store digital assets.
MetaMask use relies upon connecting the wallet to the Ethereum blockchain. It links one with the Ethereum network as the blockchain records crypto transactions. MetaMask mirrors a personal bank account where one records transactions.
MetaMask allows the account holder to send, store and receive Ethereum-founded tokens including Chainlink (LINK) and Ether (ETH). Besides, one can connect to some other blockchain networks.
Ethereum has special guidelines and technology that MetaMask natively supports. Other blockchains or digital networks have technologies and rules that MetaMask might not be compatible with.
Guide to Setting up MetaMask
Download MetaMask
MetaMask can be added to web browsers such as Firefox, Chrome, and Edge. It can also be downloaded as an application on Android or iOS.
Installing the MetaMask extension mandates one to visit the website and follow the installation instructions.
Installing the wallet on the phone is possible from the Play Store or App Store and click ‘Install’ or ‘Get.’
Setting up MetaMask Wallet
The steps involved are:
Opening MetaMask and clicking on ‘Get Started.’
One is prompted to create a new wallet or import an existing MetaMask wallet from another device.
A robust password must be chosen to safeguard a new wallet.
The 12-word seed phrase provided by MetaMask should be copied. One should also confirm that it is safely stored.
Adding Crypto to MetaMask Wallet
MetaMask offers options to purchase crypto directly via the app using payment methods such as bank transfers or debit/credit cards. One can also import an existing wallet containing crypto and transfer it from within the application or move crypto from another wallet into the MetaMask wallet.
Managing Crypto in MetaMask
After having crypto in the MetaMask wallet, one can view the balance directly in the app. In case a person holds tokens that are not automatically displayed in MetaMask, they can add them manually.
Withdrawing Money from MetaMask
Alternative 1: Selling crypto for fiat
In case one has crypto in the MetaMask wallet but desires to withdraw fiat, they can sell their crypto directly in the app. To do this, a person should enter the amount of crypto they intend to sell in the ‘Sell’ section, and MetaMask will display quotes from various providers.
Alternative 2: Moving crypto to another wallet or exchange
One should locate the deposit address for exchange or a second wallet and send crypto from MetaMask.
Securing a MetaMask wallet
Tip 1
In case one is not utilizing MetaMask, they should lock their wallet by clicking the ‘Lock’ option in the mobile app or browser extension. One can also set a lockout timer for a specific number of times, after which the wallet is automatically locked.
Tip 2: Watch out for phishing attacks
Phishing occurs when scammers impersonate MetaMask and other trusted sources to confiscate data. People must be wary of messages, emails, or websites since they try to trick them into unveiling their secret recovery phrase or password.
Tip 3: Using a hardware wallet
Hardware wallets such as Trezor or Ledger store crypto offline, making it difficult for hackers to steal funds. MetaMask permits users to import hardware wallets, merging the hot wallets’ convenience and the cold wallets’ security.
Using MetaMask with Other Networks
One can either add a popular or custom network to MetaMask.
MetaMask can be an excellent choice for exploring crypto and utilizing Ethereum-founded applications. It is convenient for purchasing, selling, and swapping nonfungible tokens (NFTs) and crypto and connects easily with different Ethereum applications and games.
Final Thoughts
In case one is new to crypto or favors a more straightforward, more guided approach, a crypto exchange may be the best alternative. Exchanges can provide client support, a user-friendly experience, and relatively low fees.
Editorial credit: ARVD73 / Shutterstock.com
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