MetaMask wallet has recently surpassed 30 Million, global users. It is one of the top non-custodial wallets in the decentralized finance used by crypto owners to store their cryptocurrencies. Metamask has its user base across the world including Asia, Europe, and North America.
Table of Contents
What is MetaMask?
MetaMask is a browser extension as well as a mobile app. It allows you to interact with the Ethereum blockchain and any other blockchains supported by the Ethereum network such as Polygon, Optimism, and Arbitrum.
MetaMask has an ethereum address. You can connect MetaMask to any ethereum based decentralized application without providing your private key. It provides the function of purchasing coins, swapping cryptocurrencies on DEXs (decentralized exchanges), and staking.
History of Metamask Wallet:
MetaMask Wallet was developed by ConsenSys Software in 2016. Up until 2019, Metamask was only available as a browser extension. But now there is a mobile application as well to make things easier for you. It is freely available for users. With an easy-to-navigate interface, MetaMask allows you to interact with ethereum-based decentralized finance (defi) applications.
The exchange wallets only allow interaction with cryptocurrencies. This limits the potential of what you can do with digital currencies. MetaMask opens a new array of possibilities. You can swap cryptocurrencies and interact with smart contracts on web 3 applications.
How to get started with MetaMask?
MetaMask wallet can be set up in a few minutes. It is compatible with the browsers like Brave, Firefox, and Google Chrome. Download the extension on your device and click on Get Started.
The option to ‘Create a Wallet’ will appear on your screen. You will be required to enter a password. Select a secure 8-letter-long password with a mix of symbols.
Also Read: What is GameFi – Play to Earn?
On the next screen, MetaMask will provide you with some key phrases. These phrases are your gateway to accessing your account in case you lose touch with your device. Write these phrases down on a piece of paper in the exact same order as given. On the following screen, you will be required to write down the phrases in the same order.
After this, you will be automatically logged in to your MetaMask account. You can see the MetaMask extension along with other extensions on your browser.
By clicking on the extension, you can see the option of “Buy, Send, Assets, and Activities”.
How to Buy Tokens From DEX Using MetaMask?
Decentralized Exchange platforms have a ‘Connect Your Wallet’ option. Once you allow the connection, DEX will be able to see your address. However, your funds are still in your control.
You can make transactions or swap tokens with a few clicks after the connection is established. There is no need to make manual payments
How to Send Assets Using MetaMask?
Simply click on the ‘Send’ button and enter the address of the person you are sending the assets to. When sending coins to someone on the Ethereum network, you will be charged a certain amount of gas fee. Nevertheless, you can adjust the gas fee according to what is affordable for you by clicking on the advanced options. After doing that, click on ‘next’ and the money will be sent.
Benefits of Using MetaMask:
Here are some of the key benefits of using MetaMask:
MetaMask is a non-Custodial Wallet. This means the user is in full control of their assets. There is no need to trust any third party for the security of assets. You hold your private keys and manage your finances.
MetaMask has earned for itself in terms of security. It has never been hacked and there are approximately 21 million active users of this website
Free of Cost:
MetaMask is available free of cost to users around the world. It is also open-source software that is being updated and improved by the community.
In-app Currency Purchase:
Users can buy ethereum or any other ERC-20 tokens from Coinbase within MetaMask as the wallet is connected to the exchange.
MetaMask has the support of the ethereum community which has been growing since the launch of Ethereum Blockchain.