What is MetaMask?
MetaMask is a free, open-source leading crypto wallet for the most diverse blockchain-Ethereum, a gigantic decentralized ecosystem for the masses. There are various Blockchains, each one coded for a different purpose and it offers transparency and privacy, allowing you to store and transact Ethereum or any other Ethereum-based token. It aims to be the gateway to the world of Web 3, Decentralized finance (DeFi) and NFTs.
Once installed, it enables users to make transactions to any Ethereum address and connect to Ethereum based apps wherein users can spend their coins in games, stake tokens in gambling applications and trade them on decentralized exchanges (DEXs), providing users entry point and access into the emerging world of DeFi.
Here’s what you can do with MetaMask.
Majority of users are on Ethereum, you can access it anytime. It allows you to store, buy tokens and swap ETH to other coins, transfer tokens to another Ethereum wallet Address and vice versa. You can purchase NFT crypto art on sites like Rarible and Opensea, Interact and play blockchain games like Axie Infinity. Lend or save ETH on protocols like Aave or buy and sell on decentralized exchanges like Uniswap.
How to get started?
One of the simpler Ethereum wallets is MetaMask.It can be set up in a couple of minutes using the browser, easy, quick and anonymous.
1. Download and Install Official MetaMask wallet browser extension [here link] onto your chosen device by visiting the official website.
It is compatible with Google Chrome, Firefox, Brave or Edge Website browser. As for Android and iOS, select your platform to get the links or search in the respective app stores but due to prevalence of scams, we are least likely to suggest using it.
2. Set up a New Wallet
MetaMask will ask you to import a wallet or create a new one.
Create a wallet: For users who want to set up a brand new MetaMask wallet.
Import wallet: This is for users who already have an existing MetaMask wallet on a different device and would like to import it over to a new one.
After clicking, it will ask you to agree or disagree with feedback sharing to help improve MetaMask.
Select your choice to continue.
3. Create a Password.
The password will be your primary way to unlock your MetaMask wallet. Make sure to keep this safe and away from prying eyes, at least 8 characters long that contain a mixture of upper and lower case letters, symbols, and numbers.
It will be best to create a very random password that people and robots will not be able to guess.
4. Be sure to store this seed phrase safely.
MetaMask will show you your secret backup phrase, This is composed of 12 words that serves as your “Private Key” to your Ethereum wallet. This will allow you to backup and restore your account should you forget your password. Anyone who knows it will be able to access your Ethereum wallet, and you will not be able to recover your wallet without it.
Click on your seed phrase’s words in the right order by,
(1) to prove that you have written them down correctly. Then, click “Confirm”.
(2). Your Metamask wallet is ready for use in transactions.
5. Confirm your backup phrase
For verification purposes, enter the words in the same order saved previously. Select ‘confirm’ to continue.
You have now almost completed the MetaMask setup process. Just click ‘All Done’ on the final page, and you will be automatically logged in to MetaMask.
You will then be able to access your list of assets in the ‘Assets’ tab and view your transaction history in the ‘Activity’ tab.
If you forgot your seed phrase, you can’t reset them for technical reasons, consider your digital assets in danger. You will need to create a new MetaMask wallet with a new seed phrase and move your tokens as soon as possible.
Setting up Multiple Accounts
You can create multiple accounts in MetaMask whether it’s for business or personal. Each account will have their own pair of public-private keys but your secret recovery phase is the master key to all of your accounts meanwhile your private key can be used to import an account, your seed phrase can be used to access all accounts at once.
To create an additional account, select your MetaMask avatar, next will pop up a selection and click Create Account. Once you create an account in your MetaMask, there’s no way to delete a wallet built on any Blockchain.
For importing accounts, it needs your private key of the subject account and click import.
Here are some Pro-tips to keep your wallet integrity intact and these are best practices to store your assets safely:
- Use MetaMask on a separate browser and make sure to lock it after use.
- Keep your Secret recovery phase, private keys and password securely.
- Never use any social media/google accounts on the browser alongside MetaMask.
- Make sure to get a hardware wallet if you have valuable crypto assets.
Metamask is a powerful wallet, it’s easy-to-use with the ethereum blockchain. You can now use all of Ethereum’s features with MetaMask as you’ve secretly set up your wallet, it’s time to dive right in and explore Web3.
Managing Digital Assets
MetaMask supports every type of ERC-20 tokens. The wallet even supports ERC-721 tokens which are also known as NFTs, representing unique digital items and other types of utility tokens. Now, it is possible to send ETH or any tokens to your MetaMask wallet from a centralized exchange like Coinbase or Binance or from another wallet.
Add funds to your wallet by clicking on the Buy button to buy funds from Metamask Built-in-Exchange. Your balance will be seen in the lower portion of the wallet once your funds have been deposited. It’ll take several minutes for your ETH to arrive, depending on the amount of traffic that Ethereum is experiencing.
Once you own some ETH, you can now send your funds to other Users, merchants or your own additional ETH wallets. By clicking the “Send” button in MetaMask’s main panel, enter the amount of ETH you want to send and the amount of transaction fees you want to pay. The higher the transaction fee, the faster it gets confirmed. To find your ideal fee manually, you can check EthGasStation site. Clicking “confirm” will finalize the details of your transaction. You can check your transaction status in MetaMask’s activity panel.