What is MetaMask wallet? A complete guide to installing and using Metamask Wallet

Metamask wallet is a suitable option for beginners and professionals in the world of digital currency.

Metamask is one of the types of digital wallets that millions of people around the world use to connect to the decentralized internet. This wallet can be used by mobile and computer and has attracted many fans due to its easy user interface. With Metamask, you can exchange various digital currencies, collect non-fungible tokens (NFT) without registration in a secure environment and pay for various services. 

 

 

What is Metamask wallet?

Metamask wallet is a non-custodial wallet that can be accessed through your computer or mobile browser and through which you can control your assets. What sets Metamask apart from many other wallets is its ability to interface with smart contract-based platforms running on Ethereum or Layer2s. For example, if you visit the Alchemix platform and decide to invest or go to OpenSea to check out your new NFTs, you will need to connect your metasmic wallet to the browser to complete the transactions. Of course, there are many other options that can be used instead of Metamesh, but among them Metamesh is more popular because it is an open source wallet.

Types of digital currency wallets; Metamask is a software wallet

In general, we can divide the types of wallets into the following three categories:

• Software wallet.
• A hardware wallet that connects to the system via USB.
• A paper-based wallet, in this case, needs to print its public key and private key on a piece of paper and keep it in a safe place.

Metamask wallet is one of the types of software wallets that we will learn more about in this section. In general, software wallets are downloaded on the device in the form of a program or browser extension. This device can be a PC, laptop, tablet or a mobile phone. Also, the user can access his wallet online without the need for installation. In fact, software wallets are divided into different types of wallets, online and mobile, which we mentioned above. But what differentiates the Metamsk wallet from many options in the market is that Metamsk is available as an in-browser application (in the form of an extension) for computers and also as an application for smartphones (ios & android) in is available

Supported currencies and networks in Metamsk wallet

Metamask supports any network compatible with the Ethereum platform, such as Binance Smart Chain, Kronos, and Avalanche. You can add these networks to your Metamask wallet manually based on the guide provided by each network. The default network for the Metamsk wallet is Ethereum. However, you can connect Metamask to other blockchain networks. Below are the names of a number of networks compatible with Metamask:

• Polygon
• Phantom
• Binance Smart Chain
• Avalanche
• Decision
• Chronos
• Harmony ONE
• Candles
• HECO
• xDAI

Connection of decentralized applications (Dapps) with Metamask wallet

Usually, in the environment of blockchain-based applications or platforms, there is an option called "Connect to Metamask" that you can easily control your transactions through this wallet by clicking on it. However, if the app you want to connect to doesn't automatically ask you to connect, or you want to start the connection manually for some reason, follow the steps below in order:

• Visit the website of the desired platform.
• Click on the Metamask extension in the browser toolbar (at the top right).
• Click on the 3-dot menu (in the upper right corner).
• Click on the connected sites section.
• Click the Manually connect to current site button at the bottom of the list.
• Note: If one of your other accounts is connected to the dapp, this option will not appear. If you encounter this problem, check your other wallets for available connections.
• Select the account you want to connect and click Next.
• Review the information on the final page and then click OK.

Advantages of the MetaMask wallet

The advantages of Metamask wallet are as follows:

• It is easy to set up the Metamask wallet on your computer and various devices. After creating a wallet, you can connect to different devices using the backup code.
• In the process of creating a wallet, there is no need to register personal identification information.
• Metamask has the ability to use multiple accounts at the same time. Users can use different wallets to perform different transactions.
• Metamask users can use their wallets to store Ethereum-compatible tokens and non-fungible tokens (NFTs) on various blockchain networks.

Disadvantages of the MetaMask wallet

Metamask wallet, like other tools and programs in the blockchain world, is not free of problems. However, this Volt has many advantages compared to other options and has attracted many fans around the world. In order to learn more about this digital wallet, we will learn about some of its limitations.

• The only way to recover your wallet is the same 12-word seed phrase that is entered when the wallet is set up. As Metamsk is a non-custodial wallet, Metamsk's technical support cannot help users recover their password or Seed Phrase.
• Support channels are limited to the self-service portal (self-help guides), community bulletin boards, and email. Support staff cannot do anything about forgotten passwords, lost recovery phrases (backup), lost transactions, and stolen cryptocurrency.
• Metamsk only supports Ethereum-based tokens, which means that the world's largest digital currency, Bitcoin, is not directly supported by Metamsk.

How secure is Metamask wallet?

Security in Metamask is provided more through user anonymity than traditional measures. Since Metamask is a non-custodial software, this wallet does not store any information from the user. Metamask is protected by a user-generated password after setup, and biometric data on mobile devices along with a 12-word seed phrase are required to recover the wallet. As we mentioned earlier, technical support cannot help users recover their passwords. This point increases the importance of the term recovery (backup). If a user loses their recovery phrase, they may lose access to their wallet forever. Since the only way to recover the Metamask wallet is the key phrase, this may expose the user to cyber attacks. Some of the most common attacks on Metamsk wallet users are phishing attacks. A user may mistakenly enter their 12-word phrase into a phishing website or mistakenly send it to a hacker. Sometimes a user may give hackers control of their wallet by installing a fake Metamask extension. Users should never give out their recovery password to someone they don't know or trust, and should contact Metamask support immediately if they think their wallet has been compromised.

Features of the MetaMask wallet

Previously, in the introduction and benefits of Metamask, we got acquainted with the capabilities of this wallet. In general, two of the key attractions of digital currencies are the ability to send and receive tokens anonymously in a secure environment. Metamask wallet excels in both mentioned cases. To start using Metamask, users simply need to download the Metamask browser extension or software and create their new wallet without providing any identifying information (including their name, address, or social security number). In addition, as mentioned earlier, this company does not collect user information when using the wallet. Metamask wallet is a versatile product in the market that supports multiple blockchain protocols. In addition to supporting more than 450,000 coins in the Ethereum protocol, users can also store their non-fungible tokens (NFT) in the wallet and connect them to markets such as OpenSea.

Comparison of Metamsk with MyEtherWallet

Since the emergence of cryptocurrencies, various software have emerged to fulfill our ever-growing needs. If you are active in the field of digital currencies, you have undoubtedly heard the names of two services, Metamask and MyEtherVault. Which one do you think is more suitable? In this section, we will briefly compare these two services.

• Open Source: Metamask and MyEtherVault are both game text services that are constantly being improved by a dedicated community of developers.
• Storage type: Metamask communicates with the Ethereum ledger through the Infura system, but in MyEtherVolt there is no such intermediary and users have full control over their wallet keys in this service. In fact, MyEtherVolt provides users with more guarantees than Infura by using a full nude node.
• Cold or Hot: Since Metamsk uses Infura systems, it is only a software (hot) wallet, and Ethereum tokens stored in Metamsk are stored on a platform connected to the Internet. But MyEtherWallet is an online and offline storage wallet. So you can store your tokens offline as well, which is often more secure than online storage.
• Buy Local Coins: On Metamsk, you can buy your Ether or Tokens directly from Coinbase or Shapeshift. But in My Ether Wallet, you can only buy the ether you want from Simplex using a credit card.
• How it works: Both platforms connect users to the Ethereum blockchain. In Metamask, you need to download the browser extension. But in MyEtherWallet, users can create their own wallet on the service's website and perform their transactions.

How to download Metamask wallet

To use the Metamask wallet on a mobile phone, you can download its application through the Android and iOS markets. The steps to download and install the Metamask extension on the computer are given in the next section.

How to install Metamask wallet

• Go to Chrome Extensions Store.
• Register and browse MetaMask.
• Check the number of downloads to ensure that a legitimate MetaMask is being installed.

• Click Add to Chrome.
• After the installation is complete, this screen will be displayed. Click the Get Started button.

 

• If it's your first time, click the Create a Wallet button. But if you have already created your wallet, use Import Wallet to enter your wallet.

 

• Click the I Agree button to collect data to help improve MetaMask, or click the No Thanks button. Even if the user clicks the No Thanks button, the wallet will still be created.

• Create your password. This password must be entered every time you use Metamask. If you delete Chrome or switch browsers, a new password must be created. In this case, click the Import Wallet option. This is because Metamask stores the keys in the browser. Agree to the terms of use.

 

• Click on the specified area to display the words recovery (backup).Back up your seed phrase properly.

• Do not save the password on your computer. Please read the tips on this page carefully before proceeding and click the Next button after understanding them.

• Enter the recovery phrase using the on-screen keys.

• Click the confirm button.

 

• By clicking on the Account 1 section, you can view the balance and copy the account address.

 

• You can access Metamask in the browser by clicking on the Foxface icon in the top right. If the Foxface icon is not visible, click the puzzle piece icon right next to it.

Synchronization of browser version with Metamask mobile

Before synchronizing, you should make sure to install the plugin on your computer browser and install the app on your mobile. You need to have access to the backup phrase. Now go through the following steps in order:

• Install the Metamask application on your mobile phone.
• To get started, select "Import using a secret recovery phrase".

 

• Enter the 12 word Secret Recovery Phrase in the Secret Recovery Phrase field with a space between each word.

• Enter a new password for the MetaMask wallet app and then click Import.
• If everything is successful, you will see this page.

Training to send and receive digital currency in Metamsk wallet

The steps to send tokens from the Metamask wallet are as follows:

• Make sure you are in the desired account and then click on the "Send" option on the main page.

 

• Now you need to enter recipient address. If you have previously saved addresses, they will appear at this point.

 

• Enter the amount of tokens you want to send and click next.

 

• In this section, the estimated amount of gas is shown to you. You can also adjust it. Before clicking "Confirm" it is better to check the recipient's address again.

 

• In this section, you will be redirected to the main page where you can see a list of your recent transactions.

The number of tokens and transaction fees are not deducted immediately. The transaction status will be pending. When the transaction is completed successfully, the token amount, Ethereum balance as well as the transaction status will be updated.

The steps to receive tokens from the Metamask wallet are as follows:

• Open Metamask and hover over the account name field (at the top of the window). You will see the "Copy to Clipboard" option appear. Click to copy your public address.

 

• Paste your address into the recipient field in the app you're sending ETH or other currencies from, or give it to the sender.
• Enter the desired amount to send and complete the transaction.

Note: Please follow your specific platform's instructions for information on how to transfer your ETH/tokens. The following example is related to the Coinbase platform. User interfaces of other platforms/wallets will be different.

MetaMask wallet fees

The fees related to the Metamsk wallet depend on the gas status of the Ethereum network. In general, the Metamask wallet mentions on its website that a normal transaction on the platform costs as much as 21,000 Ethereum Gas (Gwei).

Note: Each Gwei is equivalent to a Nano Ethereum.

Check Metamask wallet settings

The steps of downloading, installing the plugin, sending tokens, receiving tokens and features of Metamsk wallet are mentioned in the previous parts of the article. To learn about the settings of this wallet, refer to the previous sections.

How to connect and add Binance Smart China to Metamsk wallet

Metamask has a very good compatibility range. This wallet is compatible with most decentralized applications and exchanges, including Binance Smart Chain. Below is a step-by-step guide to connect Metamsk wallet to Binance Smart Chain. Stay with us.

• Open your Metamask wallet and log in.

 

• From the account options section, go to the "Setting" section.

 

• After entering the settings, select the "Networks" option.

 

• Click on “Add Network”.

 

• You will be taken to a new page. In this section, you add the required information to connect to Binance Smart Chain. At the end, press the Save button.

 

• After adding this information, you will be returned to the wallet page. There are two signs that Binance Smart Chain has been added to your Metamsk wallet.

 

• To deposit Binance coin (BNB) to your wallet, you need to get your wallet address by clicking on it. You can then send BNB to your wallet.

Trading in Ethereum using Metamsk wallet

As we mentioned earlier, Metamsk is a software wallet on the Ethereum platform that connects to the Internet. However, the activity in this wallet is not without risks according to the points we mentioned earlier. Using a combination of a hard wallet like Ledger and a soft wallet like Metamask is the safest way to store your Ethereum. A hardware wallet is a physical wallet protected by a U2F key. If you want to withdraw or convert your Ethereum to cash via Metamask, you must use an exchange platform like Binance to sell your Ethereum or convert your tokens to fiat currency. Metamask alone does not provide this feature. Actually, you have to manually transfer the tokens to the exchange platform.

How do I restore my old Metamask wallet?

One of the questions that has occupied the minds of many users is whether it is possible to recover the Metamask wallet? The answer in a word is yes.

How to recover the old Metamask wallet

We mentioned earlier that Metamask wallet recovery is only possible with a seed phrase. To do this, while installing McTomsk, click on the Import Wallet option and, having the backup phrase, follow the next steps according to the instructions.

What is a swap in Metamsk?

One of the new features of Metamask is the addition of the swap feature to this wallet. Using this feature, users can exchange tokens supported by Binance Smart Chain without entering Pancake Swap. To do this, enter the expand view option through the three-dot menu and click on the swap option. Now you can convert different currencies in the opened menu.

What is Metamask Android wallet?

Metamask has created a special version for Android and IOS smartphone owners that can be downloaded for free through software markets.

What is Harmony Network in Metamask?

Harmony is a secure, decentralized and scalable blockchain network that is capable of processing thousands of transactions in a short period of one second. In Metamask, you can access decentralized applications on the Harmony network. Just add Harmony to your wallet after installation in the network selection section. As you read in the Networks supported by Metamsk wallet, Harmony is one of the networks supported by Metamsk.

What will the future of the MetaMask wallet be like?

It is better to answer this question like this. How secure is Metamask? In fact, so far, this wallet has satisfied its users and there have been no incidents (hacks) on a large scale for Metamask. This digital wallet is supported by a hierarchical setup and a large community of users and developers that continuously They review and update their source code. So, in short, we can say: Metamsk will continue with strength in the future.

Coherent rolling questions

In the final section, we answer common questions about the Metamask wallet.

What is metamask?

It is a non-custodial digital wallet through which you can exchange cryptocurrencies and nfts on various platforms.

Metamask wallet problems

Some of the problems of this wallet are mentioned in the mtamask wallet disadvantages section. To read these items, refer to the relevant section.

How secure is Metamask wallet?

Metamask security is provided by user anonymity. Metamask does not record any records of users and each user has access to their wallet only with a password and Seed Phrase.

final word

The way to work with Metamask wallet is very easy, fast and without the need for authentication. You don't even need an email address to work with Metamask wallet. Just set a password and remember the secret recovery phrase. That's all. Simple yet practical.

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