How Web 3 Enthusiasts can use MetaMask Wallet

The concept of securely storing digital assets using wallets isn’t strange to anyone who has been actively involved in the crypto space. There are many cryptocurrency wallets and MetaMask is one of those commonly used.

Knowing the working principle of MetaMask is also important for those looking to store mainly Ether and ERC-20 tokens. This wallet has grown from only supporting the Ethereum network, to accommodating the Polygon Network and Binance Smart Chain (BSC).

The crypto space has expanded so much that investing, trading, gaming, and owning non-fungible tokens (NFTs) requires you to have an ETH-loaded MetaMask wallet. That is why you should know how to use MetaMask to interact with the crypto metaverse.

This article talks about a brief overview of the MetaMask wallet and setting it up for use.

Let’s get started!

What is MetaMask?

MetaMask is a crypto wallet and gateway to blockchain apps trusted by over 1 million crypto users worldwide. Exploring blockchain applications becomes so simple when you install MetaMask and add it as an extension to your browser.

Source: MetaMask.io

MataMask is a simple web browser plugin that can be added to your active Google Chrome or Firefox browser.

MetaMask offers several benefits and features to users. These include:

• A platform to buy, store, send, and swap tokens with access to a key vault, secure login, token wallet, and exchange.
• An opportunity to explore blockchain-based applications and interact with the decentralized finance ecosystem.
• A simple and plain user interface without complexities.
• Owning data through the generation of passwords and keys on users’ devices. This ensures only the user has access to both of them and chooses to share what to and what not to share.

Source: MetaMask.io

Setting up Your MetaMast Wallet

Installing MetaMask is very easy when you follow the steps outlined below:

• Open your web browser.
• Download the MetaMask wallet that is compatible with your browser from the official website.
• On the top right corner of your browser, click on the MetaMask extension that pops up.
• Input a strong password and try to keep it safe on a piece of paper. You might need it if you eventually forget your password.
• Then, MetaMask will share a list of 12 seed phrases that can be used at a later stage to recover your account and access your wallet from a different browser.
• You then have to ‘read the seed phrases back’ to your MetaMask wallet and arrange them in the same order. This is to confirm you’ve memorized them.
• Your MetaMask wallet has now been set up!

Getting Started With MetaMask

Adding cryptocurrency is the first step to using your MetaMask wallet. This can be done by directly wiring some Ether to it or buying from a crypto exchange and transferring it to your wallet for a commission.

The Ether contained in the wallet is used as gas fees when interacting with the crypto space or buying, selling, or swapping tokens.

For transactions using MetaMask, it is necessary to have the address of the recipient. If you plan to transfer to that address regularly, you can add it to your contact list. It prevents accidental transfers to wrong addresses or having to add the address every single time.

MetaMask offers users three different transaction speed options. Ideally, the fastest transaction speed comes with higher gas fees.

Users can also check the success of transactions by looking it up under the “activity tab” which highlights pending and successful transactions.

Using MetaMask with BSC.

Using MetaMask to interact with the Binance Smart Chain is now possible. All you need to do is to click on the top-right section of the MetaMask wallet that says ‘Main Ethereum Network. Then, use a custom network option to add BSC.

Source: Binance Academy

MetaMask currently supports all of the decentralized applications (dApps) built on BSC. This goes to show how widely cryptocurrency projects are embracing this wallet.

MetaMask has proved itself to be one of the best digital asset wallets by offering features that are secure and easy to use.