Everything You Need to Know About MetaMask
MetaMask is one of the most popular crypto wallets. In this post, we’re going to cover everything you need to know about MetaMask.
We’ll cover what MetaMask is, how to create a MetaMask wallet, its pros and cons, and more. Let’s start with what it is.
What Is MetaMask?
MetaMask is an Ethereum based wallet. You can store ETH and ERC-20 tokens in this wallet. MetaMask allows you to make ETH transactions in a fast and convenient manner.
To get a better understanding of MetaMask, let’s look at the pros and cons of this wallet.
Pros And Cons
Like every other crypto wallet, MetaMask has its pros and cons. Let’s start with the pros.
Here are the 5 benefits of using MetaMask:
User-Friendly Interface: It has a super friendly user interface, which means you don’t need to be tech savvy to use this wallet. Seriously, all you need to understand is how to turn on the computer, install a software, and read the simple on-screen instructions such as, “Click this button.” Literally, that’s all you need to understand to use this wallet.
Easy Access to Dapps: In 2017, a Dapp known as CryptoKitties, crashed the Ethereum blockchain with 1.3 million transactions. Not long after, the mind boggling number got reduced to a few thousand transactions per month.
What was the reason behind this massive decline? Dapps were hard to access. It was quite complicated and time-consuming to use Dapps. This is where MetaMask shines. Wallets such as MetaMask have made it super easy to use Dapps. All you need is to enter the address, select the amount, and press the send button.
Great Customer Support: MetaMask offers 24/7 customer support. The customer support is super polite and they respond quite fast. You can contact them through the MetaMask help center or their community channel.
Super-Secure: MetaMask wallet is super-secure. You get a secret recovery phrase. In case you lose your password, you can give your secret recovery phrase and create a new password.
Availability: MetaMask is compatible with some of the most popular crypto exchanges in the world.
Compatibility: MetaMask is compatible with both computer and mobile devices. On the computer, it’s compatible with 4 browsers. Chrome, Firefox, Edge, and Brave. On mobile, it’s compatible with both operating systems. iPhone and Android.
MetaMask has some drawbacks as well. Let’s look at the 3 drawbacks of MetaMask.
Not The Safest Wallet: Although MetaMask is quite secure, it’s still an online wallet. When it comes to safety, air-gapped hardware wallets are the best option.
Relies On External Nodes: The MetaMask wallet relies on external nodes for processing transactions. If external nodes have downtime, the MetaMask wallets won’t work. But, you don’t have to worry about it because it rarely happens.
Browsers Have Your Info: The browser you’re using for making MetaMask transactions contains your search history. Therefore, it’s possible for scammers to find out for what purposes MetaMask.
Alright, now that you’re familiar with the pros and cons, let’s talk about how to set-up MetaMask.
How to Create A New Wallet?
Setting up MetaMask is a simple and fast process. The process for setting-up MetaMask for mobile and computer is different, so we’re going to share with you the process for both devices.
Let’s start with how to set-up MetaMask on a computer.
Here is the step-by-step process for setting up MetaMask on your computer. A quick note. If you don’t have a browser that’s compatible with MetaMask, install one first.
Step 1: Go to the MetaMask.io and click the blue download button.
Step 2: After you’ve installed the MetaMask extension, add it to your browser and then open the app.
Step 3: You’ll be given 3 options. Two options are for syncing/importing data from your previous wallet to this one. The third option is to create a new wallet.
This process is for creating a new wallet. If you want to transfer data from the previous wallet to a new one, then skip to the next section.
Step 4: Now select a password for your wallet.
Step 5: After you’ve chosen a password for your wallet, you’ll be shown a Recovery Seed Phrase. This phrase is super important. In case you lose your password, you can use this phrase to create a new password.
A Note: Jot down your password and Recovery Seed Phrase. It’s much safer than remembering these codes.
The process is the same for both Android and IOS operating systems. The only difference is you have to go to download the app from PlayStore on Android and App Store on iPhone. As we said, it’s the same.
Ok, let’s talk about the process:
Step 1: Open the app and create a password. After creating a password, you’ll be shown a button that says “Create Password” button. Do as it says.
Step 2: Now, you’ll be shown a Seed Phrase. Jot it down somewhere so you can access it in case you forget the password.
Step 3: Click on the Start button and enjoy using MetaMask.
How to Import/Sync A Wallet?
If you want to transfer funds/assets to a new wallet, then this section is for you. You’ve got two options. You can either import or sync your assets to a new wallet.
Let’s look at the step-by-step explanation for both processes.
Import Using Seed Phrase
This method is for you in case you’ve forgotten your password, or you’ve purchased a new device. The process is super convenient because it involves 2 steps only.
Alright, let’s get started:
Step 1: Enter your Seed Phase.
Step 2: Create a new password and confirm the new password.
Sync With MetaMask Extension
You can use this method, if you’ve logged into your desktop account and you want to sync data to your mobile account (and vice versa).
Alright, now let’s look at the steps:
Step 1: Open the extension (app for mobile)
Step 2: Click on Settings
Step 3: Choose the sync with mobile options located under advanced settings (sync with desktop if you’re using a mobile).
Step 4: Enter your password
Step 5: You’ll get a QR code on the device you’ve already logged into. Scan it using the device you want to log into.
That’s it! You’ve successfully synced your account into the second device.
How to Buy And Sell Using MetaMask
Buying and selling using the MetaMask wallet is super simple. Let’s talk about both activities.
Buying: To purchase tokens using MetaMask, you’ll need to do two things. Select an exchange that you want to use. Coinbase and ShapeShit are two of the popular exchanges compatible with MetaMask. Then, select the asset you want to purchase and press the Buy button.
Selling: To sell your assets, press the Send button and then enter the address of the recipient. You must have some ETH in your wallet. The amount should be enough to cover the transaction fee.