Metamask wallet

metamask extension

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Metamask extension in your browser

There are a huge number of cryptocurrency wallets out there. Some of them focus on convenience, others on safety. Metamask is a crypto wallet designed for comfortable use when trading digital assets.

Note that this wallet is suitable for operations, but not permanent storage of tokens. In this article, we will figure out what Metamask is for and how to use it.

Metamask wallet: what is it?

Metamask is made as a browser extension. With it, you can get easier access to the Ethereum ecosystem. At the same time, it is a wallet for storing and conducting transactions of ERC-20 digital coins.

The crypto wallet is decentralized. It is capable of connecting to all networks developed on the Ethereum blockchain. This includes Binance Smart Chain, Polygon, Harmony, and HECO. It also makes it possible to conduct transactions with cryptocurrency exchanges and DeFi applications.

The wallet was launched back in 2016. It was originally designed as a browser extension. At launch, it worked only with ERC-20 coins. However, the list has now expanded to BEP-20 and BEP-2.

  1. Important! Metamask does not transfer private keys and other personal data used to log into the wallet to developers. They are encrypted in the application. Therefore, we recommend storing important data in a separate place in order to restore access to the wallet later.

Работает приложение на таких популярных браузерах, как: Firefox, Edge, Google Chrome и Brave. Не так давно было запущено приложение для Android и iOS.

The crypto wallet has an exchange function for making money on digital assets. With its help, you can trade coins in the wallet itself. For this, a special DEX aggregator is used. With its help, the system searches for the best asset value and builds a path for the operation.

Additionally, Metamask implements the EIP-1559 protocol. It works to reduce the cost of making a transaction. It prioritizes the operation, reducing gas costs.

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Cryptocurrency applications

A distinctive feature is the absence of limits and commissions in the wallet. The user himself sets how much to replenish or withdraw coins from the wallet. The commission is set based on the selected network and the priority of the transaction.

Benefits of a cryptocurrency wallet

  1. 1. Supports a large number of decentralized applications.
    2. Easy to use. It is enough to memorize a set of words and their sequence to carry out operations.
    3. Does not require PC space. There is no need to download the entire blockchain network, as requests are sent outside of the users' computer.

Disadvantages of a crypto wallet

  1. 1. Storing private keys in the browser. There is a risk of catching a virus that will steal this data. On the other hand, desktop wallets also have this disadvantage, but they require a significant amount of space on the PC.
    2. Application of external nodes. Because of them, sometimes downtime arises. This can cause the extension to stop working.

Installation Instructions

Installation will not cause you any difficulties, if you have used extensions in your browser at least once. For this you need:

  1. 1. Go to the official Metamask website.
    2. Click on the "get extension" button.
    3. Press the "add" button.
    4. Confirm the action by clicking "install extension".

A fox icon will appear at the top right. This will be the expansion of the program. Just click on it to start using it.

How to use a crypto wallet

Metamask can be configured in two ways: creating a wallet from scratch or gaining access using the seed phrase of an existing one. In the first case, click "create wallet" and follow the simple steps. The main thing is to save the 12-word phrase in a separate file and move it to a safe place. Without it, you won't be able to access your wallet. If you already have a passphrase, you can use it to gain access to your account.

Metamask allows you to synchronize between a desktop program (it is, but less popular), a mobile application and an extension. This is quite simple to do. Install the mobile version on your smartphone, select import, and then go to the extension on the PC. There go to the program settings → Advanced, where select the synchronization of devices via a QR code. Scan it through the mobile app.

BSC network connection

BSC - Binance Smart Chain, which is used to quickly access and work with centralized applications. The Metamask wallet allows you to connect to it. To do this:

  1. 1. Go to the extension and click on the drop-down list.
    2. Select "custom RPC" from the list that appears.
    3. Enter the data in the window:
    • Title: BSC.
    • Address: bsc-dataseed.binance.org.
    • ID: 56.
    • Coin symbol: BNB.
    • Address-guide: bscscan.com.
    4. Save the entered data and confirm the connection.

This way you can connect to Binance and use their digital coin to trade.

What users say about Metamask

There are a lot of comments on the net. It is enough to enter the query "Metamask reviews" for the search results to provide dozens of different sites. On their basis, you can objectively evaluate the program and understand whether it is worth working with it.

Note that this application is one of the most popular on the Internet for working with broadcast and ERC-20. The mobile application has significantly expanded the list of users, making the wallet even more convenient for working with exchanges where you can farm airdrops cryptocurrencies.

Users report that there are many rogue applications. They simulate a crypto wallet popup. Therefore, we strongly discourage you from following them. Better to use the extension's login icon.

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