MetaMask Wallet is a cryptocurrency wallet. We’ll teach how to download the mobile application for Android, IOS, and Windows versions and learn how to install, work and use it.
The first step in buying and investing in cryptocurrencies is choosing the right cryptocurrency wallet. If you’re interested in buying Ethereum or countless tokens based on the ERC20 standard, the best wallet for you is MetaMask. MetaMask not only installs on mobile phones and tablets with Android or iOS operating systems but is also useable as a web browser extension on laptops and desktops. So you can use it without needing to install additional software.
MetaMask is not a regular wallet like many cryptocurrency wallet applications. In addition to storing Ether and hundreds of thousands of ERC20 tokens, it provides a set of tools for interacting with the Ethereum blockchain, such as running a decentralized application.
Before introducing and downloading MetaMask, it is good to get acquainted with the use of cryptocurrency wallets. Learning how these programs work is essential to prevent problems, especially reducing the risk of losing assets. Don’t forget that cryptocurrencies are decentralized and give control of money to users, so in case of negligence or misfortune, there is no place like a bank to refer to and follow up. You are in charge of everything, so work with enough knowledge!
Anyway, if you are not interested in learning the concept of a cryptocurrency wallet, its types, and how it works, skip this section and go directly to the next section, which teaches how to install and use the MetaMask wallet.
Everything about MetaMask that you should know:
- What is a cryptocurrency wallet? What types are there?
- Types of cryptocurrency wallets; MetaMask is a software wallet
- What is the MetaMask wallet?
- What currencies does MetaMask support?
- Which platforms does the MetaMask Wallet support? Download the Metamask wallet application
- User Experience Design
- MetaMask wallet features
- How secure is the MetaMask wallet?
- Users ignore security issues
- MetaMask wallet advanatges and disadvanteges
- Use MetaMask wallet for advertising purposes
- Alternative MetaMask wallets
- Comparing MetaMask and MyEtherWallet
- How to install and use MetaMask wallets?
- MetaMask Wallet Settings
- Explore the Ethereum world with the MetaMask wallet
- CryptoKitties, the most popular Ethereum Dapp to this day
- How to connect MetaMask to Binance Smart Chain?
- How many People are using MetaMask wallet currently?
What is a cryptocurrency wallet? What types are there?
Many people think that the way MetaMask or other cryptocurrency wallets work is similar to regular wallets; there are some digital and virtual coins and these wallets store them. But this assumption is quite wrong.
The truth is that cryptocurrency wallets offer a set of tools for interacting with the blockchain. A wallet, like MetaMask, creates the essential information to send and receive cryptocurrencies through blockchain transactions. The most important part of this information is the private and public keys; A wallet is an application for managing public and private keys. What you own is a private key when you have a number of the same cryptocurrency. Unlike storing and spending Fiat currency, you do not have the real thing.
Encrypted currencies only exist on a large database called a “Ledger” and never leave it. A Ledger keeps a record of all transactions from the start of the network. There are several technologies for developing Ledgers to store cryptocurrency transactions, but the most popular and useable is the blockchain.
Cryptocurrency moves inside a blockchain but never leaves it. This transfer process uses the private and public keys stored inside the wallet like MetaMask.
- Public Key: It is visible to everyone. The best analogy for that is the Email address; When you want to receive cryptocurrency from others, you give them your public address.
- Private Key: You should keep it out of the reach of others. The best analogy for that is the Email management login password. Use the private key to prove ownership of the cryptocurrency stored at an address.
It is important to keep private keys out of the reach of others when working with Metamsk or any other cryptocurrency wallet. Keep in mind that you can derive the public key from the private key, but vice versa is not possible. In other words, it is impossible to reach the private key from the public key inside MetaMask. So if someone only has access to the Private Key, that’s it!
Of course, the problem is not just theft. If you lose your private key, you will lose your assets forever. There is no way back! Due to the length of the private keys inside the MetaMask or any other wallet, it is difficult to write them(scrambled character sets), so at the beginning of installing a wallet, you receive the Seed Phrase.
The Seed Phrase consists of 12 words(or 24 words in hardware wallets). After the installation of Metamsk, it will ask you to write down these words in order. If anything happens to your application or smartphone, you will use these words to regain control of your cryptocurrency assets. In the following sections, we will visually explain how to create a MetaMask and get the Seed Phrase.
Types of cryptocurrency wallets; MetaMask is a software wallet.
The two main categories of cryptocurrency wallets are Hot and Cold. What distinguishes these two is whether they have an internet connection or not. This connection makes working with Hot wallets easier, but instead, they have a lower level of security. On the other hand, Cold wallets are harder to work with because they don’t have a permanent internet connection, but they offer a much higher level of security.
For traders, who are constantly working with their cryptocurrencies and converting them to each other, a Hot wallet like MetaMask is a better option. A Cold wallet is more suitable for big investors and HODLers, who keep a cryptocurrency for a long time after buying it or at least occasionally convert it to each other. Cold wallets have two categories: hardware and paper. Hot wallets have three categories: web, desktop, and mobile. MetaMask should be in the desktop and mobile categories.
In the following, we will talk briefly about the features of each of these five categories. This review may show you that MetaMask is not the right wallet for you and you should look for another alternative wallet instead of MetaMask.
- Paper Wallets: Anything stored digitally in the form of 0 and 1 can be hacked. This matter is correct even for Hardware Wallets that are much more secure than MetaMask and its peers, although the probability is very low. But writing on paper can never be hacked with 100% assurance! The only danger to the user of a Paper Wallet is the physical theft of the paper. Here, the public and private keys are handwritten on a sheet or printed with their QR. So never count on it at all for trading, because it will give you a headache! If you want to buy a lot of the same cryptocurrency and keep it for a long time, this is a better option than a MetaMask wallet. Notice that the private key is at your disposal(non-custodial).
- Hardware Wallets: Although they have a lower level of security than Paper Wallets, they are much more secure than MetaMask and other Software Wallets. Working with them is a bit more difficult and cumbersome, so they are still not a good option for traders in need of opening and closing multiple buys and sell orders in one day. However, newer products such as the Ledger Nano X make it a little easier than the first set of physical wallets, thanks to the ability to connect to a wallet via Bluetooth. If you do not trade regularly and have a lot of cryptocurrency assets, a Hardware Wallet is a better option than a MetaMask. Of course, unlike MetaMask and other Software Wallets, they are not free. For example, to buy the Ledger Nano X as one of the best-selling products on the market, you have to pay 119 Euros. Here, too, you have the private key (non-custodial).
- Mobile Wallets: The best example is the Android and IOS MetaMask applications. You can download and install them like a regular app from the Google Play Store or App Store(the MetaMask download link is in the following sections). They are much easier to use because mobiles and tablets are always available, that is why they are the most popular category. Unlike the above two categories (paper and hardware), MetaMask or other mobile wallets are Hot, so they are riskier to be hacked. If you install MetaMask on your smartphone or tablet, be careful when installing other applications, because by installing malware and infecting the device with a virus, it can be hacked. Of course, there is no need to worry since MetaMask encrypts private keys before storing them in memory. As you noticed, private keys in MetaMask or other Mobile Wallets are still in your possession(non-custodial).
- Desktop Wallets: The MetaMask Chrome plugin is one such wallet. It may be software that you can install on Windows, macOS, and Linux or even an extension for Google Chrome and Mozilla Firefox. Private keys are stored in the device memory after encryption, so you need to be careful not to install malware on your computer to prevent hacking. Professional users like them more because of the speed of functions(for example, viewing charts and trading). Private keys are still available to the user(non-custodial).
- Online Wallets(cryptocurrency exchanges): This is a cryptocurrency wallet web application(for example, a website that you enter by logging in to your account and password) or a cryptocurrency exchange. It is the best option for traders who are constantly converting their tokens and coins into each other. They work fast, but unlike the previous four categories, they work in custody, meaning that the private keys are on an online server instead of being stored in the memory of your phone, computer, or Hardware Wallet, and you don’t have access to them. If someone hacks the server, you might lose your assets. It’s not just about hacking an exchange or a web application. The developer himself may decide to conspire and steal your property. So be careful in choosing and using them.
What is the MetaMask wallet?
MetaMask is a cryptocurrency wallet that you can use in the form of a mobile application or web browser extension. Think of it as a bridge between regular web browsers and the Ethereum blockchain. Ethereum blockchain is the largest decentralized network worldwide for creating smart contracts, decentralized applications(Dapps), and cryptocurrencies(in tokens) by users.
But why is this wallet so popular? Why are many people want to learn how to work with it? A cryptocurrency is not listed by centralized exchanges such as Binance, Coin Base, and Kucoin until it is popular enough and validated (it is impossible to buy inside them). At first, these tokens place in decentralized exchanges such asUniSwap and PancakeSwap. You will get a lot of profit if you buy them on time. Now for connecting and working with decentralized exchanges, MetaMask is one of the best wallets.
The MetaMask wallet was developed in 2016 by Aron Davis and Dan Finlay. The development team consists of several cryptocurrency experts like James Moreau, Christian Jerian, and Frankie Pangilinan.
Metamsk is not only a wallet for storing cryptocurrencies but also allows you to buy, sell and convert them, thanks to the connection of two large exchanges, Coinbase and ShapeShift. Users can purchase Ether directly from both platforms. It is also possible to exchange ERC20 tokens in ShapeShift.
MetaMask is an open-source wallet, meaning that anyone can view its source code. This has led leading developers from all over the world to contribute to developing and keeping it safe. Metamsk’s community is so large that its Twitter account has over 200,000 followers.
What currencies does MetaMask support?
This wallet is only useable to store private and public keys related to currencies on the Ethereum blockchain platform(such as Ether and ERC20 tokens) like the Binance tokens(Smart) chain with BEP20 standards. For this reason, it is not a multi-currency wallet suitable for users with a widespread portfolio; consisting of several coins with distinct blockchains.
If your cryptocurrency investment portfolio consists of several different coins, one of the best options is the Trust wallet. You can use this wallet along with the MetaMask wallet.
Which platforms does the MetaMask Wallet support?
Download the Metamask wallet application.
There is an extension for Google Chrome, Mozilla Firefox, Brave, and Microsoft Edge web browsers. Although MetaMask was developed specifically for desktop devices, there is a version for both Android and iOS mobile platforms.
Due to the high risk of installing malware similar to the famous cryptocurrency wallets, we recommend getting the download link of wallet applications only from their official websites. To get the download link of the Android app, iOS app, and the extension for four famous web browsers, check the Download section of the metamask.io website.
User Experience Design
Considering the tools, features, and capabilities of the MetaMask wallet, the design of the application user interface, both on mobile and in the browser, is as simple as possible. That is why even new users can take full advantage of its features.
On the home page, you can see a list of your assets along with your inventory of each. The home page has two sections; Tokens and NFTs; in addition to Ether(ETH) and tokens based on Ethereum, the MetaMask wallet is useable to store the private key of any number of non-fungible tokens.
The activity tab shows your recent transactions. By clicking on your account at the top of the page, the address will be saved in the clipboard. You can give it to others to get Ether. In the upper right corner, there is the QR code icon that you can scan with your phone’s camera. In the upper left corner is the hamburger menu icon. Through the menu, you can access different parts of the application like browser, wallet, and settings.
At the top of the page, the networks menu is visible. Click on it to see a list of available networks such as Ropsten and other test networks. By default, you operate on the Ethereum Main Net, but you can change the network if necessary.
Regular users, even professional traders, won’t need other networks; you must be inside the main network to buy, sell and exchange cryptocurrency or use decentralized applications. Test networks in MetaMask are functional for developers. They allow developers to test their smart contracts and decentralized applications before deployment, without paying Gas continuously during development.
MetaMask wallet features
- Graphical User Interface: There is a user experience(UX) specialist on the MetaMask wallet development team. That’s why it has a stylish, attractive, and understandable user interface.
- Multilingual: Since the Ethereum-based projects are decentralized and global, the development must be multilingual. With this in mind, the developer considers 18 different international languages in the app. To use the application interface, you can select one of those languages.
- Saving NFT: MetaMask wallet is not just for keeping the private key of the cryptocurrency. It is also useable to store private keys belonging to non-fungible tokens(NFT).
- Back up and Recovery: MetaMask is an HD wallet, so it allows the user to backup and restores via a Seed phrase. Just write down the 12-word Seed phrase that you receive at the beginning of the wallet installation somewhere safe. In the future, if there is a problem with the application, its removal, or especially the theft and loss of the phone containing the MetaMask wallet, you will be able to easily recover your assets, including all kinds of cryptocurrency and NFT.
- Custom fees: Given the complexity of the Ethereum system, developing a functional wallet for it is not an easy task. One of the most essential features for an Ethereum professional wallet is setting custom fees. In other words, the Ethereum Gas must be determined manually. This feature is possible in the MetaMask wallet.
- Internal Exchanges: It is possible to buy, sell and exchange Ether and ERC20 tokens. MetaMask wallet integrates with Coinbase and ShapeShift exchanges.
- Dapp Browser: MetaMask wallet is more than just a wallet for storing cryptocurrencies. Inside the MetaMask mobile app, there is a browser to enter the vast world of Defi(decentralized finance), decentralized exchanges, decentralized social networks, and markets for trading non-fungible tokens.
- Connection to Physical wallet: One of the uses of MetaMask is to provide a user interface for Trezor and Ledger hardware wallets. After connecting these wallets to the computer, you can work with them through the MetaMask plugin.
How secure is the MetaMask wallet?
Among the criteria for choosing a cryptocurrency wallet, security is arguably the most significant option for most users. If your assets are at risk, there will be no usability! To date, MetaMask has not been the target of a widespread cyber attack. This wallet uses HD backup settings and provides a writeable phrase to recoup finances in case of a problem with your device or application. Behind MetaMask is a community of professional developers, constantly working to troubleshoot and update its source code. However, we can’t ignore the main problems of MetaMask. MetaMask is a Hot and Online wallet anyway, so it is more at risk of being hacked than Cold or paper wallets. Cold(web-based) wallets have the lowest level of security compared to the other four categories.
The main threat to MetaMask is phishing attacks. These are attacks that hackers use to steal users’ information, such as passwords and usernames. Phishing is commonly associated with online wallets, including MyEtherWallet. You should not open on-screen ads or suspicious Emails to prevent phishing attacks. In addition, log in to your wallet only through the official MetaMask website.
MetaMask also allows users to manage their identities. When a DApp wants to execute a transaction and write on the Ethereum blockchain, MetaMask provides the user with a secure user interface. Despite all these features, we believe that the security features of this wallet are not enough. So use it only to work with the Ethereum blockchain and save small amounts.
Users ignore security issues!
Do not forget that hacking is not always due to bugs and flaws in the application. In most cases, users provide the basis for the theft of their money by being ignorant. For example, consider the following scenario:
Ahmad is using a web browser and has several tabs open. To create a transaction, he opens the MetaMask extension and enters a password for login and access. A hacker finds out through one of the open tabs that Ahmad is using his cryptocurrency wallet. He then sent a pop-up message to Ahmad stating that his transaction had failed. In any case, this is what happens from time to time, so Ahmad won’t worry and creates another transaction. To do this, Ahmad re-enters the password, but this causes the hacker to access his wallet.
Unfortunately, this type of cyber-attack is common in online wallets. Developers are working on MetaMask to prevent such problems, but still, if users are careless, the risk of theft is high. Keep in mind that decentralized monetary systems such as Bitcoin and Ethereum and placing the power to control assets in the hands of the owner is a big responsibility. You are responsible for the proper maintenance of your cryptocurrency assets.
To reduce the chance of being hacked, just keep one tab open when using MetaMask to create a transaction. When not using the wallet, be sure to lock it.
MetaMask wallet advantages and disadvantages
Advantages of MetaMask wallet
Open-Source: Being open-source makes the mobile application source code and the MetamMask browser extension visible to everyone with Internet access. You can even create custom versions of yourself, with a host of additional features, if you have enough technical knowledge. Open source projects are no longer the exclusive property of a particular company, so the tastes of a particular group of people are not merely involved in promoting them and are run collectively by a community of users. If you see a bug, this community will fix the problem very quickly.
HD Settings: A definite hierarchical structure allows the account to get back up despite being anonymous. After installing and running the mobile application or the MetaMask browser extension and before storing the cryptocurrency or NFT in it, you’ll receive a phrase consisting of 12 words. Use the Seed Phrase to regain access to your assets.
Trading Assets: MetaMask integrates with two exchanges, CoinBase and ShapeShift, so you can buy Ether and ERC20 tokens by paying Fiat currency. In CoinBase, you can only buy ETH, but in ShapeShift, in addition to Ether, you will also be able to purchase Ethereum tokens.
Technical Support: One of the goals of MetaMask Walt is to attract more and more users to the Ethereum network. There is an introductory and academic video on the main page of its official website at metamask.io. There is a dedicated association for MetaMask(community.metamask.io) to help users answer their questions. With a little research, you will most likely get the answer to your question from previous conversations. Otherwise, you can ask a new question.
Simple User Interface: It is easy to use the wallet after installation. This is not our personal opinion but various users of this wallet on various platforms, websites, and social networks confirmed it. The many features and tools are segmented to make each one easy to access. If a new user does not need some parts, they will not cause him a problem.
Keys Local Storage: Some wallets store private keys for users’ cryptocurrencies on their servers. This procedure is common in cryptocurrency exchanges such as CoinBase and Binance. Although this makes it possible to manage and work with assets, such as buying, selling, and quick exchanges, it is not a good security solution. But MetaMask encrypts and stores the user’s private keys on the device itself. MetaMask stores Private Key in the mobile application, on the phone or tablet memory, and in the browser extension, as part of the web browser data. As a result, it is much less likely to be hacked.
Active Community: MetaMask user community is very active. There is a lot of activity in its dedicated community at community.metamask.io. On social networks such as Reddit, many users talk about it. MetaMask accounts on different social networks have hundreds of thousands of followers.
Disadvantages of MetaMask wallet
Browser Access: MetaMask does not have access to any part of your information, but this is not the case with the web browser with this wallet extension. Of course, the browser does not have access to private keys, but in any case, it can collect information about when and how you use MetaMask. Unfortunately, Google Chrome and Mozilla Firefox are not very popular with cryptocurrency users, because privacy is essential to them. As a result, some strict users stop using MetaMask or, at best, just use the mobile app.
Being Online: Although the user’s device stores a private key, the MetaMask is still a Hot wallet. Hot wallets have their advantages and disadvantages. Any online data storage is more at risk of being hacked than offline data storage. This does not mean that Cold cryptocurrencies are completely safe and that Hot cryptocurrencies are dangerous, but they are more likely to be hacked. Never use MetaMask or any other Hot wallet to save a lot of money.
Use MetaMask wallet for advertising purposes.
According to the company, developers who copy or improve the MetaMask codebase for advertising purposes will be invited to sign a formal business agreement with the company. “For example, if you copy the MetaMask code and make it available to more than 10,000 active users monthly, we intend to enter into a formal business agreement,” MetaMask said.
Alternative MetaMask wallets
Parity is a browser-based wallet that lets you use Dapps for Ethereum transactions. The Mist browser for accessing Dapps, which works with Mist Wallet is a full-fledged Ethereum wallet. MyEtherWallet is another popular online wallet for Ethereum currencies and tokens.
It handles these transactions without downloading the Ethereum Blockchain but does not communicate with Dapps in the same way. MetaMask connects to the Trezor and Ledger hardware wallets, allowing users to access the service while maintaining their cryptocurrency in the hardware wallet.
Comparing MetaMask and MyEtherWallet
MyEtherWallet is one of the most popular and useable wallets for working with the Ethereum blockchain. This is an online platform and not just a wallet. You can compare MyEtherWallet to a wallet creator. By using it, users can create wallets and gain access to the Ethereum blockchain.
MyEtherWallet was developed to give users complete control over private and public keys. It is interesting to know that the MEW wallet can be used Hot and Cold, but you can use MetaMask only as Hot memory. Another significant function of MyEtherWallet as a fierce competitor to MetaMask is the possibility of using it as a full node Ethereum. In this way, the wallet connects directly to the blockchain and stores the Ledger of this decentralized ecosystem(with a volume of several hundred gigabytes) in the device memory.
MetaMask interacts with Ethereum Ledger through a system called Infura, so it needs to trust other computers to stay up to date on the status of the Ethereum network. Instead, a full node does not need intermediaries. Full-node systems are usually preferred over systems that require trust through intermediaries such as Infura, although they are harder to set up and require more resources.
Another usage of MyEtherWallet is to create smart contracts, while the MetaMask wallet does not. MyEtherWallet seems like a better option for professional users, and especially developers, but we suggest using it alongside MetaMask. Taking advantage of both gives you a high power to work with the Ethereum blockchain. In other words, instead of comparing the two to install one instead of the other, download and install both applications.
How to install and use MetaMask wallets?
The user interface of the mobile application and the MetaMask web browser extension is almost similar, so if you learn how to use one item, you will be able to work with another. First, go to metamask.io/download and download and install the MetaMask extension for Chrome, Firefox, Brave, or Edge. After installing and activating the extension, MetaMask will be visible in the popup icon bar.
In the window that opens with the title Privacy Notice, click on the Accept button.
Creating a new wallet in MetaMask
To create a new wallet, select a strong password and then click Create.
In the next step, you will see the 12-word Seed Phrase. Be sure to write it down on a piece of paper and keep it somewhere safe. If you want to write this phrase yourself, click on the I’ve Copied It Somewhere Safe button after writing it. But if you want to save the file containing this phrase of 12 words to your phone or computer, click the Save Seed Words As File button.
That’s it. You can now use your wallet.
Recover an old wallet
You may have already made a wallet using the MetaMask mobile application. Another possibility is to have an old wallet that you used a long time ago. If you want to recover your old MetaMask wallet with the assets stored in it, click on Import Seed Phrase instead of Create New Wallet.
Next, you need to enter the 12-word Seed Phrase phrase with a strong password. This password is for the current extension and forgetting it will not be a problem. If you forget the password while continuing to lock the program, you will have to recover the wallet through the Seed phrase.
On the home screen, a list of your assets with the inventory of each is visible. By default, only the Ether cryptocurrency is on the list. Click Add Token to add more tokens. By clicking on the account name at the top of the page, the ETH receiving address will be copied to your device’s clipboard very quickly but to get the address of other tokens, you must first add them to the list. In the settings, there is an option that is not to display tokens with zero inventory. Enable it.
Swapping Cryptocurrencies in MetaMask
On the home page, if you click on the Swap option you will visit the following page. Here you can replace Ethereum with a variety of tokens or vice versa. Before the advent of MetaMask and other platforms, and especially similar aggregators, users had to flip through several exchanges before buying a token or coin to find the best price. Unfortunately, despite the time-consuming process, the user will still not always receive the best price. On the other hand, with the constant transfer between different exchanges, fees increase.
But the MetaMask wallet solved the problem; MetaMask hits a few aggregators while the user tries to exchange Ethereum and Ethereum tokens and gets the best prices. For this reason, MetaMask users always have access to high liquidity and numerous tokens at the best prices. You pay a fee of 0.875% for exchanging in this wallet, which is a completely negligible figure considering the benefits of the service and the fee of other similar services. This fee is automatically deducted and does not need to be paid directly.
Since conversion orders in Metamsk are split into several exchanges, you will be less prone to sharp price fluctuations until large orders are closed during large trades. Before submitting the request, you can specify the slippage tolerance. It means the difference between the expected price and the price at which the exchange is ultimately based. For example, when you set it to 3%, it means that the number of tokens you receive will not differ by more than 3%.
How to send and receive Ethereum in the MetaMask wallet?
To receive Ethereum, Click the three-dot menu button at the top right of the page, then select one of the Show QR Code or Copy Address To Clipboard options. If the sender has a mobile wallet, it can receive the address code by scanning the QR code. Otherwise, you will need to copy and paste your MetaMask wallet address to the sender.
Unlike other wallets, there is no Receive option. The three main options on the page are Buy, Send and Swap. To receive your address to present to others for the deposit, just click on the account name at the top of the page. The address will be saved on the clipboard.
Click the Send button to send Ethereum to other wallets.
Then you have to enter the address of the wallet you want to send it to. In the next box, enter the amount of Ethereum currency you want and click the Next button.
Connecting Hardware Wallets
Users of Trezor and Ledger wallets such as Ledger NanoX, Ledger Nano S, and Trezor T Model can connect them to MetaMask. In this way, MetaMask will become the user interface for using these wallets. To do this, enter the menu and click on Connect Hardware Wallet. After connecting the wallet to your laptop or desktop computer, you will be able to use it.
MetaMask Mobile Application
Although one of the reasons why MetaMask is so unique is that you can use it on desktop devices, many users still prefer the Android and iOS mobile applications. All the features we have discussed so far are also available in the MetaMask mobile application. In addition, we should mention the existence of a browser for running decentralized applications, access to the world of Defi, irreplaceable token stores, decentralized exchanges, and decentralized social networks.
Keeping your Android and iOS applications in sync with the MetaMask web browser extension is easy. Just go to the Advanced section in extension settings and then scan the QR code displayed on the screen with the phone’s camera. Then these two accounts will connect.
MetaMask Wallet Settings
To go to the settings, click on the circle icon in the upper right corner, then click Settings. MetaMask gives you many customization settings. On the left of the circle icon, you can select the network. You are in the Ethereum network by default.
In the General section, the first option(Currency Conversion) is for selecting the Fiat currency you want to display prices based on. The value of your cryptocurrency assets will be displayed according to this currency. By default, the USD option is active. The second option(Primary Currency) allows you to display values in the cryptocurrency of your desired chain (like ETH). The third option(Current Language) is to specify the language of the application interface. The next option(Use Blockies Identicon) is to use or not use Identicon(visual display of a hash value). Activating the last item(Hide Tokens Without Balance) will no longer display tokens with 0 inventory.
In the Advanced section of the MetaMask extension settings, the first item(State Logs) is the place to store all your public addresses. Clicking on the Download State Logs option will download all of these addresses. Sync With Mobile lets you sync private keys between your mobile application and the MetaMask web browser extension. Clicking on Reset Account will delete your transaction history. After that, nothing happens to your cryptocurrency assets and there is no need to re-enter the Seed phrase. If you enable Advanced Gas Controls, you will be able to specify a gas limit while sending the cryptocurrency. Turning on Customize Transaction Nonce allows you to set the transaction nonce manually. Auto-Lock Timer to set the time for the extension to lock automatically after a period of inactivity.
Another part of the MetMask wallet settings is Contacts. Here you can create a list of contacts for yourself and use their address while sending the cryptocurrency. This way, you will not have to receive the recipient’s address every time you need to send Ether or Ethereum tokens. After entering this section, click on Add Contact and then specify the username and public address of the contact.
The next part is Security & Privacy. If you have lost the Seed phrase, you will be able to view and write it down again by clicking on the Reveal Seed Phrase option. By activating Show Incoming Transactions, incoming transactions are displayed in the list of transactions. The next item(Use Phishing Detection) is for preventing phishing attacks. By turning it on, you will receive a warning if you enter suspicious domain addresses of Ethereum users. If you turn on Participate in MetaMetrics, you will help MetaMask developers to improve this wallet by anonymously sending some information to them.
Explore the Ethereum world with the MetaMask wallet.
According to users, the most significant feature of MetaMask that distinguishes it from regular cryptocurrency wallets is the ability to enter the wide world of decentralized applications based on the Ethereum blockchain. For new users, MetaMask is a convenient tool for working with Dapps through a regular browser. It is interesting to know that MyEtherWallt is one of the most common Dapps used in Metamsk by a large number of users!
One of the reasons for MetaMask’s success in 2020, which reached a record 1 million monthly active users by October of this year, was the ability to access Defi applications amid the huge popularity of decentralized finance. To get started with decentralized apps, it’s a good idea to look at the most famous options to date.
CryptoKitties; the most popular Ethereum Dapp to this day
In this decentralized application, or rather game, users can collect, nurture and exchange virtual cats. Each kitty can have a combination of several different features; race, bell, age, and other characteristics can be determined for each. That is why each has a unique identity and is different from the others. This asset reminds us of the nature of a non-fungible token; Each cat has a different identity and is irreplaceable with another.
CryptoKitties(a product of late 2017) became so popular at a time when traffic on the Ethereum network increased due to the high volume of user activity. It is interesting to know that in February 2020, when the record of the highest daily transaction rate was recorded on the Ethereum platform, the statistical situation was similar to the time of increased traffic due to the inflow of CryptoKitties users!
Use MetaMask, enter the game, and create lovable cats in the simplest possible way. If you can grow a kitty with unique features, you will be able to sell it in the market for non-fungible tokens at a considerable price. It is interesting to know that along with the initial coin offering campaigns(ICO) between 2017 and 2018, one of the reasons for the success of the Ethereum network in the first years of its launch was this game. Millions of dollars were transferred through it, and some special cats were sold for hundreds of thousands of dollars!
How to connect MetaMask to Binance Smart Chain?
MetaMask is not just for working with the Ethereum network and ERC20 tokens. You can also use it to connect to the Binance Smart Chain network(BSC) and work with BEP20 tokens. In this part of the tutorial, we will use the MetaMask extension.
By default, only the Ethereum wallet is visible when you install and log in to the application. You may lose bep20-based tokens with erc20 addresses sending them incorrectly, but sometimes recovery is possible. For the previous reason, do not transfer bep20 tokens to the MetaMask before connecting it to BSC. Due to the similarity of the addresses, mistakes can occur even for professional users. If you have such a problem, use the following to return your cryptocurrencies to the original blockchain.
To connect BSC to MetaMask wallet, click on its extension in your browser and enter the Setting section.
On the Settings page, click the “Networks” tab.
You have to add the Binance Smart Chain network manually. To do this, click “Add Network” like in the picture above. Keep in mind that there are two Binance Smart Chain networks to add to the MetaMask wallet. One is Testnet and the other is Mainnet. You must enter a series of information in different boxes. We have taught you the exact value of each box to connect the BSC to the MetaMask wallet. Use the following information.
Mainnet network parameters:
- Network Name: Smart Chain
- New RPC URL: BSC-dataseed.binance.org
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: bscscan.com
Testnet network parameters:
- Network Name: Smart Chain – Testnet
- New RPC URL: data-seed-prebsc-1-s1.binance.org:8545
- ChainID: 97
- Symbol: BNB
- Block Explorer URL: testnet.bscscan.com
If you are after learning how to work with bep20 tokens in MetaMask, you need to connect to the Testnet network, otherwise, you will need to connect your wallet to the BSC Mainnet network to exchange real tokens. In our opinion, it is better to connect both to your wallet with the help of this MetaMask tutorial. Follow this procedure once to connect the Mainnet and once again to connect the Testnet.
When you input the information according to the values mentioned above, click on the “Save” option. Return to the MetaMask home page now. If you pay attention, you will notice that the used network is automatically changed to the network you just added, which is why the units are represented by BNB(Binance Smart Chain Cryptocurrency) instead of ETH.
Performing transactions in the BSC Testnet network
If you want to work with the BSC Testnet network inside the MetaMask wallet, make sure you are in “Smart Chain – Testnet” mode as shown above. To transfer the token, click on “Account 1” to copy your address. You will then be able to enter your wallet address and receive the amount of currency(test, not real) by visiting Binance Smart Chain Faucet at testnet.binance.org/faucet-smart.
Once you input the address, click on “Give me BNB” and then from the drop-down menu, click on the desired value. Wait a while so that some BNBs are transferred to your Testnet address.
In this MetaMask tutorial, we will send some BNBs to another address to show how it works. To do this, we have selected a random address from testnet.bscscan.com. After selecting, click “Send” in the MetaMask wallet.
Imagine we are transferring a BinanceCoin unit. Leave the fee section by its default. Then click “Next”. Once again it will allow you to check the transaction, you are learning anyway! Click “Confirm” if confirmed. After the transaction, you will receive a message indicating that you have completed the tutorial on connecting the MetaMask to the BSC network correctly.
How many People are using MetaMask wallet currently?
The number of active users currently trading with the MetaMask wallet is reported to be 5 million. Also, more than 40,000 people follow this wallet on Twitter.
MetaMask is an important part of the Ethereum ecosystem. Although this wallet offers many special features for professional users to access and work with the Ethereum blockchain, it is still one of the best wallets for beginners. The storage and wallet nature of MetaMask comes after its initial use; MetaMask is a tool for bridging Ethereum.
Although MetaMask has good security features and no widespread hacking has been reported so far, we still recommend that you do not store large amounts of cryptocurrency. As mentioned above, this extension is a great interface for working with hardware wallets, so it’s best to get a Cold wallet of the hardware type and use it with MetaMask.
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