What Is A Cryptocurrency Wallet?
Do you know what cryptocurrency is? You should. It is a digital currency that is used for virtual transactions. Although, you can not use any fiat currency wallet to use them. You need a special digital wallet that is known as a cryptocurrency wallet. It can also be called a crypto wallet but the usage stands the same.
A cryptocurrency wallet is a virtual app that offers you multiple crypto coin services. You can store cryptocurrency in a crypto wallet and transfer them into another wallet or account.
Besides, it is necessary to deal with crypto tokens. A token has more facilities and usage than a regular crypto coin. Without a crypto wallet, you can’t make any kind of token-transaction. As it stands, a cryptocurrency wallet provides you all sorts of financial services regarding cryptocurrencies.
Among many cryptocurrency wallets, we are going to talk about the metamask wallet. Are you thinking about what is metamask? Let’s follow our metamask review to learn its usage and policies.
What Is A Ethereum And ERC-20 Tokens Wallet?
Ethereum is a type of cryptocurrency that offers different application features that is not available in regular cryptocurrencies like Bitcoin. It is based on blockchain and even utilized by smart contracts. Its currency is Ether (ETH).
ERC 20 is a type of asset that can be used through the Ethereum blockchain. It holds both value and application. They are widely used for non fungible tokens. Non Fungible tokens are a new form of digital asset and getting popular day by day. You may have heard about them as Nifty. To learn more about nifty, follow our Nifty Gateway Review.
Now, the questions are what is metamask and how it is related to Ethereum and ERC20 tokens. Well, you can send tokens from metamask as well as Ether. Unlike many other cryptocurrency wallets, both are available within the metamask wallet services.
What Is MetaMask?
So, what do you want to know regarding what is metamask? According to the metamask wiki, Metamask is a cryptocurrency wallet. Although, it is not a standalone app. Rather, it is a browser extension that can be used through Chrome, Firefox, Brave, and more.
Because of the easy access, metamask wallet maintains the bridge between crypto-assets and different platforms in the most efficient way. Let’s learn more in the metamask review here.
Who Created MetaMask?
After what is metamask, the question is who created metamask. Metamask is established by ConsenSys in 2016. It is one of their blockchain-based promising projects. According to their official information, Aron Davis is the founding member and Dan Finlay is the Lead developer.
Currently, metamask has 22 specialists on their team. Aron Davis holds the highest position as the founder. Following that, Dan Finlay is their leading developer. A few important names should be mentioned like Thomas Huang, Jacob Cantele, Omna Toshniwal, Rachel Cope, and so on.
There is no record of direct investment for metamask. Although, they are founded by ConsenSys. SK Group is ConsenSys’s leading investor. So, it is passively their leading investor in a way.
Is MetaMask Private?
Talking about private, it means private keys. Metamask is a non-custodial wallet that does give you access to your private keys. You can freely move your crypto as you please and even if Metamack faces vulnerabilities, your crypto is still safe as long as your private key is not exposed.
It allows you to get the public key through the private keys to conduct transactions on the Ethereum blockchain with Ethereum or ERC-20 tokens. So, Yes, metamask is private which gives you to deal with the private keys.
Here comes our detailed metamask review below.
As you have got the basic idea about metamask wallet, Let’s dive into deeper information. You have already learned about what is metamask. So, it is time to know them from the root. We will give wide guidelines and its services. Follow our Metamask review below.
Ease of Use
Ease of use defines how easily you can use a product or service. Basically, it shows if the product or service is enough user-friendly. Talking about metamask, it has many services regarding cryptocurrency and tokens. Learn how to send tokens from metamask in our review below.
Getting access to the metamask wallet is pretty easy. It is used as a browser extension so you can get it directly from the extension store. Just download it as an add-on. Then verify your identity and get ready for the account easily. There is no hassle nor any extra steps to go for.
From the interface to crypto service, metamask wallet provides all of them. Their overall standard is one of the best in the market of crypto wallets. Follow our review below to learn how to install metamask.
Metamask offers proper guidelines for any of its services. From account setting to the wallet management, you will get every instruction from their support page. There are six sections like FAQs, Basic, Backup&Restore, Managing account, Mobile, and Interacting with Dapps & Services.
Although, the user review is not quite good about direct contact for customer support. The supporting team is said to be too busy to handle a large customer request. So, you better check out all the instructions and terms to prevent any risky action. Next, we have the user interface in the metamask review. Check it out.
Simple User Interface
Metamask interface is user-friendly with a professional design. Their clean interface provides a proper guideline to reach any section. Its clean look has a download and other customer support options.
The app can be used directly from the add-on menu of a browser. It holds a discrete single click option to deal with public and private keys. You can send tokens from metamask with the fixed option. Exchanging and other services are available as well.
Purchasing any crypto value is pretty easy with metamask. Just follow our Metamask review below for step-by-step instruction.
- Go to the metamask official page.
- Click on the metamask icon and log in with the password.
- As for the network, select Ethereum main Net.
- Unlock your account through the required password.
- Go to your account and click on the buy option.
- There will be multiple options to select. Click any of the connected platforms. It will redirect you to the website where you can buy crypto assets.
- Give your desired crypto value and other required information like email, confirmation codes, and so on.
- Follow any additional verification from the platform.
- Confirm the transaction and complete the buying.
As metamask is a browser extension, you have to get it through a browser and use it as an add-on. Let’s follow our Metamask review for the guidelines for easy access. Let’s talk about it below.
- Open your browser like Chrome, Firefox, or any other browser with a related search engine.
- Go to the web store and search for the metamask chrome extension for chrome. Accordingly, the same goes for other browser extensions.
- Add the metamask chrome extension or other browser extensions into the browser. Provide all the access permission.
- Provide a password and create an account.
- Read all their terms and conditions.
- You are ready to go.
Online Hot Wallet
In the metamask review, let’s talk about their storage system. There are two types of wallets available: Hot wallet and Cold wallet. A hot wallet is online and can be used for transactions. On the other hand, a Cold wallet is like deep storage. It is offline and can not be used for regular transactions.
Metamask wallet is a hot wallet and thus it is online. So, it can be used for storage and transactions at the same time. Although, every hot wallet comes with greater vulnerability than a cold wallet. But, no need to worry. Metamask has great security to protect your assets.
How Does MetaMask Work?
How does metamask wallet work is also the referral information about how you will get started with it. As you can guess, it starts with installing a metamask and ends with completing a transaction. We will discuss the detailed workflow. Follow the Metamask review below.
Step 1 – Create MetaMask Wallet
- First, you have to download the metamask chrome extension or respective extension from the browser store.
- Then open the add-on and you will get the login and sign up option.
- If you already have an account then log in with the password.
- Else, create an account with personal information and create a suitable password.
Next, we are going to talk about the backup system in our metamask review. Let’s follow the process given below.
Step 2 – Backup Seed Phrase
Like any other backup service, you can back up the entire metamask wallet that is known as seed phrase. You can lose the account, pc, or even the metamask service itself but no need to worry.
You can do a full restoration of your Ethereum account. Just get any other wallet like metamask wallet and download everything from the backup file. You can go for hardware backup or password manager protection. Make sure to complete the seed phrase backup. It will be your only lifesaver for any inconvenient situation.
Step 3 – Choose Password For The MetaMask Wallet
There are two types of passwords you have to remember. A password for signing in and another one is for seed phrase backup. Usually, if you choose a password manager for a backup seed phrase then there will be a 12-word password. Else, only the login password is necessary. Just keep it clean or write it down so that you can remember easily.
Step 4 – Connect MetaMask To DApp On A Web3 Browser
We have to talk about DAppas in the metamask review. Learn how to connect your account with DApps. First, you should hold some credit values in the metamask wallet. So, exchange some cryptocurrency with fiat currency. There are many exchange platforms like Coinbase are available. Later, store them in the metamask wallet.
Now your metamask wallet is ready for any decentralized application. Just use your wallet information to connect it with any DApp or platform. It just needs a simple click to get through. Whenever you want to connect the wallet with a DApp, it will ask for confirmation. Confirm your information and it will be connected.
What Is The Use Of MetaMask?
There is nothing special to talk about. You have already learned about metamask and its usage. Haven’t you? Let’s have a quick look at the metamask features. Follow our metamask review below.
- Roaming DApps.
- Access into the Ethereum blockchain world.
- Financial transactions of digital assets like Ether or ERC 20 tokens
- You can send tokens from metamask or exchange them. It is exclusive for tokens.
- Storing crypto values and use for any financial deal.
Can MetaMask Hold Bitcoin?
Unfortunately, metamask is only available for Ether cryptocurrency and ERC tokens. You can not store Bitcoin in a metamask wallet. You can only send tokens from metamask along with cryptocurrency like Ether. Although, there are many other virtual wallets like Coinbase, Trezor, and Ledger available for Bitcoin.
Has MetaMask Ever Been Hacked? Is MetaMask Safe?
Talking a metamask review with the safety concern is not possible. Considering that, security is the biggest issue you should be concerned about. Regarding that, metamask has not encountered any groundbreaking attack. Their HD backup is quite strong to hold the security in check.
On the other hand, metamask does face many cyber attacks. The most common one is a phishing attack. It is like a pop-up window that shows a false failed message and asks for a repeat login.
Besides, metamask is a hot wallet that has a higher risk to get attacked. So, you have to be careful enough and not provide any information to the wrong hand. If you are not careful then a single entry can clean off your assets.
MetaMask Vs Myetherwallet
In our metamask review, we are going to compare its features and services with MyEtherWallet. It is another pretty popular crypto wallet. In some points, MyEtherWallet is even better than Metamask wallet. Let’s check out the given comparison table between them.
|Node System/User control||There is middleman||Full node system|
|Asset Storage||Only hot wallet||Both hot and cold wallet|
|Built-in Purchase||Both Ether and ERC 20 tokens||Only Ether|
What Coins Can MetaMask Hold?
Our metamask review is going to introduce you to all the acceptable crypto coins. Up to now, Metamask allows 6 types of crypto coins. Although, it can go even higher in near future. Let’s have a look. Follow the given list below to learn about them.
- Ethereum: ETH
- Ethereum Classic: ETC
- Tether: USDT
- Basic Attention Token: BAT
- USD Coin: USDC
- All types of ERC-20 tokens: ERC 20
Can You Use Metamask On Multiple Computers?
Yes, you can. If you follow some instructions then it is possible to use metamask from any device. Although, you have to set up the account again with all the information.
Make sure to keep the 12-word seed phrase safe. But, the most important part is to back up the account. So, always back up first if you have a plan on using the account from multiple devices.
Is Metamask Safe?
Metamask is proven strong enough to hold their ground up until now. They haven’t encountered any major attack. Although, because of using a hot wallet, metamask encounters regular cyber-attacks. But, their HD backup system provides enough security service to keep the digital assets safe.
Can I Use MetaMask On My Phone?
Previously, metamask was only accessible from pc. But, it is now available on all popular platforms. You can use it from pc, mobile, and IOS. In simple terms, you can use metamask from any browser supportive device.
How Do I Open Metamask In Chrome?
For metamask Chrome is one the most popular browsers and it is also the most used one. If you are looking for instructions then follow our metamask review below. It is exclusive to the Chrome Browser.
- Go to the play store or IOS Appstore depending on the mobile device. Play store for android and IOS Appstore for IOS devices.
- Download the Chrome browser. Only 4 browsers are acceptable. Chrome, Firefox, Brave, and Edge.
- Install the metamask chrome extension from the browser’s respective webstore.
- Open it from the top-right side of the browser.
- Create your account and verify it.
- Follow our previous instructions in the metamask review to learn easy access and set up processes.
- The process is pretty similar for other browsers as well.
Is MetaMask Mobile Safe?
No matter which device you are using, metamask provides the same level of security. So, there is no extra risk of losing anything. Although you have to be careful about losing the mobile or letting others use it. Considering that, using the metamask from a mobile device is pretty secure.
What Is MetaMask Seed Phrase?
Metamask Seed Phrase can be called recovery phrase or backup phrase. If you forget the password or try to get access from any other device then you have to provide the seed phrase. Even for any kind of hacking attack, the seed phrase ensures safety. You can recover the account with it.
Because of the safety reason, you have to make sure the proper back up. Follow the backup process in our metamask review. We have already discussed the backup and its importance.
If you have already registered an account then you can log in. Else, you have to perform the signup first. Let’s talk about the login processes here.
- Click on the metamask icon and open the app.
- Give the password and user detail.
- If it is ok then you will be redirected to the account.
- Make sure to set up a backup of the account. If you forget the password then the backup password known as seed phrase will help you to reset it. Follow the metamask review below to learn about the account creating process.
How Do I Create A MetaMask Account?
Creating a metamask account is pretty similar to how we described the login process. Follow the given instruction below.
- Open your metamask extension from the browser. It will be on the top-right side of the browser. Follow the metamask icon.
- If you are opening for the first time then you have to make an account.
- Click on the icon and the metamask front page will come.
- Give password and verification data. Complete the verification.
- If you log out or clear cache then you have to log in again.
Is It Safe To Connect Ledger To MetaMask?
Before talking about metamask ledger safety, let’s talk about its services. It is a hard wallet that lets you store private keys offline. Storing private keys in the hard wallet is a much better way to keep your metamask wallet safe. It is also one of the tops reasons that prevent major hacks.
Ledger is one of the top-grade HD wallets. Metamask ledger set up helps you to use the metamask hot wallet along with keeping the private keys safe in a cold wallet.
As metamask has released full support for the metamask ledger, there is no risk of using it. It does not have any bugs to cause major concern. You can even use it with just some simple click. Rather, it improves the safety of your assets even more.
Is MetaMask Anonymous?
From the metamask’s perspective, it does not collect any personal information. It also does not provide any personal information to other users. In that sense, metamask is anonymous. But, the browser may collect data and track metamask as it is an add-on. So, partially it is also not fully anonymous.
Pros And Cons Of MetaMask Wallet
After a lot of talking, let’s dive deep into some of the noticeable advantages and disadvantages of metamask. You are pretty interested in it, aren’t you? Let’s follow the metamask review below.
- Free and Open Source:
Metamask is completely free as it is open-source software. It gives you an option for unlimited customization. Although, you can even get authorization for your development. Metamask appreciates all the developers to improve the app even more.
- Hard Wallet:
It allows the hard wallets to secure your private keys through cold storage. That improves the overall safety of your digital assets.
- Built-in Service:
Metamask has a partnership with Coinbase and ShapeShift that provides a built-in option to buy or exchange Ether and metamask erc20 tokens.
- User-friendly Interface:
Metamask has a clean and straightforward interface. It is easy to get everything even for a beginner.
- Active Community:
Metamask’s developing community is pretty active and every developer is trying their best to contribute. As it is an open-source app, there is a lot of improvement.
- Strong Security:
Metamask provides strong backend security that protects you from any major cyber attack. Although, most of the hacking attacks depend on your usage style.
- Browser Tracking:
Metamask works as an anonymous app. But because of being an add-on, the browser may track additional information.
- Single Storage:
Metamask wallet is a hot wallet that is always online. It does not offer both hot and cold wallets. So, it comes with a risk of being attacked by hacking and other virtual attacks. Follow our metamask review to learn possible solutions about preventing a hack.
- Node System
It means control over the user. In some transaction cases, you need a middleman to complete the financial deals. So, metamask does not provide a full node system for the user. Even though it does not have a huge impact on the deals but still a point to consider.
How Do I Delete MetaMask Wallet?
In any case, if you want to deactivate or remove the metamask wallet then it is possible. You have to request a ticket to their customer support. Just follow our metamask review to learn the given steps below.
- Go to your browser and open the metamask extension.
- Login into the metamask account.
- Create a ticket requesting to delete the account.
- Complete your email and describe the possible reasons.
- Make sure to give information about what to keep and what to wipe clearly.
- You will get a return message about any issue or successful account removal.
How do I fund MetaMask?
If you want to fund the account, you can use the built-in services from Coinbase and ShapeShift. You can only fund your metamask wallet with Ether and ERC 20 tokens. For a manual system, you have to use an exchange platform to get Ether or ERC 20 tokens with fiat currency.
Use your bank account or credit card to pay for the crypto value. Then add your metamask wallet with the exchanging platform.
Go to the withdrawal option and provide the wallet detail. Confirm the information and complete the necessary verification. Your metamask wallet will be funded automatically. Below, we have the metamask review to learn about locking and unlocking an account.
How Do I Lock MetaMask Account?
The locking policy has been updated many times. Usually, the metamask wallet is locked by default. You can choose when to unlock. You will get the setting beside the logout option. Although, its usage and location may change with upcoming updates. Just look at the setting option or the menu bar.
How do you unlock MetaMask?
Unlocking the metamask account is no different than the locking process. You will get the option in the same place. If the account is locked by default then there will be an unlock option in the same place. It can be beside the login menu or directly in the setting panel.
Takeaway – MetaMask Review
So, what have you learned from our metamask review? Have you got a good idea about its features and services? Let’s have a quick review of it. If you missed something then it will be helpful.
Metamask is a virtual wallet that helps you to complete financial deals on Ether and ERC tokens. As cryptocurrency is getting popular day by day, the use and storage of digital assets are getting popular as well. You need a virtual wallet like metamask to do so.
It is open-source and offers you a lot of customization. Metamask only offers a hot wallet as you can do a continuous transaction at any time. But, they have HD wallet access that helps you to keep private keys in cold storage. You will also get their built-in exchanging services for fast funding and instant startup.
The last thing you should be concerned about is security. In that case, metamask has held the ground with a decent reputation. Their backline is capable of handling large attacks along with ensuring your safety.
Considering all these features, metamask is still under development and there is a chance of future progress. It can adapt to a user’s needs. Besides, the developers are determined to do so. Follow our metamask review to get started easily and have a soft crypto world experience.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates