- MetaMask is a decentralized software on the ETH blockchain for token transfer.
- MetaMask wallet has a user-friendly interface.
- The company’s risk team always follows attacks and hacks on their ecosystem.
MetaMask is a software created in 2016 by a blockchain software company. It uses the Ethereum (ETH) blockchain and enables users to access their cryptocurrency wallets via a web browser extension and a mobile app. It also allows users to trade, exchange and store ethereum-based cryptocurrencies on a decentralized platform. This makes it completely secure and gives 100% ownership of the wallet to the users.
MetaMask was initially available in desktop web browser extensions for Google chrome and firefox. Later in 2020, they released its mobile app version which is available in Android and iOS. MetaMask was audited by legal authorities & found to be exceptionally secure and user-friendly.
First time user – How to setup Metamask
There are two ways to use MetaMask, you can either download the Metamask extension on your web browser by visiting URL: https://metamask.io/, or you can download a mobile app on your phone.
The first step is to create a username and password also while setting up a password it will ask you to also set up a secret backup phrase called “Seed Phrase”, it’s very important to remember as its a recovery phrase for your account in case you forget the key or if your system crashes. Once MetaMask is set up it should appear in your browser extension.
Next step would be to go to settings and set up your preferred primary(Fiat) and conversion currency.
How can you send and receive ETH using MetaMask?
Now, you are all set to send/receive Ethereum tokens from Metamask to your other decentralized Ethereum based crypto wallets like Coinbase, Binance, and many others.
If you want to send a token from Metamask to another crypto wallet, you need to copy your other ETH wallet account address (long random alphanumeric) and then go to your MetaMask account, click on the send icon in the top right. Enter the amount you want to send and click “Continue.” and enter your Ethereum wallet address in the “To” field.
In a similar fashion, you can receive a token from another ETH wallet to your MetaMask. by sharing your MetaMask wallet address or just by scanning the code. MetaMask, now also allows swapping tokens for Uniswap, Totle, Paraswap, etc.
How secure is MetaMask?
Since the time MetaMask was created, it hasn’t suffered any major hacking attacks. The main risk that MetaMask wallet faced is phishing attacks. These scams are common on the internet, where hackers try to steal investor information like email accounts and passwords. Furthermore, MetaMask allows its users to manage their identity, making MetaMask a unique wallet. However, there are a few pros and cons of using this wallet.
- It is an open software. It allows many developers to contribute to its project. The wallet presents a really intuitive user interface.
- MetaMask has integrated ShapeShift and CoinBase exchange platforms to make it easy to exchange Ethereum (ETH) tokens.
- Great customer support.
- MetaMask is an online wallet, there is some risk of being hacked.
- MetaMask does not have access to your personal information. However, by using any browser, investors are sharing their information and less they open a private window.
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