No matter whether you are a Blockchain explorer or lover, if you want an easy entry to the Ethereum ecosystem then MetaMask is something that might interest you.
Now, what is MetaMask?
MetaMask is a free and secure browser extension or plugin for accessing Ethereum enabled dApps in your browser. MetaMask can be installed like any other extension on your browser.
MetaMask can also be used as a wallet for holding ERC-20 tokens that allow users to access services built on the Ethereum network.
MetaMask, which is a crypto wallet (for holding cryptocurrency i.e., ERC20 token) can be compared with any other digital wallet like Paytm, Phone Pay (for holding Fiat).
In the vast crypto world, where everything seems to be complicated, MetaMask emerges as one of the simplest Ethereum wallets to use.
I hope the above gives you an idea of MetaMask strengths and capabilities. Now, Let’s dive in to understand how to use MetaMask?
How to Install MetaMask on your browser?
To install MetaMask, all you need is to have a browser like Chrome or Firefox already installed on your system. Once the browser is ready to use, MetaMask can be installed in a couple of minutes like any other browser extension.
To install MetaMask, follow the below step-by-step guide:
1. Go to https://MetaMask.io/
2. Move your cursor to the “Download Now” button and hit it.0
3. Select the platform that you are using to install MetaMask and hit “Install MetaMask for xxxx”.
4. A new window pops up which says “Add to Chrome”.
5. Click “Add to Chrome” then click “Add Extension”.
6. After successful installation, you will receive a notification stating “MetaMask is successfully added to chrome” and you will be redirected to a page showing the MetaMask logo.
You can see at the top right corner of your browser that MetaMask is added as a browser extension and is ready to use.
How to Use MetaMask?
1. Once you will be on the welcome page that shows a fox, click on the “Get started” button to enter the MetaMask ecosystem.
2. The next page will provide you with two options: one is to import your existing wallet using a seed phrase and the other is to create a new wallet and seed phrase.
3. We will see how to create a new wallet and seed phrase first. For that hit the “Create a Wallet” button.
4. You will be asked if you want to improve MetaMask Click either “I Agree” or “No Thanks” depending upon your choice.
6. MetaMask will then show you your 12-word seed phrase.
7. Tap on the lock icon to reveal your seed phrase. It’s a good idea to write down your seed phrase as it is shown. This will be required to recover your wallet if in any case, you lose access to your account.
Note: It is advised to keep your Secret Backup Phrase private to you only as anyone with your backup phrase can have access to your account.
8. Confirm your backup phrase on the next page by typing it as it is.
9. As a final step, click “All Done” on the last page to complete your account setup.
10. You will get a page that will look like this.
11. You can now buy, send, and swap assets.
The above shows your public wallet address and you can share it with other people whenever required.
12. To send an asset, click send followed by entering the recipient’s address and the amount to send.
13. Click “Next” to confirm the transaction.
14. You can also easily “Swap” tokens by clicking on the “Swap” button and entering the amount of token to be swapped followed by the “Get quotes” button.
15. The application will check and come up with the quotations that will be only valid for the next 5 minutes.
I don’t have the required UNI in my account. If you have, then the “Swap” button becomes clickable.
16. Now, Hit “Swap” to complete the transaction.
I hope we all are on the same page. Moving further, things will be a little more complex but don’t worry, I am here to make them simple for you.
How to Add Another Wallet to your MetaMask Account?
Whoa, an exciting new feature of MetaMask is out here. You can have multiple Ethereum wallet addresses under your MetaMask.
To create multiple accounts
1. Click on the top right corner that shows a circle denoting Account 1.
2. Hit “Create Account”
3. Type the Account name and click “Create”.
You can check that both the accounts have different wallet addresses.
What else you should know about MetaMask?
MetaMask emerges as a very powerful tool that allows blockchain newcomers and blockchain lovers to access dApps easily. Apart from all the features of MetaMask that you have learned so far, it comes with an extraordinary feature that allows a “Hardware Wallet” to connect.
A hardware wallet is a pen drive like device used to store cryptocurrencies. You can easily plug-in it into your computer and enjoy it.
1. You can easily connect a hardware wallet to your MetaMask by clicking on the circle like icon at the top right corner of your MetaMask window.
2. Click “Connect Hardware Wallet”
3. Select the available hardware and hit “Connect”.
Another important point to note here is that MetaMask is a hot wallet thus it is more prone to attacks as compared to cold wallets (i.e., hardware wallets like Ledger or Trezor).
1. How to import an existing cryptocurrency wallet to your MetaMask account?
You can also import your previously created wallet to your MetaMask account.
Please follow the steps below:
1. Open MetaMask
2. Click on the Account’s icon.
3. Move the cursor over the “Import Account” option and click on it.
4. Enter the private key associated with your account.
5. Click “Import”.
2. Is it possible to see Tokens on MetaMask? If yes, then how?
MetaMask will only display ETH you have on your wallet. If you want to see all the Tokens associated with the wallet, you need to add them. For this purpose, follow the steps below:
1. Open MetaMask
2. Click “Add Token”
3. Select “Custom Token”
4. Enter the “token contract address of the token you want to add”
5. Click Next
6. Click “Add Tokens”
Tip: To find any Token’s Smart Contract Address, visit Etherscan, and search for that specific token.
3. What are the alternatives to MetaMask?
There are multiple wallets available as an alternative to MetaMask:
- Parity: Like MetaMask, this is a browser-based wallet that allows easy access to dApps and Ethereum transactions.
- Mist Browser: It is the first dApp browser built on the Ethereum network with an embedded Ethereum wallet which is known as Mist wallet for conducting Ethereum transactions.
- MyEtherWallet (MEW): Mostly called MEW, MyEtherWallet has gained equal popularity as MetaMask. It is widely used by Etheruem enthusiasts for holding their crypto.
4. What is MetaMask mobile?
In September 2020, Metamask launched its mobile version for iOs and Android to simplify its operation.
MetaMask mobile will help you to keep your account handy as compared to the browser-based version.
The first smartphone app from MetaMask will allow users to create new accounts and much more. Users can do almost everything they can do with the browser-based version.
Before You Go…
As the Ethereum lovers will increase and people around the world start to understand more about cryptocurrency, the need for such wallets will increase. The benefits that MetaMask offers is incomparable to any other wallet providing the same services.
We can expect an enormous growth in MetaMask users as the new dApps products and services emerge.