MetaMask

Cryptocurrency and NFTs are exploding lately, and rightfully so. The traditional financial system is slowly starting to collapse with rising inflation and price hikes. It’s no wonder people and countries have begun to look for ways to store their cash without involving the banks.

That is where cryptocurrency and NFT hot wallets come into the picture. You can use these wallets in a centralized or decentralized manner, meaning they may be attached to a KYC exchange or not.

Another great thing about crypto wallets is that you can use them to exchange or send cryptocurrency to your friends worldwide. These wallets also are a safe space to store your digital token so that they can’t get in the hands of hackers or cybercriminals.

Suppose security is something you are concerned about; you will be happy to know that most cryptocurrency wallets come with two-factor authentication and a passphrase if you lose your login details.

One awesome cryptocurrency wallet is MetaMask, and it is what we will be discussing in today’s article. It is one of the most commonly used Ethereum based cryptocurrency wallets today, and it is easy to sign up too.

In this article, we discuss the advantages and disadvantages of MetaMask and highlight the features of this intuitive browser extension wallet. Without further ado, let us begin this piece.

What Is MetaMask?

MetaMask is an Ethereum based browser extension and wallet that can be used with Firefox, Edge, and Chrome browsers. It enables you to store keys for ERC-20 and Ether across browsers by connecting the browser to the Ethereum Mainnet.

In addition, MetaMask can also link to two exchanges: ShapeShift and Coinbase. This function allows you to purchase ETH from both of the above platforms. You can also buy the ERC-20 tokens from ShapeShift to add them to your collection.

What’s excellent about MetaMask is that it is open-source, meaning the code is available and naked for the world to access and see. One of the best things about the application is that it has proven solid among the Ethereum community.

There are over 1 million monthly active users and just over 100,000 followers on Twitter.

Our MetaMask Analysis

Starting an account with MetaMask is as easy as one, two, three. You need to head over to the service’s homepage and click “Download the Extension.” Once the browser application is downloaded, you can sign up for the wallet.

What’s fantastic about using MetaMask is that the wallet is decentralized, which means hackers or cybercriminals cannot compromise your credentials. You will immediately be supplied with a passphrase when you have completed the registration process.

It is crucial to keep this code secure, as if you lose your login password, the passphrase is the only way you will be able to get into your wallet again.

One of the prominent features of MetaMask is that it is compatible with several well-known and established cryptocurrency exchanges. That means no matter who your broker is; you should be able to connect MetaMask to its platform.

Another incredible thing about MetaMask is that you can store Ethereum based NFTs in the wallet. You can also connect MetaMask to various blockchains, including Polygon, the Binance Smart Chain, and even the Avalanche C Chain.

People can buy, send, and swap any compatible tokens on MetaMask, giving it good interoperability between blockchains. If you want to purchase Ethereum tokens through MetaMask, you can use your debit/credit card or wire transfer.

When it comes to withdrawing your funds from the platform, you will need to send them to an exchange that can convert your cryptocurrency into dollars. One such exchange is Binance, and it is one of the prominent leaders in the industry. After your assets have been sent to the platform, it usually takes 24 to 48 hours to receive the funds.

With such vast compatibility options and convenient storage for your tokens, it may be time to check out MetaMask as your cryptocurrency storage solution.

The Signup Process

Downloading and signing up to MetaMask is super simple. You head over to the MetaMask website and click “Download” to begin.

1. Create Your AccountOnce the application is downloaded, click on the MetaMask icon in the top right corner of your browser. It will open the MetaMask UI, where you need to scroll down to the bottom and click “Accept” to agree to the terms of service. After that, you will be prompted to enter your password, then click “Create” to open a new Ethereum account.
2. Check Your EmailOnce you have signed up, you will be sent an email to verify your account authenticity. Go ahead and click “Verify” on the message, and you will be ready to start using MetaMask.
3. Learn About the PlatformMuch like anything in the cryptocurrency industry, there is much to learn. There are plenty of sites and tutorials online that can teach you about the inner workings of MetaMask and the crypto scene in general.

   You would be silly not to educate yourself on this technology, as in a few years, we believe that this will be the most dominant way people transact.

4. Start Buying and StoringOnce your account is set up with MetaMask, it is time to start buying and storing tokens. One of the best ways to make returns in the cryptocurrency or NFT space is to invest for the long term.
   Use the MetaMask wallet to find the tokens with the most significant value and add them to your portfolio.

How MetaMask Works?

• VerificationVerification is done through email, and your account is then secure through a passphrase. Once your email address has been verified and the passphrase entered correctly, you are ready to start buying some crypto.
• FeesOne of the issues of using MetaMask on the Ethereum network is high gas fees. Ethereum’s finality rate is relatively slow compared to other blockchains like Cardano and Avalanche.

  However, the good news is that you can connect to those blockchains and trade those tokens; doing this will save on fees when not buying Ethereum. On swaps, the expenses range from 0.3% to 0.875%, but you will be shown the costs involved before you make the transaction.

• PayoutsIf you need to cash out from MetaMask, sending your funds to a reliable cryptocurrency exchange is best. There are many exchanges out there, so you are spoilt for choice when it comes to options.

  We recommend sending it to the Binance Smart Chain as it has one of the fast withdrawal speeds on the market.

• SupportUnfortunately, MetaMask only offers support via its help center and community channels. Please note that the company will never ask for your secret recovery passphrase. If you have had issues with the software, you can send a request to MetaMask and expect a reply within 24 to 48 hours.
• WithdrawalsWe mentioned earlier that the withdrawal process could be rather complex, but if you follow the steps provided on MetaMask’s website, you will have the funds in your account in no time.

Ease of Use

MetaMask is an intuitively designed browser extension that lets you easily store and hold your cryptocurrency. You can also exchange cryptos for other tokens supported by the extension.

There are countless guides online that teach you to connect to various mainnets and explain how to transfer digital assets.

Reputation

MetaMask was created in 2016 by a company called ConsenSys. Since its inception, people have loved using MetaMask as their go-to cryptocurrency wallet.

It’s good to note that before 2019, MetaMask was only available as a desktop browser extension, but now it also has an application for mobile devices.

Platform Safety

One of the best things about MetaMask is decentralization, meaning you don’t need personal credentials to signup for a wallet. All you need to do is keep your passphrase secure, and you will always have access to your account.

Transparency

What’s great about the MetaMask community and its developers is their transparency and trustworthiness. No matter what question you have regarding the service MetaMask provides, one of the helpful community members can help you resolve it.

The MetaMask website is also concise and provides various information regarding the cryptocurrency wallet.

Is It Possible to Withdraw Earnings?

The answer to that question is a resounding yes. You will have to send your crypto to another exchange to convert it into dollars. Once you have done that, you can easily withdraw your earnings from the said exchange and enjoy your profits.

MetaMask NFT Storage

You can also use MetaMask to store your most valuable NFTs when not trying to sell them. The other thing about the platform is that it currently only accept ERC-721 and ERC-20 assets, so be aware of that before sending alternative items to the wallet.

Compatibility with NFT Marketplaces

There are many NFT marketplaces that MetaMask supports, and rightfully so. With the popularity of Ethereum and its mainnet, it’s no wonder that MetaMask is entirely invested in a range of NFT markets.

Below are some of the Top NFT platforms that are integrated with MetaMask:

• • Blockparty
  • NFT Stars
  • ART101
  • OpenSea
  • Verily
  • Makersplace
  • Infinity NFT Marketplace

Cross Chain Compatibility

What’s excellent about MetaMask is that it is associated with the Ethereum Mainnet and other blockchains. You can connect to the Binance Smart Chain, Avalanche, Polygon, Harmony, Fantom, etc.

Our Verdict on MetaMask

Overall, MetaMask is a great decentralized way for people to store a range of cryptocurrencies and NFTs. You can quickly buy, send, or swap tokens between different blockchains with this browser extension.

MetaMask has a secure login system and doesn’t require your personal information to open an account. All you need to do is keep your passphrase safe, and you will be ready to use the wallet to store your most significant assets.