MetaMask is a cryptocurrency wallet based on Ethereum that supports all types of non-fungible tokens. MetaMask works by connecting to the Ethereum blockchain network. It is also a built-in browser extension. MetaMask enables users to interact with the Ethereum ecosystem by offering them a wide range of decentralized application (DApp) integration, without the need to download the entire blockchain network to their devices.
MetaMask was created in 2016 by the software company ConsenSys. Before 2019, it was only available as a Firefox and Chrome desktop browser extension, but in September 2020, ConcenSys released the MetaMask mobile app for Android and iOS-powered mobile devices. MetaMask continued to be developed until March 2021. MetaMask offers the highest level of security and design, and functionality, according to an independent audit by Least Authority, a security company.
The most important feature of MetaMask is the possibility to have a 12-word phrase that is believed to be necessary in case the user forgets their password, which must be stored securely by the user. MetaMask can be set up by users in a simple way and can store Ether and all ERC-20 tokens in their wallets after users open an account. Users can send cryptocurrencies to their preferred Ethereum address via MetaMask. Through MetaMask, users can log into decentralized applications based on the Ethereum blockchain.
How to Set Up MetaMask?
MetaMask wallet can be installed on browsers such as Chrome, Firefox. The MetaMask extension should be added to the appropriate browser and opened. After the installation process is completed and MetaMask is opened, click on the "Get Started" button in the dialog box that appears. The user is then directed to "Create a Wallet" and asked to create a password.
After creating the password, click on the "Create" button. MetaMask will then give the user a unique and randomly generated 12-word seed phrase. This recovery phrase will help the user in case the user forgets his/her password, damages the device and wants to move MetaMask to another device. It is also recommended not to store the seed phrase digitally. If someone other than the user gains access to it, they gain access to the funds owned by the user and can empty the funds in the wallet.
After the seed phrase, click the "Next" button and go to the "Secret Backup Phrase" confirmation page. Then click on the "Confirm" button. After the confirmation process is completed, click the "All Done" button for the installation process. After all these steps, the user now has a MetaMask wallet.
To make a transaction via MetaMask, it is enough to fill in the recipient's Ethereum address, the amount you want to send and the Gas fee you are ready to pay. Then click on the "Send" button.
To use the MetaMask wallet via Android or iOS systems, Android users and iOS users simply download the MetaMask mobile application to their devices.
What Are Pros and Cons of MetaMask?
Here are the pros of MetaMask:
- Easy set up process
- Earning rewards with staking
- Supports various Ethereum-based tokens
- Supports DApps
Easy Set Up Process
MetaMask can be easily downloaded and set up across various platforms. MetaMask users can start using MetaMask across platforms by creating a wallet and using a 12-word seed phrase.
Earning Rewards with Staking
MetaMask users can earn rewards through airdrops and staking.
Supports Various Ethereum-based Tokens
MetaMask supports various cryptocurrencies created on the Ethereum network. For instance, cryptocurrencies such as Tether, USD Coin are supported by MetaMask.
Supports DApps
MetaMask also supports various decentralized applications, essential for NFT and Web 3.0 enthusiasts.
Some cons of MetaMask are the following:
- No 24/7 live support
- Does not support conversion from fiat money to cryptocurrencies
No 24/7 Live Support
While MetaMask offers a good service in most aspects, it is lacking in terms of customer support. There is no 24-hour support for users who need a 24/7 support system.
Does Not Support Conversion from Fiat Money to Cryptocurrencies
MetaMask does not support third-party remittance companies. Therefore, there is no conversion from fiat money to cryptocurrencies.
MetaMask vs Trust Wallet
Another Ethereum blockchain-based wallet is Trust Wallet. While MetaMask is available as a browser and mobile-based wallet, Trust Wallet is only available on mobile devices. Trust Wallet, like MetaMask, does not only support Ethereum and Ethereum-linked assets. It also provides access to a wide network of digital assets such as ETH, Bitcoin, LTC. Unlike MetaMask, Trust Wallet also offers features such as buying BTC, earning interest on stored funds and interacting with NFTs.
