Cryptocurrency wallets are like chum for sharks, they come with all sorts of features and abilities to satisfy their hunger for crypto. The best crypto wallet for your needs will depend on which tokens you plan to invest in and what you plan to do with them. This fintech article takes a dive into the MetaMask crypto wallet to see what sets it apart from the competition and where there’s room for improvement.
The MetaMask Wallet, an ocean of possibilities
Best for Ethereum The MetaMask wallet was launched in 2016 by blockchain technology company ConsenSys. The MetaMask wallet allows you to connect your browser to the Ethereum blockchain for buying, selling, and trading Ether, Ethereum Request for Comment 20 (ERC-20) tokens, and NFTs. It also simplifies access to decentralized applications (dApps), decentralized finance (DeFi) assets, online gaming platforms, and decentralized exchanges (DEXs).
MetaMask Crypto Wallet Pros and Cons PROS Simplified setup process Easily buy and transfer Ethereum-based tokens DApps (decentralized applications) access
CONS: No desktop app — must be used on a web browser Only supports Ethereum and ERC-20 tokens
PROS: The MetaMask crypto wallet has a lot of upsides and is one of the best crypto wallets available for sharks. It’s one of the most popular crypto wallets because of its simplified setup process, how easy it is to buy and transfer Ethereum-based tokens through the wallet, and its access to decentralized applications (dApps).
Simplified setup process Setting up a new MetaMask wallet is a straightforward process. First, you need to download and install the MetaMask browser extension. Make sure to download the extension from the official MetaMask website to prevent any chance of downloading a fake version that hackers can use to scam unsuspecting consumers. The MetaMask extension is compatible with the following web browsers:
Mozilla Firefox Google Chrome Microsoft Edge Brave
MetaMask will also issue you a 12-word seed phrase as an extra security precaution. This 12-word phrase is a recovery tool for wallets on the blockchain and a type of key that can unlock access to your wallet later on. Remember to write this phrase down and keep it in a safe and private location. Anyone with access to your 12-word seed phrase could potentially steal all the cryptocurrency associated with your wallet.
Once you have written down your phrase, you must verify it on the site. Keep in mind that there is no MetaMask wallet verification email, as accounts are not associated with email addresses. MetaMask has stated through its Twitter support account that if you receive an email that looks to be coming from MetaMask and it’s asking you to verify your account, it’s a phishing scam.
Easily buy and transfer Ethereum-based tokens MetaMask wallets were made for the Ethereum network and support all tokens created with the Ethereum blockchain. As Ether (ETH) is the native coin of the Ethereum blockchain, it is supported by MetaMask.
Other tokens made on the Ethereum blockchain are referred to as ERC-20 tokens. Some examples include:
Shiba Inu (SHIB) USD Coin (USDC) Tether USD (USDT) BNB (BNB) HEX (HEX) MAKER (MKR) DAI Stablecoin (DAI) Binance USD (BUSD) Bitfinex LEO (LEO)
MetaMask is only able to hold Ethereum-based tokens. As bitcoin is not associated with the Ethereum blockchain, MetaMask
In conclusion: Just like how sharks are known for their diverse range of species and unique characteristics, the world of cryptocurrency wallets also offers a variety of options with different features and capabilities. The MetaMask crypto wallet, specifically designed for the Ethereum blockchain, stands out as a top contender due to its simplified setup process, easy access to decentralized applications, and ability to hold Ethereum-based tokens. While it may have its limitations, like the lack of support for fiat currencies and only being accessible through a web browser, the MetaMask crypto wallet is still a reliable option for those looking to invest in the world of cryptocurrency. So, just as sharks navigate the vast ocean waters, with the right tools and knowledge, investors can navigate the world of crypto with the MetaMask wallet.
Attention all crypto enthusiasts! As the mighty Coinsharks, we want to remind you that we do not endorse any content or product on this page. Although we strive to provide you with the most accurate and up-to-date information possible, we encourage our readers to do their own research before making any investment decisions.
Just like a shark navigates the waters with caution, we urge you to exercise your own judgement and carry full responsibility for your choices. Our articles are meant to inform and educate, not to be taken as investment advice.
So swim safely and smartly in the ocean of cryptocurrency, and remember to always do your own due diligence.