Have you invested in Ether or perhaps interested in an exciting new project being built on the Ethereum blockchain? The chances are that you have, given Ethereum is the largest and most active blockchain right now.
As a result, it is important to know the best options out there for managing your tokens, buying them, swapping them and receiving payments. A fantastic option is MetaMask, a browser extension that also acts as a hot wallet for the Ethereum blockchain. We go into detail below about this fantastic option, helping you understand what it is, how to use it and why you should download it.
So let’s start with a simple explanation of what MetaMask is!
It is a browser plugin, that can also be downloaded on iOS and Android as an app and acts as a wallet for the Ethereum blockchain. It is a type of hot wallet and this means it is a way to store crypto that is connected to the internet.
Once you have installed MetaMask, it will allow you to store Ether and pretty much all other ERC-20 tokens. You can connect it to dApps that are based on Ethereum, spending tokens in applications or games and trading them in exchanges. Fundamentally, it allows you to explore the exciting world of the Ethereum blockchain, one of the biggest and most diverse blockchains out there.
There are some fantastic guides out there on how to get started with MetaMask and the first place to look is here, where you can download MetaMask and also search for guidance.
If you would like to follow a guide on how best to set it up, then we recommend either geekflare or decrypt.
A few key points to note:
We’ve already highlighted just how useful MetaMask is for anyone involved with the Ethereum blockchain. Now we get into the detail about just what you can do with MetaMask. Take a moment to read the features below and you may wish to do more research on the particular features if they are relatively new to you, such as using dApps.
At the heart of these main features, one piece of advice is incredibly important to remember – always make sure you have your public and private keys! If you lose these then firstly you won’t be able to get others to transfer to you but also you won’t be able to access your wallet at all.
Put simply, you can buy Ether or other ERC-20 tokens and deposit them into your MetaMask wallet. There are normally a couple of different payment gateways you can use, so you will be able to select the most suitable for your transaction and location.
Make sure to note the relevant transaction fee and the network fee. These two fees work in slightly different ways so make sure you understand the total fees involved before buying any Ethereum tokens.
As you would expect, you can send Ether with MetaMask too. By typing in the public key for the wallet of the person you wish to send to, you can then type in the amount you wish to send.
The wallet also allows you to amend the gas fee for sending the transaction but this is a more advanced feature, so if you’re relatively new to the process then we would recommend leaving it as the default setting.
Aside from buying and sending, you can also search through various exchanges to find tokens to swap, such as Ether and other ERC-20 tokens.
Once more there are certain calculations and fees involved in this, including a network fee and slippage tolerance. To briefly explain, slippage is how much the final price can vary compared to the initial quotation. When you get a quote it will often include the MetaMask fee anyway so you can easily judge the potential value of each swap.
You can see how the traditional features of a wallet like MetaMask is similar to many others out there. However, there are some extra features that make it an even better solution for those wanting to trade and invest in Ethereum based projects.
MetaMask allows you to add multiple accounts to your wallet, which is a feature we really love. By being able to monitor your accounts in one place, it makes life so much easier and reduces the risk of losing passwords or failing to spot potential changes to markets or projects.
Ethereum is one of the biggest blockchains for dApps, decentralized applications built on this particular platform technology. Many of them require you to connect a wallet in order to use them and this is where MetaMask comes into play. It will allow you to use the apps, process transactions and act as a login check.
Just with any piece of software or hardware, there are both advantages and disadvantages that everyone should be aware of.
By understanding both the pros and cons, you can make an informed decision about whether it is the right option for you. There are alternatives to MetaMask out there and it may be that the disadvantages listed below may mean you’d prefer to look at other options like MyEtherWallet or Parity.
Here are just some of the advantages of using MetaMask:
In order to get a balanced view of MetaMask, we’ve listed a few of the potential challenges you may face when using this tool.
It is always important to remember that staying safe online should be your number one priority. This is even more true when dealing with cryptocurrency! Remember that MetaMask is a hot wallet and this means that it is connected to the internet and at risk of being accessed if you don’t follow certain security protocols.
To help stay safe, here are the basic security steps you should remember:
We do need to stress this doesn’t guarantee you’re protected from hackers, so always stay vigilant and be sensible when sharing information.
Now that you’ve learnt about MetaMask, you may want to get started straight away or do some further research. Don’t forget, you may wish to find that perfect crypto domain to add to your wallet so that you can share your cryptocurrency address much easier! Head on over to this article to find out more about this topic and how to add it to your existing address, whether with Metamask or any other platform.
At Cloudname, we have a wealth of informative guides and articles on everything crypto and domain-related.
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