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The MetaMask Wallet Guide

BitForex Editor
Oct 19, 2020

Are you worried about the security of your tokens? Have you heard a thing or two about the Metamask wallet as one of the safety crypto wallets out there? Well, it's a great thing you stumbled on this guide. In a few minutes, we'd share need-to-know information on the definition, detailed explanation of the wallet, and how the wallet works. Let's get started. Shall we?

What Is Metamask?

As one of the few emerging online crypto-wallets, Metamask is a browser-based wallet that functions on Brave, Chrome, and Firefox browsers. Since the innovation of this online wallet, cryptocurrency investors now have access to a secured browser-based wallet with multiple functionalities.

We've had crypto enthusiasts share feedback on how the Metamask wallet offers more to their community than a regular online wallet. This is true! The Metamask wallet does not only operate as safe for digital coins. It also allows users to stay connected with other smart contracts. Every user of this wallet now has an additional advantage of interacting with other decentralized apps and smart contract users. This added feature makes sharing of information between DApps easier.

Metamask Wallet Simplified

Over time, a lot of people have had difficulties in understanding what the Metamask wallet is used for and how it operates. Simply put, this digital browser-based wallet helps users manage, transfer, and receive ERC-20 and ETH tokens. That's the most simplified definition you'd ever get, and, of course, it covers the entire functions of the wallet.

Since this digital wallet is only an extension of a web browser, it helps set up a link in real-time with the browser and Ethereum. With an online wallet like Metamask, users could operate fully with Ethereum without necessarily having to download the blockchain. Basically, it saves every user the stress of getting the blockchain software on their personal computer. Of course, you can also get access to any Ethereum decentralized application without going all 'Ethereum' mode.

This easy-to-use browser-based wallet was an innovating creation of the infamous Dan Finlay and Aaron Davis in mid-2016. These guys drafted out the entire structure to which the Metamask wallet algorithm is being run today. However, to ensure the idea got to a wider audience, a team of developers including Christian Jerian, James Moreau, and Frankie Pangilinan came onboard.

The Metamask Wallet: How Does It Work?

Using the Metamask digital wallet requires no professional training on decentralized applications. The wallet is fully operational on JavaScript. Metamask wallet works by infusing a web3 object directly into the webpage (Chrome, Brave, FireForx browsers) you're working on. JavaScript is already in sync with either of these browsers, so it makes your operation on the wallet occur in real-time.

One interesting thing about this digital wallet is that it doesn't in any way alter the settings on these websites. While you work on your wallet, your browser settings aren't altered in any way. Instead, your browser only gets an additional functionality that allows it to gain unrestricted access into the Etherum blockchain. In a nutshell, the browser from your home computer still functions like it always has except that you get to now use the wallet on it.

Setting Up Metamask Wallet On Your PC

Getting started with the Metamask wallet requires that you set it up on your personal computer. To get started, your computer needs to support either Chrome, Firefox, or Brave. A lot of folks prefer using the Metamask Chrome wallet because of a few additional benefits it comes with. However, all three browsers are completely free and wouldn't require a subscription fee to get your wallet started.

Let's walk you through these four steps of getting your Metamask wallet started on your PC.

1.First, log in to the Metamask webpage to initiate the extension with your preferred browser. Remember it has to be one out of these three; Chrome, Brave, Firefox.

2.Once that's done, you'll notice a pop up of the Metamask icon on your browser. Click the icon to load the application on your PC.

3.When the application is done loading, it's time to create your wallet (known as Vault) on the app. Input your secured password to complete the Vault creation then click submit.

  1. After completing the vault creation and password set up, Metamask displays a 12-word phrase on the screen.
    Please note that this 12-word phrase is vital to the validation of your account. It's the only account recovery step needed just in case you lose your password.  

Buying & Sending Token Using The Metamask Wallet

Purchasing tokens with your Metamask wallet is as simple as clicking the 'Buy' icon on the interface to start the process. After the click on the interface, a section for the integrated exchange options pops on the screen. To buy your tokens, you get to pick an exchange option from either Coinbase or ShapeShift. Interesting right? It means you can your tokens directly from these integrated exchange platforms while on Metamask.

Sending tokens from your Metamask wallet is also as easy and follows a similar approach to buying. By simply clicking the 'Send' icon on the interface, copy and paste the public address of the receiver of these tokens, then hit send-- You've successfully seen your tokens.

The only clause to this process is to ensure your wallet has just the right amount of tokens to be sent or more. Also, ensure that your balance after your transferred amount is enough for the transaction fee.

Is The Metamask Wallet Secure?

In general, Hot wallets also known as web-based wallets like Metamask are the most secured. Since Metamask was created and launched in 2016, the platform hasn't experienced any form of cybersecurity hack. To be sure the wallets source codes are updated from time to time, it uses a secure HD backup-setting algorithm run by a team of developers. Also, to increase security during transactions, Metamask enables its users to manage their identities.

Looking at the features of the Metamask wallet and how its innovation has helped shaped the user-interface of the crypto-world, we can conclude that the idea of a web-based wallet is the next better thing for cryptocurrency users. We hope that this guide on the Metamask wallet has helped you figure out why it stands out from others and its benefits. Get started today!

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