In the world of cryptocurrencies, it is very important to safely store your coins. Holding all your coins on the exchange is not the best way to keep them safe. Popular exchanges like Binance, Uniswap, KuCoin, etc have been vulnerable to cyberattacks in the last few years and over 2.58 billion dollars have been stolen from crypto exchanges over the years. It is always advisable to store your coins on cryptocurrency wallets for maximum security. Types of wallets such as hardware wallets, online wallets or hot wallets, desktop wallets, and paper wallets are available today. MetaMask is one of the most popular hot wallets available today. Let’s have a look at what MetaMask is, its advantages, and how to create your own cryptocurrency wallet like MetaMask.
What is MetaMask?
MetaMask is a hot cryptocurrency wallet that can be used on most popular browsers such as Mozilla Firefox, Google Chrome, Opera, Brave, etc. Using MetaMask, users can store and transact Ethereum or any other ERC-based tokens. Users can connect to Ethereum dApps and spend or stake tokens or trade them on decentralized exchanges. It can act as a stepping stone into the world of decentralized finance for regular users by providing access to DeFi apps like Compound, PoolTogether, etc from conventional browsers.
How to use MetaMask ?
MetaMask is one of the easiest to use Ethereum wallets and dapp browsers. The setting up process can also be completed instantly. Initially, you will have to open a browser like Firefox, Chrome, or Brave and download the MetaMask extension/add-on. Setting up is similar for all browsers. After installing the extension, click on get started on the welcome screen and click the “create a wallet” option to create your wallet. In the next step, you will be asked if you want to help MetaMask. It will also show what will happen if you opt to agree. This doesn’t have any future implications and you can agree or disagree here.
Now you have to create a password minimum of 8 characters long. Set a unique password that is not used anywhere else and contains upper-case letters, lower-case letters, symbols, and numbers. Agree to the terms and conditions, click “create” and MetaMask will show your 12-word backup phrase that can be used to recover your wallet. You have to note this down and store it safely as anyone who knows this phrase can access your wallet. Note it down and click “next”. You will have to re-enter and confirm your backup phrase in the next step. Click ‘All Done’ on the final page to complete the setup process and you will be automatically logged in to MetaMask. From your home screen, you can buy or send tokens, access your list of assets, and view your transaction history with just a click.
Advantages of MetaMask wallet
- MetaMask wallet is one of the most popular wallets in the crypto and blockchain community. There are over one million active users on the platform.
- Users can easily access all the popular Dapps in the decentralized finance space.
- The trouble of memorizing and protecting private keys have been replaced since users are just required to memorize their seed phrase to login and maintain their wallet
- Users do not have to download the whole Ethereum blockchain on their systems to access it. The MetaMask wallet saves a lot of storage space for users.
- As dapps can be used through the wallet, using them is much more accessible and user-friendly for regular users. Ethereum tokens can be sent or received to use in dapps through MetaMask wallet.
Features of MetaMask walletPurchase, Transfer, and Store Tokens
MetaMask provides you with a key vault, protected login, and token wallet. You will have everything required to manage your digital assets in one place.Explore Blockchain dapps
MetaMask is the easiest and safest way to access blockchain-based dapps. You can always remain in control and interact with dapps on the decentralized internet.Increased privacy options
MetaMask produces passwords and keys on your device itself, and only you can access your wallet and information. You have the option to choose what to share and what to hold private.
Create Your Own Cryptocurrency Wallet Like MetaMask Wallet
MetaMask is one of the leading cryptocurrency wallets today. Its simplicity and dapp connectivity have already set it apart from most other crypto wallets. Launching a cryptocurrency wallet like MetaMask Wallet will help you gain recognition and trust among the crypto community. At Cryptosoftwares we provide premium white-label cryptocurrency wallet development solutions.
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