Metamask Wallet: the Crypto Wallet
Metamask Wallet. MetaMask is a crypto wallet that works as a gateway to Web3, using which you can explore the decentralized web. This platform
Last updated
Metamask Wallet. MetaMask is a crypto wallet that works as a gateway to Web3, using which you can explore the decentralized web. This platform
Last updated
Security, anonymity, and decentralization are some of the most attractive features in the crypto industry and MetaMask does not fail to exhibit these traits. Users can download the wallet software or add it as a browser extension and install it without disclosing identifying data such as name, email, social security number, and address.2 Decentralization is a valuable feature that ensures transactions on the blockchain are visible to connected nodes. It also prevents a single entity from having access to the entire wallet system. This is another feature that is quite different from that of the bankrupt FTX protocol, where a particular entity gained unauthorized access to the central system, stealing around $600 million in crypto from the protocol.3
Besides supporting cryptocurrencies, MetaMask is a versatile product in the marketplace, supporting tokens on the ERC-20 protocol, and storing non-fungible tokens (NFTs) which can be connected with marketplaces such as OpenSea.2 The wallet also supports multiple blockchains including the Build and Build (BNB) chain, Polygon, Avalanche, and more.
Despite having over 30 million active monthly users, there are some downsides.4 The wallet does not support Bitcoin, the largest digital asset based on market capitalization. Being technical, with no live customer support, the wallet may not be suitable for new crypto investors.
MetaMask's approach to security is through anonymity and entrusting private keys to users. Since the wallet does not keep users' personal information, accounts are protected by a user-generated password during installation and setup, or biometric data on mobile devices. The wallet can be recovered via a 12-word mnemonic phrase as the wallet doesn't keep custody of private keys. It is, therefore, necessary to keep this seed phrase safe as it will be essential if the device gets damaged or stolen.2
MetaMask has just one way of recovering a single wallet across multiple devices. This makes the wallet susceptible to hacks and malware. Notable among these are Banker Trojan, social engineering attacks, and other crypto scams. MetaMask wallet users can be attacked with phishing scams that prompt them to reveal their seed phrases on suspicious websites, or by downloading and installing a fake version of the wallet extension which hackers can leverage to steal users' assets after gaining control of the wallet.
One of MetaMask's priorities is anonymity. Unlike centralized crypto exchanges that require users to meet Know Your Client (KYC) requirements, this wallet doesn’t require users to submit personal information. However, the wallet warns that transactions are not solely anonymous, but classifies exchanges as pseudonymous. Since transactions are recorded on the public blockchain, the wallet ID acts as a pseudonym for the user.
Given that MetaMask does not support Bitcoin, CoinJoin transactions are not enabled. A CoinJoin is a process in which different users mix their coins together before sending them to recipients, ensuring that the senders and recipients remain anonymous.
The process of setting up MetaMask is easy. Users start by downloading the mobile app for Android or iOS, or the browser extension for Brave, Google Chrome, Opera, Microsoft Edge, or Firefox. After this, users will either be prompted to import an existing wallet using the 12-word seed phrase or create a new wallet. New users can click “Create a Wallet” and will be asked permission to gather anonymous usage data to improve the product. Users can opt out of those that may seem privacy sensitive, such as requests for private keys, transaction data, or IP addresses, as part of MetaMask’sprivacy policy.2
Users can then proceed to set up their eight-character password and their 12-word seed phrase will be presented. Users must keep these safe because should they go missing, access to the wallet will be lost permanently. Once the seed phrase is confirmed, users can carry out transactions such as send, buy, swap, and stake seamlessly.
MetaMask functions as an in-browser application for desktop or laptop computers, as well as a smartphone app available on the Google Play Store and Apple App Store. The wallet can be seamlessly integrated with various crypto websites such as OpenSea, Uniswap, and QuickSwap.
DESKTOP
The MetaMask wallet app allows users to send or receive coins with any other wallet or smart contract provided a supported blockchain is used. Users also have the option of buying coins using providers on the platform, such as MoonPay, Wyre, and Transak. While the wallet doesn’t require users to meet KYC verification, these third-party providers do to remain compliant. The wallet is compatible with hardware wallets such as Ledger and Trezor, giving users room to transfer crypto and NFTs from a software-based hot wallet to a hardware-based cold wallet for safe storage.2
While it is easy to use MetaMask on a connected website to send, swap, and receive tokens, users cannot sell tokens on the wallet. As such, they will have to send their coins to an external wallet before converting them to cash.
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MOBILE APP
The MetaMask wallet mobile app is available on Google Play for Android and the Apple App Store for iOS devices. The wallet has a 4.5 star rating on Google Play with pockets of complaints centered on “bugs on the new version” and the slow speed of the browser extension.5
The mobile app also allows users to send and receive tokens and NFTs on supported blockchains. It is expected that users have sufficient Ether (ETH) to cover gas fees during transactions. Users have the opportunity of buying Ether using Transak on MetaMask mobile via bank transfer, credit cards, or Apple Pay on iOS devices.26
Despite being one of the most popular cryptocurrency wallets in the Ethereum ecosystem, MetaMask’s customer support is limited to technical issues experienced when using the wallet on a personal device. While support is not live, users can get help via the self-help center, community message board, email, or ticket system.
Transaction fees on MetaMask are the sole responsibility of the users. Charges are mainly for gas fees which are paid to the blockchain service. When buying crypto, users may be expected to pay a processing fee, a base fee, and a gas limit. Users will also pay a service fee of 0.875% for any swaps.2
Users can customize their gas fees depending on how fast they want the transaction to be processed. These fees, which are quite higher than the standard fees, are called high-priority fees. The model behind this strategy is that miners are enthusiastic to process transactions that come with higher fees. So paying higher fees will prompt them to process transactions faster.
MetaMask is a decentralized wallet with vast features and Web3 applications that make it a central hub for NFT and Web3 enthusiasts who desire to build decentralized applications on the Ethereum blockchain. The wallet exists as a web browser application and mobile app.
