Metamask: the wallet for many networks as a browser extension

Published on 10 April 2022



Metamask Wallet (Web capture)

When looking for a software wallet that allows us to continue to own our cryptocurrencies, own the seed phrase, install it on different devices, be secure and easy to use, the path begins with Metamask.

It is a web browser extension that allows you to interact with different decentralized platforms. It also has its corresponding version for Mobile. With a simple, intuitive and extensively tested and documented interface, it can be installed as an extension in Chrome, Brave, and other browsers.

Initially popular for operation on the Ethereum network, lately it has been incorporating compatibility with different networks, and today it is a leading reference in the market.

Metamask can be used simultaneously in the Desktop and Mobile versions, and it even allows you to have different accounts in the same installation, giving you a wide variety of possibilities.
It also allows configuring different networks in the same installation and operating with them easily and quickly.
That is, we can have the Ethereum network and the BSC (Binance Smart Chain) networks configured and operate on one and the other just by jumping from the menu with a click.
But the possibilities do not stop with these popular networks: you can keep adding networks like Avalanche, Velas, Matic, OKT, Harmony, Moonbeam and many more.

Is Metamask a secure wallet?

Within the ecosystem, Metamask has a great reputation and is undoubtedly one of the most trusted wallets by operators in the crypto world.
As in any operation, it is always advisable to heed the recommendations to store the seed phrases in safe places that are not accessible to anyone and to have a secure PC.
From a personal point of view, take all precautions not to fall for deception, since many times the problems appear due to carelessness of the users and not due to the security of the system they are using.
Metamask does not work with email addresses or phone numbers. When one installs the wallet for the first time, it will give us the seed phrases and will give us the possibility to create our operation password. It will never ask for personal data, email addresses, or phone numbers.

How many assets does Metamask accept?

Another of the characteristics of this wallet is the possibility of storing varied assets and in quantity in the different networks that it supports.
If we talk about the Ethereum network, we can say that Metamask accepts ETH and all the variety of tokens based on ERC20 and 721.
If we talk about others, the possibilities are also endless.

Metamask has an asset auto-detection system, which will allow the asset to be automatically added to the list once it detects a positive balance.
It also allows you to search for assets and add them through the search field.
But one of the key features that Metamask has is the ability to add “custom tokens”, providing the address of the token contract and incorporating the asset manually. This is often very useful for rarely used assets that are not listed.

Is it compatible with hardware wallets?

Metamask’s security goes further and allows it to be configured to operate in an integrated manner with a hardware wallet. It is currently compatible with Trezor and Ledger, thus providing an additional layer of security in which the private keys will be stored in the hardware wallet.

A password to operate quickly
When we install our Metamask on a Desktop or Mobile Device, it will ask us to create a password. This password will allow us to access the installed wallet and sign transactions such as signing contracts or transferring assets.
If we lose the password we will have to reinstall the wallet with the seed phrases. But be careful that the loss of the seed phrases can mean the definitive loss of the assets.

Can NFTs be stored?

Metamask allows you to store Non Fungible Tokens (NFT) and even has a tab to display them in an orderly manner.

Can you buy and exchange assets?

Metamask allows you to interact with multiple decentralized platforms to perform operations. However, it also has the possibility of being used by itself for certain actions. One of those possibilities is to carry out swaps of the main currencies. It is always convenient to analyze the price of each asset before making a swap since the wallet does not have the options of an exchange to establish buy and sell orders, but rather performs simple and fast operations at a fixed price. This mechanism is easy and fast, but it is not always the most convenient when looking at the price of the asset.

Metamask also allows you to buy crypto assets with Fiat money from the wallet itself. To do this, it will use payment gateways that allow transactions to be carried out with credit and debit cards. Once again, it will be necessary to analyze the cost of each operation since this type of action usually carries a commission and an exchange rate that can vary significantly with traditional exchanges.

Published on 10 April 2022