Metamask: Everything You Should Know About Simple Cryptocurrency

Metamask Cryptocurrency Wallet

Crypto Rishi

1 month ago|5 min read

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What is Metamask Cryptocurrency Wallet? Well, Metamask is a piece of software that makes interacting with any Blockchain much easier. Metamask essentially does all the code automatically. All you have to do is press a few buttons.

1.       Metamask

When you want to send some of your Cryptocurrency to someone else, you need to use your private key to stamp that transaction and then send it to servers across the network. I have no idea how to manually do this, and I have no idea what servers to send it to so that it gets on the Blockchain, well Metamask specializes in this, they take whatever you want to do and turn it into a click of a Button, in most cases you are interacting with a website such as a uni swap or pancake swap or even Cryptokitties then Metamask is the intermediary for you.

2.       Permission

They are acting as a security layer as well as an accessibility layer. Nothing can go from your Metamask Cryptocurrency wallet to that website, that you’re on, without your permission, so think about it like this, when you go to the store and you want to buy some grapefruit, do you have your credit card number memorized, What about the day that it expires or the security code on the back. No, almost nobody memorizes that, because it’s a lot easier just to swipe your card or insert your chip and let it do the work.

3.       Privacy

Metamask Cryptocurrency Wallet is essentially doing the same thing. With your credit card, the numbers are the data, and the card itself is the way that you use them with Metamask, your private keys are the data, and the browser extension is the way that you use them to show you how simple it is. Yes, the Metamask app is very secure and trustworthy. You can be assured that the code source is public and it has been audited by very intelligent and curious people.

4.       Disadvantages

The main vulnerability you might have isn’t with Metamask Cryptocurrency Wallet, but with the computer that you use Metamask on, for example, if you have a virus and it wants to get into Metamask, or maybe it logs all of your keystrokes from the keyboard. That way, it can tell what you’re typing. That would be one of the only ways someone could hack your Metamask Cryptocurrency Wallet account and that’s not Metamask’s fault.

5.       Flaws of Metamask

That’s your fault for not using a secure computer. If that makes sense another way someone could hack your Metamask data is, if you downloaded a fake version of Metamask that was designed to look like the original, but instead actually stole your private keys so that the hacker could have access to your funds again. This would be an issue of where you initially installed Metamask, not a security flaw of the true Metamask software, one important thing here for the nerds. It should be noted that Metamask the company itself does not hold your private keys. They never send them to their servers. Your private keys and your wallet passwords are always stored locally. Only on the machine that you imported them to, this means Metamask Cryptocurrency Wallet is technically an offline software wallet that you turn on whenever you need to use it.

6.       Create Multiple Wallets

Another thing you should know is that they allow you to create multiple wallets. For example, you just click, add a new account, and boom you’ve got a brand new private key, which is essentially a new wallet address. You might not think this is important, but it’s very useful if you want to keep certain funds in different accounts, they also make it very easy to switch back and forth between different private keys.

7.       Connect all Wallets

Another big benefit that Metamask offers is they allow you to connect other wallets, importing other private keys that you might own is also very simple. For example, let’s say that you have a ledger nano x and you have an account on there.

8.       Importing Wallets

Maybe you have some Ethereum, however, you set that up a year ago, and with the explosion of decentralized applications, you want to move your money from your ledger to your Metamask Cryptocurrency Wallet account, that way you can interact with those dapps or decentralized applications. Well, instead of transferring your tokens and coins to a new address and paying those fees, you can just add in your mnemonic phrase and copy and paste your private key, and boom. Now it’s in your Metamask Cryptocurrency Wallet, your account is now on your ledger and your Metamask extension. In short, Metamask is great at allowing you to create multiple wallet addresses as well as importing wallets that you already have.

9.       Source of Revenue

So this brings us to another very important question: how does Metamask make money, Because whenever there’s a product that works very well, but it doesn’t cost anything to you, You know that there’s a hidden price, so we did some research and found out exactly how Metamask makes its money because it is a company and it does employ developers. Well, there are two main ways: one is that using Metamask you can buy Crypto straight to your wallet using a third party. Metamask makes a very small fee for every buy and sale that happens through its extension.

10.   Rewards

But these small fees add up because they offer a great product and a ton of people are using it, kind of like how credit cards can charge a transaction fee and through that, they can offer rewards to their customers. So many people are using them that they can afford to offer those rewards. Well, so many people are buying Crypto with Metamask that they can then offer a reliable trusted product.

11.   Swap Tokens

Secondly, Metamask allows you to swap tokens, say from Ethereum to basic attention tokens. Well, they charge a super low fee on that too, and for many newbies of Crypto, it’s much easier to swap their tokens with the Metamask browser extension. Then to go to pancake swap enter the contract address of the token they want to buy change the slippage of the transaction, so it will go through and ensure that the gas fees are high enough, that they are reasonably fast for a newbie. It’s a lot easier just to do with the Metamask extension. Well, Metamask takes a small fee for that.

12.   Free to Download

Essentially, Metamask makes its money by taking out small fees for buying selling, and trading using their software. So, in short, Metamask is a software wallet that you can use while browsing the web and interacting with decentralized applications. They can store multiple private keys and can work on different networks such as the Ethereum network and the binance smart chain network. Also, Metamask Cryptocurrency Wallet is free to download it’s free to use and it’s also safe. That’s why it’s one of the most popular Cryptocurrency wallets out there.

We hope that you’ve enjoyed this article and, most of all; we hope that you’ve learned something.

 

 

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Crypto Rishi

Hi, I am an anonymous crypto guy. I am trying to exchange knowledge and build a community around crypto and blockchain. Find all the informational content about crypto and blockchain on my Feeding Trends blog here. If you like the content follow me to get a regular updates.

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