Those who have just begun their crypto trading journey or are already a part of it must have heard the name "MetaMask" and the significance it holds. Well, it came into existence in the year 2016 and became a renowned crypto wallet soon after that. First of all, you need to understand the fact that this wallet is exclusively available as a hot crypto wallet for PC and mobile phone users. Those who wish to use it on their desktops can easily do so by installing the MetaMask extension on browsers such as Chrome, Firefox, Brave, Edge, and Opera. Simultaneously, mobile users can install the MetaMask app on their iOS or Android devices.
Once you are done with downloading the app or adding the MetaMask extension, you can start sending, receiving, and storing the supported assets on your preferred device. The best thing about using this wallet service is the fact that you can create multiple accounts within one wallet. This helps in the easy management of all your crypto funds. Also, being a non-custodial wallet, the company does not have access to the funds you own or store in your wallet. However, anybody having access to your 12-word backup phrase would be able to access your funds.
So, make sure that you take the necessary care to safeguard these sensitive details including the password of your wallet, and don't forget to lock MetaMask extension when not in use. This will ensure that your funds are highly safe.
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Being a non-custodial wallet, MetaMask is a choice of many entrants in the crypto industry. There are so many reasons that led to the success of this wallet service. First of all, MetaMask can never access the private keys that are owned by the user. The user of the wallet is responsible for all the funds that are stored over it. But, this also hints towards the fact that if you ever lose your private keys, then you will not be able to recover them and neither MetaMask will be able to help you.
So, to make sure that you never ever lose your Secret recovery phrase that was provided to you when you first set up your wallet on t eh MetaMask extension. On the flipside, if we talk about the usability of this wallet, then you need to understand the fact that it is free to use and you only need to pay a nominal fee which is payable only when you transfer your funds from one wallet to another. This fee needs to be paid so that the blockchain network fee can be covered. In addition to that, you will be glad to know that using this wallet service is completely free of cost. However, on MetaMask extension, you will only be able to store Ethereum-based tokens. This means that you can store tokens such as ERC20 tokens, ETH, etc. Hence, if you wish to store Bitcoin, then this could not be a good choice for you.
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MetaMask, as we all know, is a crypto wallet service that makes sure that all your funds are stored in an encrypted manner. To use the services offered by this platform, you need to make sure that you install the MetaMask extension on your browser. Otherwise, if you wish to use it on your mobile device, then you surely can install this wallet in the form of its mobile app. Once you are done setting up your wallet, you will be provided with a unique ERC20 wallet address.
Using this wallet address, users can easily fund their wallet with supported tokens such as Ethereum and many other ERC20 tokens. As evident, the MetaMask extension is supposed to store tokens based on the Ethereum blockchain, however, you still can add other networks to the platform including Arbitrum, Optimism, Binance Smart Chain, Polygon, Avalanche, etc. and to add these networks, you need to go through a manual procedure.
If you are planning to use MetaMask, then there is one thing that you need to understand beforehand i.e. it is a non-custodial wallet which means users are provided with the private keys during the wallet setup. These private keys are referred to as the passphrase which helps you unlock the wallet and import it if you ever forget your password. All the users of MetaMask and other hot crypto wallets are suggested to never share these details with anyone as it could lead to the revealing of secret and sensitive information and you may ultimately lose your funds.