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Ultimate Guide To Metamask and Web3 Wallets

Welcome to another article by Run The Chain News. Today we’ll be presenting the ultimate guide to metamask and web3 wallets. As blockchain technology expands, cryptocurrency wallets and exchanges are looking for new ways to interact with the crypto world. With this, comes a way to help onboard new users for mass adoption, one of these being MetaMask.

MetaMask explained

The MetaMask browser extension gives users the ability to store cryptocurrency while connecting with decentralized applications (DApps) on all different blockchains like Binance Smart Chain, Ethereum, Avalanche and more. This allows for the chance to earn passive income through staking, trade cryptocurrencies on different decentralized exchanges (DEXs) and more.

Setting up MetaMask

In order to use the Metamask browser download the extension via your browser’s marketplace. For example, here is the link for Google Chrome’s marketplace, but Metamask is also supported on Brave and Firefox.

1. Download and install:

After installation, click “Get Started” to set up MetaMask.

2. Create a MetaMask Wallet

To create a wallet, you can either import your own or start from scratch. In this blog, we will discuss creating a new wallet. Begin by clicking on “Create a Wallet”

To create a wallet, you can either import your own or start from scratch. In this blog, we will discuss creating a new wallet. Begin by clicking on “Create a Wallet”

3. MetaMask seed phrase

Your seed phrase will be something that will help you recover your account if you use a different device for your MetaMask account or forgot your password. As is the case with your password and other private information, do not share this with anyone and keep it in a safe place away from others.

After setting up your seed phrase, MetaMask will prompt you to re enter it, and then you’ll connect to the Ethereum network.

Using MetaMask to buy and sell crypto

In MetaMask, there are two tabs: The first that displays your crypto portfolio on MetaMask, and the second that will display your transaction history.

You can also buy, send and swap crypto on MetaMask:

  1. Buy: You can connect your bank account, credit card, or other crypto wallets to buy cryptocurrencies via MetaMask
  2. Send: It is possible to transfer crypto to and from another wallet by sending the amount of crypto you want to any desired address.
  3. Swap: Allows you to swap one cryptocurrency for another. For example, Bitcoin (BTC) for Ether (ETH), or Tether (USDT) for Dogecoin (DOGE)

Gas fees in MetaMask

When you make a transaction on the blockchain, you’re charged a transfer fee also known as a gas fee. On the Ethereum network, gas is paid in Ethereum’s native token, ETH.

Transaction fee is variable and depends on how many people are transacting value on the blockchain at a given time. The higher the numbers of users transacting on the network, the higher the fee and the longer the transaction processing time. Conversely, the lesser number of users transacting the network, the lower the fee and faster the transaction processing time.

On Web.30 wallets like Metamask, you are able to choose how quickly you want your transaction to go through. Paying high transaction fees equals quicker transaction speeds, low gas fees result in slower transaction time.

The advanced settings in MetaMask allow you to customize your gas fees.

Note: If your gas fees are not high enough your transaction will not be processed and funds will be spent. We suggest looking at ETH Gas Station to check on what the appropriate fees should be. 

Ethereum DApps on MetaMask

One of the most useful features of MetaMask is the opportunity to interact with DApps built on the Ethereum network. This allows for great flexibility to establish a crypto savings account, buy NFTs, play games and more — all through one platform. Some examples of Ethereum-based DApps that MetaMask interacts with are Uniswap1inch, Opensea, Axie Infinity and Curve Finance.

To connect MetaMask to the various DApps, go to the project’s website, click “Connect Wallet” and choose the popup box for MetaMask.

MetaMask advantages:

  1. Widely used: The rise in MetaMask’s popularity means that it is well integrated with reputable DApps.
  2. Cross-chain capabilities: Metamask supports other networks besides Ethereum like Binance Smart Chain and Solana.
  3. User-friendly: This beginner-friendly platform means that any trader at any level can interact with Metamask without problems.

MetaMask disadvantages:

  1. Third-party service: As a third-party service, MetaMask keeps your private information like seed phrase and private keys in the browser, making it more vulnerable to hacks or other malicious activities.
  2. NodesTo communicate with DApps, it is necessary to use external INFURA nodes to communicate with DApps, which can affect the network and servers.

To wrap things up

Serving as a gateway to the decentralized web, MetaMask is there to help you enter the amazing world of Web 3.0. With its simple installation process, easy to understand UX/UI and integration with nearly all dApps, Metamask is made for every type of user — from crypto novices to veterans.

While there is room for improvement on things such as security measures and interoperability, it is a great start to play around with the decentralized web as your personal gateway to Web 3.0. Thanks for reading The Ultimate Guide To Metamask and Web3 Wallets. If you found this article useful don’t forget to subscribe to our newsletter. 

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