MetaMask Wallet: What is it and How to Get Started?

MetaMask is one of the most well-known wallets in crypto, often mentioned when exploring Ethereum or ERC-20 tokens. But what exactly is it? This guide explains what MetaMask is, how to set it up safely, and how to use its basic features. 

Note of caution: MetaMask’s technical documentation can sometimes be inaccessible, and users must remain vigilant about security, as you alone control your funds.

What is MetaMask?

MetaMask is a self-custodial software wallet launched by Consensys in 2016. It functions as a hot wallet, meaning it stays connected to the internet, allowing easy access to your crypto and decentralised applications (dApps).

You can install MetaMask as:

1. A browser extension on Chrome, Firefox, Brave, Microsoft Edge, or Opera.
2. A mobile app for iOS and Android devices.

MetaMask supports Ethereum and all Ethereum Virtual Machine (EVM) compatible networks, letting you store ETH and other ERC-standard tokens. This makes it ideal for interacting with popular dApps such as Uniswap, Lido, and Axie Infinity.

Recently, MetaMask introduced Snaps, enabling limited connections to non-EVM networks like Solana, and features such as transaction previews. Being an open-source tool, its code can be reviewed on GitHub for transparency.

However, remember:

• MetaMask does not store your private keys or recovery phrase on its servers.
• If you lose your secret recovery phrase, you lose access to your wallet permanently.
• Always verify links and downloads as there are many phishing websites mimicking MetaMask.

MetaMask injects a javascript library called web3.js into your browser, enabling dApps to communicate with blockchain networks without you running a full node yourself. Its features are continuously updated, but remain cautious, as even its whitepaper can at times be unavailable or unclear about upcoming implementations.

Read Also: MetaMask Extension for Chrome Not Working? Here’s How to Fix It

How to Install and Set Up MetaMask

Here is a clear step-by-step guide to install MetaMask safely:

1. Download MetaMask

• Visit the official MetaMask website.
• Choose the correct version for your browser or mobile device.
• Click Download to install the extension or app.

2. Create a New Wallet

1. Click “Create a Wallet” after installation.
2. Agree to the terms of use.
3. Set a strong password for your wallet access.
4. Click Create to proceed.

3. Save Your Secret Recovery Phrase

1. Read the security notice carefully.
2. Click Reveal Secret Recovery Phrase.
3. Write down the 12-word recovery phrase on paper and store it offline, ideally in a safe or on crypto steel.
4. Confirm the phrase by entering the words in the correct order.
5. Click Confirm to complete setup.

4. Import an Existing Wallet (Optional)

If you already have a wallet:

1. Choose “Import Wallet” instead of “Create Wallet”.
2. Enter your secret recovery phrase or private key.
3. Set your new MetaMask password.
4. Click Import to finish.

5. Add a New Network (Optional)

To use networks beyond Ethereum:

1. Click the network dropdown at the top of MetaMask.
2. Select “Add Network”.
3. You can:
   • Search for the network in pre-installed options, or
   • Click “Add More Networks Manually”.
4. Enter the required network details (RPC URL, chain ID, currency symbol) from reliable sources such as CoinGecko or Chainlist.
5. Click Save to complete.

Always ensure you use correct network details to avoid connection errors or asset loss.

How to Use MetaMask

Once set up, here is how to use MetaMask for sending, receiving, and adding tokens:

1. Adding Tokens to MetaMask

1. Obtain the token contract address from CoinGecko or the project’s official website.
2. In MetaMask, click “Import Tokens”.
3. Go to the Custom Token tab.
4. Paste the contract address in the designated box.
5. Click Next then Import to finish.

2. Sending Tokens

1. Open your MetaMask wallet.
2. Select the token you wish to send.
3. Click Send.
4. Enter the recipient’s wallet address.
5. Enter the amount you wish to send.
6. Click Next and then Confirm to complete the transaction.

3. Receiving Tokens

1. Copy your wallet address by clicking the copy icon at the top of the MetaMask homepage.
2. Provide this address to the sender.
3. Ensure they send tokens on the correct network to avoid asset loss.

4. Connecting to dApps

1. Visit the dApp website with your browser extension active.
2. Click Connect Wallet.
3. Choose MetaMask from the options.
4. Approve the connection prompt in your wallet.

On mobile, use the built-in MetaMask browser to connect seamlessly to dApps. Always verify you are connecting to official websites to prevent phishing attacks.

Read Also: MetaMask Login Using Chrome: Guide From Installation to Accessing MetaMask

Conclusion

MetaMask remains one of the most widely used wallets for Ethereum and EVM-compatible assets, with a simple setup process and seamless dApp integration. However, as a self-custodial hot wallet, it places all responsibility for asset management and security on you. 

Be cautious about phishing scams, manage your recovery phrase securely, and remember: this tool has technical limitations, and at times even its whitepaper is inaccessible. Only use it if you fully understand the risks of managing your own crypto assets.

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FAQ

1. Is MetaMask safe to use?

MetaMask is generally safe if you protect your recovery phrase and avoid phishing sites.

2. Can I use MetaMask for Bitcoin?

No. MetaMask only supports Ethereum and EVM-compatible networks.

3. What happens if I lose my MetaMask recovery phrase?

You will lose access to your wallet and funds permanently, with no recovery options.