MetaMask is a browser extension that allows you to access Ethereum from your regular web browser. It has been around for a while and it’s time for us to review the latest version of this powerful tool.
MetaMask is an Ethereum wallet that can be installed in your browser. It was created by the team behind the popular Chrome extension, Tampermonkey.
Ethereum may be stored in a variety of ways. Our MetaMask review will help you determine whether or not you should use this software to protect your Ether.
What exactly is MetaMask?
MetaMask is a free browser plugin that enables you to safely and rapidly access Ethereum and ERC20 digital tokens. It’s available for Google Chrome, Firefox, Opera, and the Brave Browser to download.
MetaMask’s slogan is “brings Ethereum to your browser,” and its goal is to make Ethereum as simple to use as feasible for as many users as possible.
One of the security advantages of the browser extension is that you never have to input your private key on a website, and it detects phishing and dangerous websites automatically to safeguard you. Furthermore, MetaMask does not save your private key on a server; instead, it is stored in your browser (again helps lower the risk of a malicious individual stealing your private key.)
It’s worth noting that MyEtherWallet recommends MetaMask as one of the safest ways to transfer Ethereum. It’s a well-known software, and its popularity in the crypto world is rapidly increasing. There’s more on this below.
MetaMask also lets you use your browser to engage with Ethereum-based decentralized applications (Dapps). FunFair (where you can gamble with cryptocurrency), ETHLend (where you can lend and borrow cryptocurrency), and, of course, CryptoKitties, a popular blockchain-based game where you collect and breed digital cats (if that’s up your street) are just a few of the projects with live or test Dapps that can be accessed via MetaMask.
Consider the following:
- It’s really simple to set up and download, and it’s completely free.
- Blocks you from going to websites that are notorious for stealing money.
- When you need to, you may quickly access it from your browser.
Coins that are supported
MetaMask is compatible with Ethereum and ERC20 tokens, which are Ethereum-based tokens. This contains hundreds of tokens including VeChain, OmiseGO, BAT, and others, therefore we suggest visiting Etherscan’s website that displays all ERC20 tokens by market capitalization.
MetaMask Wallet: How to Use It
MetaMask may be used in a variety of browsers, but we’ll show you how to utilize it on Google Chrome. In all honesty, regardless of whatever browser you use, the procedure is the same! The greatest thing of MetaMask is that it can be set up in about 5 minutes.
Step 1: Go to https://metamask.io/ and download MetaMask. Before downloading a website to your device, be sure it says “Secure.”
Step 2: In this instance, we’re getting MetaMask for the Google Chrome browser from the Chrome online store. Start up the program.
Step 3: Choose a password that will encrypt your key and secure it. As usual, make sure your password is strong and that you keep it secure; ideally offline, on a piece of paper. You may also use a password manager such as LastPass or KeePass (do your own research before using one of these!) This password will be required each time you log into the MetaMask browser plugin.
Step 4: Write down the 12 words that appear on the screen, which are your private key. To get access to your Ethereum, you’ll need this. It is unrecoverable if you lose it, and it serves as a backup in the event that you forget your password or your device crashes, is lost, or stolen. Note: Do not share this information with anybody!
What is the best way to transfer Ethereum to and from MetaMask?
You may now send and receive Ethereum and ERC20 tokens via your MetaMask account.
- Copy your public key and choose “Deposit” from your MetaMask account. This may be used to transmit crypto.
- If you wish to transfer Ethereum from MetaMask to another wallet or exchange, you may do so using the browser extension or MyEtherWallet. Select MetaMask from the list of choices at https://www.myetherwallet.com/, “Send Ether & Tokens,” and “Send Ether & Tokens.” MEW is linked to your MetaMask account using this way (MyEtherWallet).
MetaMask is a service that allows you to buy Ethereum.
MetaMask includes a functionality that enables you to purchase Ethereum straight from Coinbase or Shapeshift from inside the browser app.
MetaMask establishes a safe connection to your Coinbase account and allows you to do a transaction right away. However, it seems that this comes with a greater cost (about 4% for a $400 transaction), so if you’re not in a hurry, purchasing straight on Coinbase is definitely the best option.
Is it safe to use the MetaMask wallet?
Is my Ethereum secure on this application? That is the burning question on everyone’s mind. Here are some factors to think about while determining whether or not MetaMask is secure.
- MetaMask encrypts your seed phrase (essentially your backup) with a password chosen by the user. If a hacker were to get access to your smartphone, they’d need to know your password as well, unless the MetaMask app was already open. This is safer than using a wallet like Jaxx, which does not encrypt your seed phrase with a password provided by the user.
- It’s essential to note that MetaMask is a “hot” wallet, meaning that it must be used on a computer that is connected to the internet. These are less secure than offline wallets.
- MetaMask is free and open source software. This enables independent developers to go at the code and verify it. In general, this is a good thing since it promotes openness and can assist enhance security (if a developer identifies a vulnerability.)
Is it safe to use?
According to our investigation, there haven’t been any verified instances of successful MetaMask attacks resulting in bitcoin theft. MetaMask employs a security mechanism known as DEN, which encrypts your passwords and stores them inside the program.
Despite this, prior security issues with MetaMask have been discovered, including:
- An problem where MetaMask seed phrases were not restoring a user’s account was reported. This was repaired, and the developer received a reward (a perk of the software being open-source.)
The software, on the other hand, is always changing, and you should stay on top of it.
It’s worth mentioning that MetaMask’s “website blocking” feature isn’t completely reliable. It’s very doubtful that they’ll be able to blacklist all phishing sites, so always be careful when visiting an unfamiliar website – there are many of “fake” websites out there out to take your money.
Although we always suggest using cold storage, such as a hardware wallet, MetaMask is a viable choice for storing modest quantities of Ether and ERC20 tokens.
Wallet Security using MetaMask
- Make sure you choose a strong password since your account is only as secure as your password.
- Phrase that serves as a seed This is a 12-word phrase that may be used to access MetaMask on other devices if needed. If you lose your computer or remove the browser extension, for example, you’ll need your seed phrase to re-import your MetaMask account and get access to your cryptocurrency. This should not be shared with anybody and should be kept in a secure location!
- Private key: In MetaMask, you can see your private key, but you must re-enter your password before it appears.
- Two-factor authentication (2FA) and hardware wallet integration are not supported by MetaMask. This may, however, be introduced in the future.
MetaMask does not charge any fees for storing your Bitcoin.
You’ll have to pay a Gas charge if you’re transferring Ethereum or ERC20 tokens from MetaMask to another wallet. The Ethereum network requires gas to execute a transaction. Gas is the internal price for executing a transaction in Ethereum. You may have to pay a higher charge to get your transaction completed depending on how busy the network is.
When you purchase Ethereum from inside MetaMask using the Coinbase or ShapeShift interfaces, it seems that MetaMask earns money.
There have been a few complaints / cases where individuals have claimed that their MetaMask-based Ether transactions have been waiting for more than 24 hours. If this is the case, you may need to cancel the transaction and execute it again with a larger Gas limit. Alternatively, you may wait until the Ethereum network’s backlog is cleared.
https://etherscan.io may be used to verify the progress of your transaction.
Many of the performance problems will, in the end, be determined by the Ethereum networks’ capacity to execute transactions. When the network experiences a surge in traffic, transaction processing times will often increase.
Another alternative for storing Ether and accessing decentralized apps on the Ethereum blockchain is the Mist Wallet. It is, however, less user-friendly than MetaMask and must be downloaded from GitHub. We suggest MetaMask over Mist if you’re fresh to the cryptocurrency world.
Review of MetaMask
- MetaMask is a browser plugin for Chrome, Firefox, Linux, and Brave that makes storing and transferring Ethereum and ERC20-based tokens simple.
- It’s free, simple to use, and called a “hot” wallet since it’s on an internet-connected device.
- It prevents fraudulent websites that are known to steal money while you’re surfing; it’s a nice tool to have, but not one you should depend on.
- Your MetaMask wallet is protected by a password that you must input each time you use the browser plugin (and in turn your funds.)
- You’ll need your private key if you lose your wallet or the device that has the extension downloaded on it. Keep your private key (12 words) in a secure location, with several backups if possible. You risk losing your money if you lose this.
- MetaMask may be used to purchase bitcoin on the Coinbase and Shapeshift markets.
- It’s free and open source. Other developers may examine and code, and they can be paid for discovering weaknesses or vulnerabilities (a “bounty”).
Overall, MetaMask is an excellent choice for storing modest quantities of Ethereum and ERC20-based tokens. Larger amounts of cryptocurrency should always be stored in a safe and secure hardware wallet like Trezor or Ledger Nano.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
MetaMask is a browser extension that allows users to keep their Ethereum safe in their browser. It has been reviewed by 2018 and received a 3.5 out of 5 stars rating from the MetaMask Review. Reference: metamask wallet hacked.
Frequently Asked Questions
Is it safe to keep ETH on MetaMask?
It is very safe to keep ETH on MetaMask. MetaMask is a browser extension that allows you to use Ethereum without having to download the entire blockchain.
Is it safe to keep crypto in MetaMask?
Yes, it is safe to keep your cryptocurrency in MetaMask.
How do I keep my MetaMask wallet safe?
Your MetaMask wallet is stored in a local file on your computer. This means that if your computer crashes or gets stolen, then so does your wallet. To keep it safe, you should make sure to back up the file often with a program like FileBot.
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