MetaMask is one of the best-known browser wallets for Ethereum. You can use the Wallet to pay for services, such as in DeFi-Space, and interact with numerous platforms.
Like the MetaMask wallet, which is directly connected to the internet and can pose a risk, every time you log in to a platform with your Wallet, specific data that one may expose to hacking is stored.
A cold wallet is a crypto wallet with no internet access but where all the assets are stored securely. With a cold wallet, third parties cannot access the coins.
MetaMask hot wallet
MetaMask is a browser-based hot wallet, yet it is the most used crypto wallet in the world. The company was founded in 2016 and has since made a name for itself. You can store Ethereum and other ERC-20 tokens in the MetaMask Wallet. In addition, the Wallet offers the possibility to store NFTs securely.
Users can easily install the Wallet on their browser, go through the registration process, and produce a brand-new crypto wallet. We’ll explain how it works directly below.
Storing cryptocurrency
An essential feature of the MetaMask wallet is storing cryptocurrencies. Although it is a hot wallet, it is well-protected and offers relatively sufficient security. Nevertheless, it would be best if you always remembered to change your password regularly and only log in to sites where you are also sure they are reputable and secure.
Hence, this step can minimise the risk of losing your assets. You can store various types of tokens on the MetaMask wallet. Besides the Ethereum blockchain, you can also use other blockchains to safeguard assets.
Receive and send cryptocurrencies
What would a wallet be if it didn’t have this feature? When you create a MetaMask wallet, you can use it to store coins, but you can also use it to send and receive coins. To perform this, go to “Buy” or “Send” in your MetaMask App / Extension.
If you want to buy coins, this option offers different providers, but you should leave them alone. This decision is because there are better providers with better conditions where you can purchase cryptocurrency more cheaper. One of them is eToro, for example:
With the “Send” option, you must select a wallet address where you want to send the coins. Then you choose the coin and the amount. The transaction still has to be paid by gas costs, and your coins are on their way.
Exchange Cryptocurrencies
MetaMask offers its integrated exchange, so you do not have to use external exchanges. Furthermore, it is a direct interface where you can choose which token you exchange and for which token you exchange. After that, the transaction has to be confirmed.
Install MetaMask
Before you can use the Wallet, you initially have to download it. The safest way is via the MetaMask homepage. You can select which browser you want to create the MetaMask Wallet at this place.
After downloading, press on the MetaMask sticker that will appear in the taskbar on your browser. Then press “Get Started” and follow the further steps to complete the registration.
However, it is essential to mention that if you lose the secret phrase for recovery, you have also lost access to your Wallet. The same happens should someone know your “code” and use it to steal your assets. Whoever has this recovery code moreover gains access to the Wallet.
How secure is the hot wallet
Many users submit an essential question: Can the MetaMask wallet be hacked? Not, but there are specific reasons why this could happen.
The MetaMask wallet is well-secured, even though it is a hot wallet. A reason for this is the 12-word phrase that is given to you when you create your account. These words are only displayed once and must be photographed or written down.
Anyone who has looked at the offers on the internet knows that there are a great many crypto wallets. In this case, we tested the Wallet from MetaMask and are more than satisfied.
Hence, it is secure, offers enough space for storing different cryptocurrencies and is fee-free.
You can use the MetaMask Wallet and never have to pay anything! Finally, this offer and all its features make it a relevant crypto wallet, which is the most popular for a reason.
