MetaMask Wallet Setup Guide
What is MetaMask?
MetaMask is a digital wallet that allows users to securely store and manage their cryptocurrency assets.
It is a browser extension that can be added to Chrome, Firefox, Brave, and Edge, and it also has a mobile app available for iOS and Android.
Who created MetaMask?
MetaMask was first released in 2016 by ConsenSys, a blockchain technology company based in Brooklyn, New York.
The company’s goal was to make it easier for people to access and use decentralized applications (dApps) on the Ethereum blockchain.
What is the difference between the MetaMask mobile wallet and the browser extension?
One of the key differences between the MetaMask mobile wallet and the browser extension is that the mobile app allows users to access their wallet on the go, while the browser extension is primarily used for interacting with dApps and websites on desktop computers.
Both versions of MetaMask provide the same basic functionality, but the mobile app may have a slightly different user interface and additional features.
How can I add several Networks to MetaMask?
Adding networks to MetaMask is a simple process. By default, MetaMask is set to the Ethereum (ETH) main network, but users can also add other networks such as Binance Smart Chain (BSC), Polygon, and Avalanche.
To add a network in MetaMask, users need to open the wallet and click on the network dropdown menu in the top-left corner.
From there, they can select “Custom RPC” and enter the network’s URL.
An alternate way to add networks to MetaMask is by using the “Chainlist” website.
This website allows users to automatically add networks to MetaMask by simply clicking on the network they want to add. This eliminates the need to manually enter the network’s URL.
The manual process is useful for adding networks that are not listed on the “Chainlist.org” website.
I want to import several coins and tokens into MetaMask. How is it done?
To import coins and tokens in MetaMask, users need to go to the “Assets” tab and click on “Add Token.”
From there, they can enter the token’s contract address, symbol, and decimal places. Once added, the token will appear in the user’s MetaMask wallet.
Where can I get a token’s contract address, symbol, and decimal places?
CoinMarketCap is a website that provides information on various cryptocurrencies, including their contract addresses, symbols, and decimal places.
Here’s how you can find this information for a specific token on CoinMarketCap:
- Go to the CoinMarketCap website (https://coinmarketcap.com/)
- Use the search bar to find the token you’re interested in.
- Click on the token’s name or symbol to go to its page.
- Scroll down to the “Contract” section, and you will find the contract address of the token.
- The token’s symbol is located at the top of the page, next to the name of the token.
- The token’s decimal places are located in the “Contract” section, in the “Decimals” field.
Alternatively, you can also use the CoinGecko website (https://coingecko.com/) which also provides similar information
It’s important to note that while CoinMarketCap and CoinGecko are reputable and reliable sources of information, it’s always a good idea to do your own research and verify the contract address, symbol, and decimal places of any token before adding it to your MetaMask wallet.
How could I send, receive and pay cryptocurrency in MetaMask?
Sending and receiving cryptocurrency in MetaMask is straightforward. Users simply need to click on the “Send” or “Receive” button in the wallet and enter the recipient’s address and the amount of cryptocurrency they want to send or receive.
MetaMask can also be connected to websites that support web3.js. This allows users to interact with dApps directly from their browser, without the need to open the MetaMask extension.
To connect MetaMask to a website, users need to click on the MetaMask icon in their browser and select the “Connect” button.
When making a transaction in MetaMask, users need to confirm it by clicking on the “Confirm” button. This ensures that the transaction is valid and that the user intended to make it.
Is it possible to adjust the gas fee and transaction speed in MetaMask?
In MetaMask, users can also change the gas fee, which is the amount of Ether (ETH) required to perform a transaction on the Ethereum network, or any other Native cryptocurrency on other Networks such as Binance Smart Chain, polygon, and Avalanche.
The Native cryptocurrency of Binance Smart Chain, Polygon, and Avalanche networks are BNB, MATIC, and AVAX in order.
The gas fee is a small amount of cryptocurrency that is required to pay for the computational resources needed to perform a transaction on the blockchain.
When a user sets a higher gas fee, they are essentially telling the network that they are willing to pay more to have their transaction processed more quickly.
As a result, transactions with higher gas fees are more likely to be included in the next block and thus be processed faster.
To change the gas fee in MetaMask, users need to go to the “Advanced” tab and adjust the gas price.
How can I sign out and lock MetaMask wallet?
To sign out and lock MetaMask wallet, users need to click on the three dots in the top-right corner and select “Security and Privacy.”
From there, they can select “Lock” or “Log out.”
“Securing the MetaMask wallet with this feature will protect it from unauthorized access”
This feature acts as a guard for the wallet, ensuring that only authorized users can access it.
Conclusion
In conclusion, MetaMask is a user-friendly digital wallet that allows users to securely store and manage their cryptocurrency assets.
It was created by ConsenSys in 2016 to make it easier for people to hold, transfer, and pay cryptocurrency.
The possibility of adding several networks and cryptocurrency coins/tokens to MetaMask makes it an interesting solution for online payments through crypto gateways.