With the rising popularity of cryptocurrencies such as Bitcoin, Ether, and Ripple, many people have started to mine these digital currencies. Because of the complexity of mining, some people avoid it and use an alternative known as Metamask. That is a method that has proven effective in mining cryptocurrencies. This article covers the Metamask review in detail.
Ethereum wallets are incredibly different from Bitcoin wallets. While Bitcoin wallets primarily focus on assisting users in storing their bitcoin securely for long periods, Ethereum wallets are more like browsers than anything else. These wallets act as portals into the ecosystem of decentralized applications developed on top of the Ethereum blockchain, so they frequently look more like an app store than a crypto wallet.
Metamask Review: What is a Cryptocurrency Wallet?
Do you think that crypto wallets just store cryptocurrencies?
Yes, it makes sense, but it’s not the cryptocurrency they store. Instead, it’s the information about cryptocurrency that the crypto wallet protects.
Cryptocurrencies exist exclusively on massive databases called ledgers. These ledgers record all the cryptocurrency transactions ever made by the user. The most famous form of cryptocurrency ledger is called a blockchain.
Cryptocurrency can be shifted within a blockchain, but it can never move out of the blockchain. Users cannot withdraw and take all their coins to a physical space. Users can move their crypto coins around the blockchain utilizing public and private keys. This is the data that’s stored within crypto wallets.
Let’s have a glance at what public and private keys are in this Metamask wallet review:
- Public Keys: These keys are visible to anyone. They operate in the same way as an email address. A sender might need the receiver’s public key to make a cryptocurrency transaction.
- Private Keys: These keys are not to be seen by anyone other than you. The private key is similar to the password, assuring that you are the owner of the email address.
The private key is the only way to prove ownership of cryptocurrencies. It’s crucial that they are safely stored so that no one can access them.
There are different kinds of wallets available for crypto investors. Let’s take a look at them in this MetaMask review.
Hardware Wallets
These are removable storage devices such as USB sticks. These are safe but are mostly expensive. They are a form of cold storage as they store users’ private keys offline.
Web Wallets
These can be used on a wide range of devices but are vulnerable to attacks by hackers. They store users’ private keys online and are known as hot storage.
Desktop Wallets
These wallets are directly installed on the user’s computer. You can access desktop wallets only on the computer it is installed. They are safer than web wallets but not as secure as hardware wallets or paper wallets.
Paper Wallets
Paper wallets are pieces of paper with the user’s keys printed. These are so safe until someone spills coffee on them! It is also just another form of cold storage because the private key is stored offline.
Word of advice is that users use more than one type of wallet to keep their cryptocurrency data. Then, if one fails, goes missing, or gets hacked, they would have the second one as a backup.
What is MetaMask?
Consensys launched MetaMask in 2016 to ease access to dApps or decentralized applications, including DEXs (decentralized exchanges), staking opportunities in DeFi (decentralized finance), and online gaming platforms. MetaMask is a digital wallet that stores cryptocurrency. That is based on the Ethereum blockchain and possesses more than 10 million active users in the crypto community.
As per one of those MetaMask reviews, this digital wallet is a safe crypto wallet offering a user-friendly bridge between a web browser extension and the Ethereum blockchain. It works as a host network for several dApps. Keep on reading our MetaMask wallet review further and know more about the wallet in detail.
Users on the MetaMask digital wallet can store ETH or any ERC 20 tokens built using the Ethereum blockchain network and utilize digital assets with their choice of dApp from a comprehensive list. In the releasing stage of MetaMask online wallet, it was available exclusively as a browser extension that used a Chromium-based web browser such as Firefox, Brave, and Chrome.
When cryptocurrency and crypto wallets witnessed a boom, MetaMask introduced a more accessible version by launching a mobile application for iPhone and Android for the people to use the online wallet MetaMask extension and a dedicated mobile app from anywhere.
The purpose of this Metamask review is to show you how MetaMask is different from other hardware wallets because of the encryption capabilities of the MetaMask wallet. Private keys and users’ seed phrases can be securely stored where the users need to manage their independent seed phrases.
Even though the MetaMask wallet was developed for the Ethereum network, it provides access to multiple networks, including the BSC (Binance Smart Chain) and other testnets. MetaMask allows users to conveniently switch from one mainnet network to another with utmost ease and simplicity to link multiple secondary hardware wallets.
This MetaMask review will throw light on the platform’s features, services, security measures, pros and cons, and much more. Also you can Check out Big Clash of Crypto wallets: Metamsk vs Coinbase Wallet.
MetaMask Review: Pros
If you have been searching on Google for the advantages of Metamask, this Metamask review could be the answer.
Open-Source:
All the MetaMask code is based on the web and is free to access. The user can create their version in the comfort of their home! Open-source software is reviewable, and the community can update it, which means that the wallet can consistently get improvised. Users can check and inspect the code behind their software at any time.
Hierarchical Deterministic Settings:
Hierarchical deterministic settings assist users in backing up their accounts. Metamask provides the user with a list of words called seed phrases. The significance of the term ‘seed phrase’ is mentioned above in this Metamask review.
Built-In Coin Purchase:
MetaMask connects straight away with two exchanges where users can purchase cryptocurrency. For example, users can go for an upcoming exchange, Xbo, to buy Ether or ERC-20 tokens. Although Xbo’s registrations are closed now, users can still enroll for its Bored Ape NFT audition and stand a chance to win $100,000. Click here and get redirected to the life you desire.
Customer Support:
MetaMask wishes to get as many people to be part of the Ethereum network as possible. It has a brief introduction video on its homepage to welcome new users and a detailed support page for users to get help anytime.
Simple Interface:
Once the user signs up, MetaMask is easy to use with an uncomplicated interface. Most of its features make sending and receiving crypto convenient, even for novice traders.
Local Key Storage:
A few crypto wallet service providers keep keys on their servers. This is common on exchange platforms that deliver crypto wallets. MetaMask keys are kept safely on the user’s browser and not on any servers remotely. It gives the user more control over their public and private keys, but it can also be risky, security-wise. Soon, there will be days when people will prefer choosing secondary upcoming exchange platforms like XBO to securely access their Metamask wallets for making crypto transactions.
ETH Community:
MetaMask is a significant part of the Ethereum community. It has over a million active users and more than 835,000 followers on Twitter.
MetaMask Review: Cons
Everything that glitter is not gold!
Although Metamask looks like a perfect tool, there are sure bad sides to the platform, which would make this Metamask review one of the legit Metamask wallet reviews.
Browser Access:
MetaMask doesn’t have access to any of the users’ confidential data, but its installed browser will. The user’s browser will not have access to their private codes, but it may collect data regarding when and how the user uses the application. Browsers like Mozilla and Google are not very popular among crypto community members.
It would be inconvenient for many users to let these companies collect their confidential information. There are chances that some potential users won’t try using the MetaMask wallet and turn towards some of the better alternatives offering more security.
Online:
Online wallets have both pros and cons. One of the main cons is security. Any data stored online are mostly at risk from hackers compared to the information stored offline on cold wallets. MetaMask doesn’t offer adequate security by itself.
Reminder: Always use more than one type of crypto wallet, and keep one of them a hardware device!
This would have answered the query ‘is Metamask a hot wallet’ we hope.
Only supports Ethereum and ETH-based tokens:
The questions like, ‘Can Metamask hold bitcoin’ and ‘does Metamask support bitcoin’ are pretty typical for newcomers in the crypto market. Here is a quick answer to it!
One of the disadvantages of using MetaMask is that the wallet only stores Ethereum and Ethereum-based tokens, including ERC-20, ERC-721, and ERC-1150. Users cannot keep any other cryptocurrencies in their Metamask wallets. This is particularly noted when users consider those multiple high-end wallets in the market support storing a broad list of cryptocurrencies and tokens. This is a fact regarding both cold wallets as well as hot ones.
If you ask ‘is Metamask only for Ethereum,’ the answer would be yes, it supports altcoins under the Ethereum blockchain.
Metamask Review: Is MetaMask Safe?
‘Is Metamask secure,’ ‘How safe is Metamask,’ ‘is Metamask legit,” and ‘Is Metamask wallet safe’ are a few questions many crypto enthusiasts ask.
This MetaMask review will address users who have always been concerned regarding using a cold/hot wallet and losing their assets because of high-end hacks, theft, and other unlikely events in the crypto market. The situation is straightforward to understand regarding Metamask security. Most users losing crypto funds do not lose it because of hacks but social engineering schemes. That means some cyber criminals in a distant place on the internet who pretend to be honest and reliable could convince users to enter their seed phrase.
The seed phrases generally work as passwords to protect the user’s crypto funds in the MetaMask wallet. Once the user compromises the seed phrase, cybercriminals can quickly regenerate the crypto wallet and rob all the crypto funds from the wallet, leaving the user with nothing. Although, MetaMask wallet uses compelling seed phrases which are extremely tough to decrypt for even the most hi-tech hackers.
This is how MetaMask keeps their wallet accounts safe and secure anytime. Soon-to-be-launched crypto exchange, XBO, is preparing its platform with highly safe military-grade security measures to assure crypto traders that even they can access Metamask crypto wallet safely through it. Check out XBO here.
Even the top security measures are meaningless if users compromise their seed phrases to others, thinking that they will give free money via exciting web-based schemes, which are fraudulent and hazardous. Therefore, users should rely on MetaMask for solid security measures, but in the end, they must safeguard their funds by not revealing their seed phrases.
This article won’t be enough to give a judgemental answer to the question ‘is Metamask a good wallet’ or ‘is Metamask good’ but we wish you to identify your purpose for using the crypto wallet and your requirements from the same.
Metamask Supported Coins
MetaMask wallet is developed to store ETH and other tokens, collectables, or secondary assets under the Ethereum blockchain umbrella. This particular Metamask review aims to inform traders that MetaMask also supports wide variants of other tokens on alternative blockchain networks by shifting the backend network connected to the wallet in the application’s settings section.
Here is the answer to ‘What coins does Metamask Support‘ to make this Metamask review more of use for you:
- Brave’s Basic Attention Token
- Compound
- Ether
- Augur
- Gnosis
- Badger DAO
- USDC
- PAX
- Yearn Finance
- Tether
- GUSD
MetaMask Review: Concluding Note
The Metamask review discussed the benefits of using the cryptocurrency wallet. Metamask is undoubtedly more than a software wallet that stores, sends, and receives cryptocurrency and manages your accounts. Although, safety gets compromised when users fall victim to fraudulent schemes that seem attractive to them, as we previously mentioned in this Metamask review.
You can use Metamask as a cryptocurrency wallet to pay for goods and services or to store your crypto assets. If you’re interested in learning more about cryptocurrency wallets and how they work, you can check out our blog post all about cryptocurrency wallets here.
MetaMask Review: FAQs
Let’s quickly answer some questions that have been frequently asked on Google regarding MetaMask:
Can MetaMask be trusted?
There have not been any instances of hacking of MetaMask. The platform is supported by hierarchical deterministic settings and a massive user community and developers persistently reviewing and upgrading their source code.
Is MetaMask available on iPhone?
Yes, the MetaMask app is available to download from Apple AppStore and PlayStore for iPhones and Android users, respectively.
Is MetaMask free?
MetaMask is free to download as a mobile application or an extension on web browsers. But, some premium features, like crypto purchasing and more, apply fees for access.
Did MetaMask ever lose cryptocurrency?
MetaMask is a form of non-custodial wallet. Hence, it has never lost the cryptocurrency of its users. Also, the MetaMask servers have never been hacked.
Why are transactions on MetaMask slow?
Slow transactions are not compulsorily a problem with the MetaMask wallet. However, during high traffic on the Ethereum network, all ETH wallets will probably deal with slow and overpriced transactions. Unfortunately, there is nothing we could do about this, as it is an issue of scaling implicit to Ethereum and other public blockchains.
Does MetaMask keep my private keys?
The answer is no. Again, as we previously mentioned, MetaMask is a non-custodial wallet. Therefore, users are accountable for their private keys’ safety and security.
What is the best function of MetaMask?
MetaMask is an all-rounder when it is all about ETH wallets. So, it will probably be your best option if you like to play around with Ethereum apps. With this wallet, you’ll be able to buy your first ETH and begin to use applications concerned with DeFi, digital art, and other main categories immediately.
