How to Setup a Crypto Wallet: MetaMask

A beginner’s Guide To MetaMask

MetaMask, a free cryptocurrency wallet software, can be connected to any Ethereum-based platform. It was designed to simplify access to the Ethereum DApp ecosystem. It allows users to exchange crypto and interact with Ethereum.

You will need to first download the compatible crypto-wallet software based on what system you use. This software will allow you to store and connect to any platform that is built on top Ethereum blockchain.

 

What’s MetaMask?

There are many wallet services, but MetaMask is the most widely used with more than 21,000,000 active users. Simply put, MetaMask, which, like an editorially-independent Decrypt, is supported by Ethereum incubator ConsenSys, is available as a smartphone application or web browser extension and serves as an Ethereum Wallet. It can be installed just like any other plugin. It can be downloaded directly to your smartphone or on Google Chrome, Mozilla Firefox, or Edge browsers. This is similar to any other browser extensions you are using. It allows users to store Ether and other tokens. This allows them to transact to any Ethereum address.

MetaMask’s interoperability to almost all Ethereum-based platforms is one of its key advantages. MetaMask lets users connect to over 3,700 decentralized apps and web 3 services.

Users can connect to Ethereum-based Dapps and use their coins to play games, trade on decentralized platforms, or stake tokens in gambling apps. It provides users with an access point to the emerging world of decentralized finance or DeFi. This allows them to access DeFi apps like Compound or PoolTogether.

The question is: How do you set up your MetaMask cryptocurrency wallet?

 

How to get started with MetaMask

Although it may seem difficult at first, MetaMask can be set up in just a few minutes.

Installation

First, download MetaMask wallet software to your device. Visit the official website. The following options will be available to you:

Install metamask

 

Browser: Compatible With Google Chrome, Firefox Brave, Edge, Brave, and Firefox. Android: Compatible with any smartphone running Android’s operating systems.
iOS: Compatible With Any iPhone

After you have selected the right option, click on the “Install MetaMask” button. Once you have successfully downloaded the software, navigate to the extension icon at the top of your browser. You’ll be taken to the next page. Two options will appear (see below): Click on the “Get Started” button to proceed.

install metamask steps

 

Import wallet This option is for users who have an existing MetaMask account on another device and wish to transfer it to a new one.
Create wallet: This guide is for those who wish to create a new MetaMask account.

Choose the “Create a Wallet”, agree to a brief disclaimer, and then create a password. It is vital that you keep multiple copies of your password on separate pieces of paper, as with any password. Never create a digital copy any password that you create. This includes actions such as taking a screenshot, saving it on your computer, or sending it to someone via email. Hackers can easily access any digital information stored on your computer.

Each time you want to access your MetaMask account, you will need to input your password.

 

metamask password-create

 

Next, the MetaMask team will try to stress the importance of the secret phrase recovery phrase with a brief video. You can watch it now and click Next.

The screen that follows will outline what a secret phrase is and how to copy it down (on paper, not in digital format) as well as information about why you shouldn’t share your secret phrase with anyone.

Your secret recovery phrase is 12 random words. It is important to backup your MetaMask wallet in case you lose it or need to transfer it to another device.

 

 

Each word will need to be copied in the correct order. It is also important to order the words correctly. You won’t be able to import your account to another device if they aren’t in the correct order.

MetaMask will prompt you to enter the 12-word sequence before you can proceed to the final steps. MetaMask will go to great lengths to make sure you remember this phrase, even though they don’t keep it. You will see a word puzzle that rebuilds the phrase exactly as it was. If you don’t do it correctly, the Confirm button will not activate and you won’t be able to proceed. If you forget to save it or have forgotten, there is a way back button located under the MetaMask icon. This will take you back to the original page where you can download it and remember it.

To enter your wallet dashboard, click on the All Done button.

 

A brief overview of the MetaMask wallet

After you have completed all the steps above, you will be able to access your MetaMask wallet. You will need to be familiar with the following components before you can start using the software.

Identifying the public address: This address is what you can freely share with other people or platforms, such as exchanges, in order to receive cryptocurrency directly into your wallet. It is your home address, which you can share with others to receive inbound mail. However, it is a good idea to verify that any inbound tokens you receive are compatible with MetaMask before accepting them. Otherwise, they could be lost forever.
How do I fund/buy and/or send: These core functions are MetaMask.

 

 

The ‘Assets’ tab will allow you to view your assets and the ‘Activity’ tab will let you see your transaction history.

It is easy to send transactions by clicking the “Send” button, entering the recipient’s address, and the amount to be sent, and choosing a transaction fee. The ‘Advanced Options” button allows you to manually adjust the transaction fees. This option uses information from ETH Gas Station and similar platforms to select a better gas price.

You can confirm or deny the transaction by clicking “Next” on the next page.

Click the “Account 1” button to locate your unique MetaMask address. You can save time by clicking the square icon underneath it to copy it automatically.

To interact with any Ethereum platform you will first need to fund your MetaMask wallet using ether, the native cryptocurrency of Ethereum. Every action on the blockchain costs a fee. The fee is known as a gas fee and is paid in ether.

MetaMask can be used to interact with DApps or smart contracts. To do this, you will need to locate a ‘Connect Wallet’ button on the platform that you are using. Once you click this button, you will see a prompt asking you if you would like to allow the DApp to connect to your wallet.

This is an example of Uniswap. However, a similar process can be used for other DApps. Connecting with a DApp is not a way to access your funds. They can only view your addresses.

Once you have connected, you will be able to interact with the DApps as well as use its features.

 

Watch this short video for how to get started step-by-step


Video covers: 

  • Downloading MetaMask
  • Create a password
  • Backing up your seed phrase

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