🔥 Metamask Wallet put to the test: our experiences in 2021!
Meta Mask is a so-called open source Wallet for Ethereum. The wallet was launched in 2014. Meta Mask is an add-on for Firefox, Google Chrome such as Brave and Edge browsers, but it can also be used for Android and iOS. In addition to the management and storage of coins based on the Ethereum platform or technology are based, other functions can also be used. This includes staking or access to the decentralized exchanges - DEX for short. Above all, the fact that this is a very beginner-friendly product will not pose any challenges even to those who have never had anything to do with such a wallet.
The functions go far beyond what a wallet can offer
It is the wide range of applications and the intuitive user interface that ensure that Meta Mask is one of the most popular Ethereum wallets that will be available on the market in 2021. There are more than a million Android users who work with this wallet. Above all, Meta Mask also scores with the fact that, as a user, you are also actively involved in the network of Ethereum want to participate and are interested in actually using the tokens.
Because with Meta Mask you can easily store, send or exchange the tokens. Meta Mask users can look forward to particularly low prices thanks to the swaps; the transaction fee is only 0,875 percent of the trading volume. In addition, Meta Mask advertises that it offers a safe and simple service so that users can use the decentralized applications based on blockchain technology, i.e. dApps, without any problems. And here too: no previous knowledge required.
All of these reasons are sometimes responsible for the fact that the provider acts as a gateway and Crypto wallet understands about blockchain apps. Because here the users can look forward to a wide selection of decentralized and innovative apps that are presented by the provider. In concrete terms, this means that there is much more than just a wallet here, but a product that impresses with the following functions:
- You can access innovative dApps here
- Tokens can be stored and sent
- And you work with an app that guarantees more anonymity and security
Setting up the Meta Mask Wallet
If you want to use the Meta Mask Wallet, you have to register in advance. The registration process only takes a few minutes, so you don't have to plan any extra time here. And, as already mentioned, as a beginner you don't have to worry - setting it up and using it may not be a problem, so you can work with the wallet without any experience.
Step number 1: the download
To download the wallet, the provider's homepage must first be called up. You can also download the wallet from external stores - for example from the Google Play Store, if you then want to install the wallet on your Android device. It is important to ensure that add-ons actually represent the original version; In some stores there are always copies that should not be trusted.
The download only takes a few moments - of course, it also depends on the internet service you are using.
Step number 2: the registration
After the software has been downloaded, the data protection regulations must first be accepted. Then it comes to the creation of a secret backup phrase. This backup phrase is intended to ensure that the inventory is restored if the device is lost. For this reason, it is important to write down the Secret Backup Phrase and keep it in a safe place.
The registration is self-explanatory. Again, you are not faced with any challenges. The registration process therefore takes less than five minutes.
Step number 3: Integrate your wallet and buy Ethereum coins
With the wallet facility it is then possible that one Coins from Ethereum (Ether) or other ERC 20 coins. However, if you already have an Ethereum wallet, you can import it into the Meta Mask wallet. In this case, you simply click on "Import Wallet" and then follow the next steps. You can even use the browser version Hardware wallets, so from Trezor like Ledger, connect. Simply click on "Connect Hardware Wallet", follow the instructions and you are connected.
The different wallet types from Meta Mask
Meta Mask provides various types of wallets. There is the desktop or online wallet as well as the paper wallet and the option of working with an app.
# Desktop or online wallet
It should be noted that Meta Mask is a classic online wallet. This means that you can opt for an add-on in the browser and then work with Google Chrome, Edge, Firefox or Brave. In this case, the Meta Mask Wallet is always available on your own computer and can be called up via the browser.
Of course, Meta Mask can also be used for iOS and Android operating systems. In this case, you will be able to access the app directly from your mobile device. The advantage? Here Meta Mask scores with a high level of customer and user friendliness; the app is self-explanatory.
# Paper wallet
Paper wallet means that you have the website create the private key, print it out on a piece of paper and then keep it safe. Sometimes a rather older method, but one that is safe. However, one should not forget that the paper wallet is secure, but damage and / or loss means that there is no longer any access to the inventory. If you choose the paper wallet, you have to be careful.
# Hardware wallet
First of all, it should be mentioned here that there are different fees - there are network and wallet fees. Because if you work in the Ethereum network, fees for the transaction are incurred here - these are paid in "gas" units. Payment is made in “gas”, with “gas” being ether, which Ethereum cryptocurrency, will be paid. It should be noted that the executors of the transaction bear the fees, regardless of whether the transaction is successful or not.
It should be noted that you can influence how high the gas prices are in advance. If you decide on the low price, then you have to plan more time in the course of the transaction; it is also possible to set a custom transaction fee and limit manually. For beginners, it may be advisable to choose the specified fee.
If you click on "Save", the transaction is started. At Meta Mask, the transaction fee is between 0,3 percent and 0,875 percent of the trading volume.
The customer service
If questions or problems arise, it is important to know that there are competent employees who can then be reached via customer service. Even if there are some providers of wallets who have neglected customer service, Meta Mask actually scores with friendly and competent employees who respond promptly to inquiries and try to present a quick and uncomplicated solution.
By the way, at the beginning it might be helpful to have a look at the FAQ area. The most frequently asked questions are covered here. Sometimes you will find something here?
If there is no answer to the question asked or if the problem cannot be found in the FAQs, all that remains is to contact us via the contact form - there is no live support (yet).
The pros and cons at a glance
Above all, it's the low cost that makes the Use of the wallet speak. Because the variable gas prices, which are between 0,3 percent and 0,875 percent, are in the lower range here. In addition, Meta Mask convinces with a wide variety of offers and the fact that more functions are available here than with a normal wallet.
Even if the employees in customer service make an effort - a live chat or live support would still be an advantage.
If you are interested in speculating like investing, it is advisable to take a look at the provider eToro. eToro is a classic online broker, but in addition to trading various assets, it also offers speculating with cryptocurrencies - and also provides the service as a crypto exchange. That means, you can speculate with the price about eToro, but you can too Buy coins from cryptocurrencies and in your own eToro wallet transfer.
It should be noted that eToro is a reputable provider who primarily appeals to beginners, as social trading is offered here. What is that? You take decisions like strategies of successful traders and participate in their successes. However, there is no guarantee of profit. An experienced trader can be wrong at one point or another.
Meta Mask Wallet is highly recommended. Anyone looking for a wallet for Ethereum or ERC 20 tokens will certainly be satisfied here. We at Bitcoin-News.one therefore find that Meta Mask can be recommended if the wallet meets the self-imposed requirements.