What is MetaMask Wallet | Complete Beginner’s Guide

If you’d like to get started with Metamask right now, go ahead and click here to get the Chrome extension. If you’d like to learn more about MetaMask, you can visit the website at metamask.io. You can find all of those links and more at Metamask.io

Metamask:

“Metamask is one of the most popular Ethereum wallets, used by over a million cryptocurrency enthusiasts. Unlike many wallets, Metamask allows you to interact directly with the Ethereum blockchain and even run a dApp yourself.”

How to Install MetaMask:

MetaMask is an Ethereum wallet that uses a browser extension to interact with sites like Raible, OpenSea, and Mintable where you can create (or mint) your non-fungible tokens and then list them for sale. We’re going to be able to see how to install MetaMask. So here we are on Chrome. But you can use the wallet with Chrome, Firefox, Brave, or Edge browsers. You’re going to the browser’s applications store or go to metamask.io. Make sure this URL is correct. Don’t click on potential scam links that could take you to another URL to get your credit card information. It’s metamask.io. Click “Download” or “Download Now.” There are versions at the top for Chrome, iOS, or Android.

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Then click “Install MetaMask for Chrome.” (or whatever it says if you selected the iOS or Android version). I’m using Chrome so I’ll just refer to it as Chrome for the rest of the video. Click “Add to Chrome.” Chrome gives you a warning that adding this extension allows it to do certain things like reading and change your data on websites. This is necessary for MetaMask to work and to serve its function. Click “Add Extension.” When this screen appears, you know it worked. Select “Get Started.” You have two options. If you already have a MetaMask Wallet select “Import Wallet.”

How to Create a MetaMask Wallet:

I’ll assume you don’t already have one so we will select “Create a Wallet.” MetaMask then gives you another disclosure saying it will never collect certain information, including your full IP address and it will not sell your data for profit. But it asks that you allow it to receive anonymous click and page view events. You can change this if you want, but let’s hit “I agree.” As we go, you’ll see MetaMask has more security functions than you are probably used to seeing. The first is the traditional password set-up. Create a password, confirm it, agree to the terms and conditions and then click “Create.” The next step is the Secret Backup Phrase.

Is MetaMask a safe wallet?

When you create a MetaMask wallet, MetaMask is going to give you a fairly long backup phrase. It’s 12 random words in a specific order. It is extremely important to save this backup phrase. If you need to re-install MetaMask like if you get a new computer, you will need this phrase. I’ve heard stories about people investing in Ethereum and making millions, but then they lost their backup phrase and can’t access it. Are the stories true? I have no idea, but this is no joke. Save this somewhere secure.

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To show how serious they are about this backup phrase, on the next page MetaMask shows you the twelve words from your backup phrase in random order. You have to select them in the proper order to move forward. When finished, click “Confirm” and MetaMask will congratulate you and again warn you not to lose the backup phrase. Click “all done.” Currently, Metamask is prompting about a new feature where you can swap crypto tokens inside your wallet.

Now we have our MetaMask wallet set up and connected to our browser. But there isn’t any Ethereum in it. On the top of the screen, where it says “Account 1,” there is a unique address for your wallet. Every wallet has an Ethereum address and that is how all transactions to and from the account are tracked. With this address, others can send Ethereum or tokens into your wallet, but they can’t use it to take it out. This is a public address you don’t need to keep secure…kind of like an e-mail or Paypal address for the blockchain.


How to use Metamask on Chrome:

The Use and Tool Configuration:

The use and tool configuration will allow you to interact with diverse applications of decentralized finance on the block Ethereum and Layers 2. It’s long so it’s partially hidden here, but if you click on the greyed-out box, it copies the address to your clipboard so you can share it or do whatever you need to do with it. If you already have Ethereum or other cryptocurrencies that you wish to convert to Ethereum in another wallet (like Coinbase), you can go to that wallet and tell the wallet to send the Ethereum to this address. And it will fund your MetaMask. Or, you can buy Ethereum directly with MetaMask by clicking the “buy” icon here. When you click “buy” you are given two options.

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MetaMask lets ordinary websites talk to a trusted Ethereum provider, all while letting the user store and manage their private keys. We hope this will make it easier than ever for people to get started creating and using a new wave of blockchain-enabled websites.

Here’s a simple Ethereum distributed app, or Ðapp, called Tokens, that lets you easily deploy your currency. When you visit a Dapp like Tokens with MetaMask installed, that website has access to the Ethereum blockchain via the standard Web3 Javascript API. When it wants to write to the blockchain, it asks web3 to send the transaction, prompting MetaMask to ask for user confirmation. After you submit a transaction, wait for the next block for the change to be reflected on the website…and there it is! Now I have my MetaMaskCoins! I can check my balance or, if I want to send some to another account, I can click the copy link on it. Check its balance, it has none, then send it some meta-coins! But with Metamask, I can always switch what network I’m working on, say the main network, and I’m ready to issue a token with the full security of the main Ethereum blockchain. MetaMask connects to these blockchains with no synchronization time because we host blockchain nodes by default. You can always point MetaMask at your own Ethereum RPC Server, and fully control your connection to the blockchain.

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