Unmasking the Metamask Wallet
Once you step into the world of cryptocurrency, safety is the most important factor. Unlike normal currency, you can’t put a bitcoin in your wallet by folding it. However, you can keep control of your crypto by creating your own crypto-wallet.
Cryptocurrency wallets are basically meant for storing your cryptocurrencies and crypto coins digitally. They are similar to your normal wallets, which help you to keep your money safe and secure with other crypto-specific functionalities.
It allows you to send and receive digital currencies and monitor your balances. As you may know, all cryptocurrencies work on blockchain technology. These wallets interface with the blockchain of the cryptocurrency.
A cryptocurrency wallet keeps track of the public and private keys needed to buy cryptocurrencies, providing digital signatures for every transaction. Hence, making the entire process extra secure.
While many people are debating whether blockchain is more than just cryptocurrencies, others are focusing on which wallet to use based on private key custody: custodial vs non-custodial crypto wallet. In this article, we shall decode the widely used Non-Custodial Crypto Wallet Metamask.
Difference between Custodial vs Non-Custodial crypto wallet
Non-custodial refers to cryptocurrency wallets that are distinct from your cryptocurrency exchange accounts, such as MetaMask, Rainbow Wallet, or Trust Wallet. When you keep money on a cryptocurrency exchange like Binance, Kraken, or Coinbase, those organisations have control over your funds. When you move your crypto to a non-custodial wallet, however, you retain control of your wallet’s keys.
You’re should choose a non-custodial wallet unless you’re running a large firm with so much bitcoin that you need the watchful eye of a specialised custodian — a third party who looks after your crypto for you. As previously stated, non-custodian wallets have keys only you have access to.
“Not your keys, not your crypto,” as the saying goes. This term is widely used to emphasise the significance of managing your own cryptocurrency.
Your assets are backed by something called a private key in non-custodial crypto wallets. This serves as your crypto wallet’s password. You must keep this a secret and never reveal it to anyone. You’ll be able to use a secret phrase, also known as a seed phrase, if you lose your private key. These are 12- or 24-word strings that serve as a backup password. It’s critical to keep these in a secure location, ideally by separating sections of the phrase. Nobody should ever ask for your seed phrase — those who do are nearly invariably scammers attempting to steal your money.
Metamask wallet
While there are a variety of wallet services available, MetaMask is by far the most popular, with over 21 million monthly active users — an increase of 38 times since 2020.
MetaMask is a free hot wallet service that may be used via a smartphone app or a web browser extension. This means you can download it directly to your phone or access it through Google Chrome, Mozilla Firefox, Brave, or Edge with an ad blocker extension. The “hot” aspect simply refers to the fact that it is always linked to the internet, allowing you to move your crypto assets around at any moment.
One of the main reasons for its popularity among new and existing crypto users is its interoperability with practically all Ethereum-based platforms. Users can connect to over 3,700 different decentralized applications and Web 3 services using MetaMask.
So, how do you set up your own MetaMask cryptocurrency wallet?
Setting Up A Metamask Wallet
The steps are as simple as they can get
Download and install MetaMask.
Create a wallet
Create a username and password
Keep the backup phrase handy.
Confirm the backup phrase
Step 1: Download MetaMask wallet
Go to https://metamask.io/ and click on “Download”. Choose your preferred browser or mobile application and install the MetaMask extension.
MetaMask supports iOS, Android native apps along with Chrome, Firefox, Brave and Edge browser extensions.
Step 2: MetaMask wallet installation
Click on the MetaMask extension and click on “Get Started”.
Step 3: How to create a new MetaMask wallet
Click on “Create a Wallet” and on the next window click on “I agree” if you would like to help improve MetaMask or click on “No Thanks” to proceed.
Step 4: Create a strong password for your wallet.
Step 5: Securely store the seed phrase for your wallet
Click on “Next”.
Step 6: Seed phrase confirmation
Confirm your secret backup phrase by clicking on each word in the order in which the words were presented on the previous screen. Click on “Confirm” to proceed.
Congratulations! Your MetaMask wallet has been set up successfully.
You’ll be able to access your new MetaMask wallet once you’ve completed the aforesaid procedures.
Final thoughts
MetaMask is bridging you to the decentralized web. This user-friendly wallet provides you with the future of blockchain and decentralized apps. It is an easy-to-use and powerful tool that lets you interact with the Ethereum blockchain.
We at Chickey Chik believe in simplifying the Play-to-Earn gaming experience, and hence all you need to do is set up an Ehterum Wallet like Metamask and ‘Click’ to play. As simple as it can get.
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About us:
Chickey Chik is a Free-to-Play Play-to-Earn multi-language NFT-and DeFi-based game powered by Gamepay that enables anybody of any age to play and earn an income.
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