A roadmap to using Metamask with Hardware Wallet
MetaMask is a cryptocurrency wallet that is undoubtedly the most popular and trustworthy among crypto users. It is represented by a fox’s face. It is available as a plugin for Chrome, Brave, and Firefox internet browsers.
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MetaMask is a cross-chain non-custodial wallet that lets you store crypto assets on Ethereum, Binance Smart Chain, Polygon, and other blockchains. MetaMask is not interested in controlling your funds or transactions, unlike a bank or a wallet on a crypto market. So, as long as you lock your wallet properly and own your private keys, you will be the sole owner of your funds.
It’s also known as a “hot wallet,” which means that the wallet is linked to the internet in order to enable some web functions. This greatly simplifies the process of accessing blockchain apps (dApps), on the Blockchain platform but it comes at a price.
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Along with risks, there are rewards
There are more applications for cryptocurrency and blockchains than you can think of. Decentralized applications (dApps) and decentralized finance (DeFi) protocols are where you’ll find the majority of them.
MetaMask was created to work with these apps and make crypto more accessible to newcomers. These services can be accessed with a single click using your MetaMask credentials.
You can use your MetaMask credentials to sign in to the platform whenever you launch a dApp or a DeFi protocol by clicking the “Connect” button. Here are some examples of things you can do with MetaMask:
- Withdraw loans from your assets or lend them for a profit.
- On marketplaces, you can buy, sell, and trade NFTs.
- Play games based on the blockchain
- Begin yield farming.
- Register to NFT and cryptocurrency airdrops.
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Risks Involved with Hot wallets
Even government systems, which spend billions of dollars to maintain high levels of security, are not completely secure when connected to the internet. MetaMask is in the same boat. It is connected to the internet, allowing hackers to attack and steal funds from consumers.
A hacker can remotely install malware on a user’s browser to obtain access to their funds and make changes to drain the funds from their wallet.
With your hardware wallet, use Metamask
Now that you’re aware of the dangers, you might be wondering if there’s a method to use MetaMask without jeopardizing your security. There is, of course: combining the security of a cold wallet with the convenience and accessibility of a hot wallet.
In general, storing private keys, which serve as proof of ownership of crypto assets, in a cold wallet like the Ledger Nano is the smartest and most secure option. The hardware wallet holds your private keys offline and ensures that they cannot be tampered with via the internet. As a result, combining a hardware wallet with MetaMask is thought to be the safest and easiest option.
Thefts of cryptocurrency are reported every few days. In certain cases, it is the fault of centralized systems, while in others, it is the responsibility of end-users. You, on the other hand, do not have to cope with that. Simply connect your MetaMask and hardware wallet and ensure that hackers have a difficult time! Get a blockchain course and get started.