You can build your own version at home! I’m kidding, don’t do that. Open- source: This means that all the MetaMask code is online and free and available to access.Here are some of the key benefits often mentioned in user MetaMask wallet reviews: Think of the aforementioned Ledger Nano X, for example - the wallet lets you store around 1800 different cryptos, with Ethereum being just one of them!Ĭompare Crypto Wallets Side by Side With OthersĪll Crypto wallets may look similar to you but they're NOT all the same! Yes! Show me the Comparison Chart MetaMask: The Good Stuff Many other major wallets out there are going to provide their users with the ability to store a wide variety of coins and tokens. Sure, this includes things such as ERC-721 tokens, too ( in other words - NFTs), but it still limits you to but a single cryptocurrency. One of the major of these quirks is the fact that you can only store Ethereum and ETH-related tokens on the wallet. It also allows users to browse the Ethereum blockchain from a standard browser.Īs you might have gathered already, there are certain quirks that MetaMask has, inheritly. So, the MetaMask wallet can be used for storing keys for Ether and ERC-20 tokens on three different web browsers. Most of the tokens built on the Ethereum blockchain are called ERC-20 tokens because they follow the rules that Ethereum developers have set out for creating new cryptocurrencies. Other cryptocurrencies built on the Ethereum blockchain are called tokens. The cryptocurrency of Ethereum is called Ether. MetaMask can be used to store keys for Ethereum crypto tokens only. Ethereum also allows its users to write transaction guidelines called smart contracts. The Ethereum blockchain is a network where users can build their own apps ( which are called dApps) and cryptocurrencies. This means that it works like a bridge between normal browsers and the Ethereum blockchain. MetaMask is a cryptocurrency wallet which can be used on the Chrome, Firefox and Brave browsers. If one fails, gets hacked or goes missing, then at least you’ll have a backup! So, what kind of wallet is MetaMask? It’s strongly recommended that you always use more than one kind of wallet to store your cryptocurrency information. They are very safe, just don't spill coffee on them! Again, another form of cold storage as your private key is stored offline. They are pieces of paper with your keys printed on them. They can only be used on the computer they're installed on. They are safer than web wallets, but not as safe as hardware wallets or paper wallets. They are installed directly onto your computer. A popular pick is the Binance hot wallet. They can be used on lots of different devices, but are at risk of being attacked by hackers. Some of the best hardware wallets include the Ledger Nano X, as well as the Trezor Model T. They are a form of cold storage as they keep your private keys offline. They are very safe, but can be expensive. They are removable storage devices like USB sticks. This is why it's so important that they are stored safely where no one can get access to them! There are several different kinds of wallets available - let's lay them out further on in the MetaMask wallet review. Private keys are the only way of proving ownership of cryptocurrencies. How do you prove that an email address is yours? You have the password! If your public keys are like an email address, then your private keys are like the password.
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