Blog Crypto What is MetaMask and How to Set It Up

What is MetaMask and How to Set It Up

date May 5, 2022 time 5 min read 483 views

When you buy MCT, you’ll need to store it somewhere secure and accessible. There are many options on the market, and in this post we’ll cover one of them: MetaMask. So, what is MetaMask? Read on and you’ll find out.

And don’t forget, you can learn more about our native token by checking out our recent MCT blog.

What is MetaMask Wallet?

MetaMask is a software cryptocurrency wallet used to interact with blockchains like Ethereum, Binance Smart Chain, and Avalanche. It lets you access your wallet through a browser extension or mobile app, which you can then use to make transactions to any Ethereum address and interact with over 3,700 decentralised applications.

The use of the fox as the logo for MetaMask represents its wiliness and ability to camouflage.
The use of the fox as the logo for MetaMask represents its wiliness and ability to camouflage. (Source: Unsplash)

Luckily for you, the most common browsers like Google Chrome, Brave, Mozilla Firefox and Microsoft Edge are all compatible with the MetaMask wallet. And aside from Ethereum’s native currency, ETH, MetaMask wallet also stores tokens built on the protocol’s ERC-20 and ERC-721 standards.

MetaMask even launched its own mobile version back in September 2020. It offers the same functionalities as the desktop browser-based extensions and is available for you on both Android and iOS. Just download it on Google Play Store for Android, or App Store for iOS, and follow the prompts.

How to Use and Install It

Thankfully, the setup process is more or less similar on every browser. Firstly, you’ll need to visit the official website here and download the MetaMask wallet software onto your device. Doing so will trigger three options:

  • Browser: As we discussed, MetaMask is compatible with multiple website browsers like Google Chrome, Firefox, Brave and Microsoft Edge.
  • iOS: Compatible with any iPhone.
  • Android: Compatible with all smartphones that use Android’s operating system.

Click the “Install MetaMask for…” button once you’ve decided which one you want to choose.

With that done, navigate to the extension icon in the top-right corner of your web browser. There you’ll find the “MetaMask” option, and after clicking the “Get Started” button, you’ll be taken to the next page and given two options:

You can create a new wallet or import an existing one if you've already registered.
You can create a new wallet or import an existing one if you’ve already registered. (Source: MetaMask)
  • Import wallet: Select this option if you’d like to import an already-existing MetaMask wallet from another device.
  • Create a wallet: Select this option if you’d like to set up a new MetaMask wallet.

If you choose the latter, you’ll need to create a strong password that’s at least 8 characters long – preferably a mix of symbols, numbers and upper and lower-case letters. Make sure you record several physical copies, but never record a digital copy by taking a screenshot or emailing it to yourself. These storage methods are susceptible to hackers. Also note that you’ll need to enter your password each time you log in to your MetaMask wallet.

Security

For added security, you’ll also be presented with a unique secret recovery phrase. There’ll be a screen explaining what it is, how you should record it (again, on paper, not digitally), and why you should never share it with anyone. Not even your old uncle Sammy.

What is MetaMask’s secret recovery phrase made up of, exactly? In a nutshell, it’s 12 randomly assigned words, acting as ‘insurance’ should you happen to lose your phone or laptop. This means you’ll be able to import your MetaMask wallet onto a new device.

If you're not sure what to do with the Secret Recovery Phrase - don't worry. MetaMask has a helpful guide.
If you’re not sure what to do with the Secret Recovery Phrase – don’t worry. MetaMask has a helpful guide. (Source: MetaMask)

The word order is crucial, though, so make sure you copy them down in the order given. You’ll need to enter the unique 12-word sequence before being able to proceed to the final steps.

FAQs

What about cost and fees?

  • Depending on the Ethereum network status, MetaMask fees are charged on a transaction basis, which is the default. You’ll also be given the option to change the gas fees and gas limits through an advanced tab that allows for parameter customization.
  • Fees are the cost of processing transactions, whereas gas limits are the highest transaction costs that you’re willing to bet on one transaction. The higher the prices, the faster the confirmation time, and vice versa. MetaMask divides gas fee options into “Fastest”, “Fast”, and “Slow”.
  • Gas fees are dependent on the Ethereum blockchain congestion that’s been a major problem recently and a big challenge to overcome. If you set your gas fees too low in relation to MetaMask’s default fee, there’s a possibility of your transaction getting stuck in limbo and not being confirmed.

Does using MetaMask require me to hold cryptocurrency?

  • Whilst holding cryptocurrency in your MetaMask account does open up the possibility of trading, investing, playing games and owning unique items like NFT collectibles, it’s not a necessary requirement for accepting signature requests from sites.

How do I get funds (digital currency) on MetaMask?

  • It’s easy. All you need to do is click “Add funds” on MetaMask, and voila … you’ll be able to buy digital currency with a debit card or through Apple Pay. Alternatively, you could send a friend a payment request by sharing your public address or showing them your QR code in person.

What is MetaMask Wallet’s Security like?

  • Due to its online nature, there’s no comparison with cold storage offline wallets like Trezor or Ledger. Cold wallets are more secure as they store your assets on individual pieces of hardware. On the other hand, hot wallets like MetaMask do so via the internet, which is open to hackers. However, thanks to its easy setup and desktop and mobile availability, MetaMask does beat other hot wallets when it comes to giving you ease of access.
  • According to MetaMask, they have no control over personal or private data on their servers, and everything is encrypted or protected on your browsers and password.
  • Also, you’re given the freedom to select how fast your transactions are processed and how much you pay in fees. This is down to MetaMask wallet’s option to let you set the gas limit above or below the average fees – a feature unavailable in most other crypto wallets.
  • As always, the final say is with you, so think carefully and do your own research before coming to an informed decision.

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George Schooling

George Schooling

Buy MCT token with ease and enjoy the staking rate of up to 12% APR

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