What is a Metamask Wallet

What is a Metamask Wallet

SUMMARY KEYWORDS

metamask, crypto, wallet, tokens, episode, browser, blockchains, browser extension, swap, meta, brave, install, decentralized exchange, ethereum, phrase, podcast, seed, password

00:00

Welcome to the New to Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend.

00:31

Let me ask you, are you new to crypto and don’t know where to start? Are you more experienced too but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the Trading Center and the lifestyle design studio. Here’s your host Crypto Travels Michael.

00:53

What is a Metamask wallet?

00:56

Meta mask is a wallet that is a browser extension, which was originally designed to operate as a wallet for tokens on the Ethereum blockchain. It was built to hold tokens that are built on the ethereum protocol ERC 20 tokens and ERC 721 standards. By the way, ERC 721 tokens or standards are NFT’s in case you missed the episode about NFTs. Definitely check that one out. 

01:26

So meta mask was launched in 2016. And since it has over 1 million active users, even though Metamask was set up to hold tokens on Ethereum you can now add custom networks to Metamask and hold tokens on some of the other blockchains such as Polygon, Avalanche, Binance Smart Chain and some of the others. Doing this is a little more technical in the beginning than just setting up a wallet. I would recommend watching a tutorial video if you wanted to set up your meta mask to hold tokens on other blockchains. But it’s definitely possible. 

02:01

One set up with a Metamask wallet, you can swap tokens directly within Metamask. Metamask does this by finding you the very best price among at least six other DEXs for the token that you’re looking for. A DEX is a decentralized exchange, they have become very popular in crypto. 

02:21

One of the benefits of DEXs is that your transaction is completely anonymous. I should note that ownership of a Metamask wallet is also anonymous. There are no names linked or connected to your Metamask account. Basically just lines of code behind it. Whoever has the password and seed phrase to a Metamask wallet, essentially as the owner there are no names or other identifying information connected to Metamask wallet, you install Metamask as a browser extension on your computer, you receive a seed phrase which is a group of words outlined in a specific order and you select your password. 

03:00

Please note it is extremely important for you to write down the seed phrase, the seed phrases the list of words in an exact order that are given when you set up an install Metamask. Should you ever need to log into your meta mask wallet on another device. You will need the seed phrase in order to log in and access your digital assets. So don’t lose it. To help you more see the video on our site for today’s episode. The tutorial video on our site will show you exactly how Metamask works as well as how to install it in your browser. 

03:38

Back to DEXs. They are decentralized exchanges where you swap crypto, usually ether or eth, Ethereum is the desired token or coin, and you swap it for the coin that you’re looking for the coin that you’re looking to acquire. Okay, back to Metamask wallets. 

04:01

Once you set up your wallet, you’ll need to send some ether to your wallet. Because if you want to swap anything, you will need Eth to swap for it. Unless of course you’re using Metamask on one of the other blockchains mentioned earlier like Polygon or Binance Smart Chain or one of the others.

04:22

With Metamask you can acquire other cryptocurrencies by using a swap. Some of those swaps are Uniswap, 1 Inch,  Airswap, Curve, Paraswap, 0 Exchange and more. You can swap from within Metamask or you can go directly to Uniswap or one of the others and configure your wallet to swap from the DEX.. 

04:48

Remember, a DEX is a decentralized exchange like Uniswap, Pancakeswap, 1 Inch and others. Metamask is a browser extension. 

04:59

You will want to know which browsers it works with. You can install it in any of the following browsers, Chrome, Firefox, Opera, Brave, and Microsoft Edge. Many people in the crypto community use Brave because some of the other browsers have cookies and other ad trackers, which could already be at work in your other browsers. I personally use and set up the Brave browser to use only for crypto. And I know other people that do this as well. 

05:33

The reason for this is you could accidentally have click the link in an email or social media or some other source and you could possibly have invited an unwanted intruder in your browser or perhaps do this by accident in the future. so Brave is usually known for privacy. They are also in the crypto industry. So I personally prefer the Brave browser when I use Metamask.

06:00

Metamask was founded in 2016 by Aaron Davis, and the blockchain company ConsenSys, some people like and prefer Metamasks wallets, and for others, they may prefer a different wallet, perhaps one in a major exchange or one of the others. 

06:18

Another crypto wallet similar to Metamask is called Trust Wallet. I’ll have an episode coming soon about Trust Wallet. 

06:25

There are many different wallets in crypto. And the great part is you have the flexibility to use whatever you would like. I’ll have tutorial videos for you to watch on our website under today’s episode, these will help walk you through the process of getting started. That is if you would like to set up a metamask wallet. 

06:47

So this concludes our episode for today. If this content has been valuable for you, and if you like the show, we would love to receive your written review on Apple and the others. Be sure to tune in here tomorrow for a new special episode. Until then, bye for now.

07:08

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