Setting up a Metamask wallet is a rite of passage for all cryptocurrency investors. This popular Web 3.0 wallet allows you to hold a wide variety of digital assets, buy and sell NFT on OpenSea, buy meme tokens on PancakeSwap and Uniswap, and send and receive cryptocurrencies.
So what exactly is a Metamask wallet? It is an online wallet that mainly contains Ethereal and ERC-20 tokens (cryptocurrencies that run on the Ethereum blockchain as Shiba Inu), but also supports tokens on other blockchains, including Avalanche, Polygon, Harmony ONE, Binance Smart Chain, and more.
It is worth noting that Metamask does not not does not support native Bitcoin nor the Bitcoin network. In other words, no, you cannot use Metamask to store your BTC. I’m sorry! However, Metamask is a portal to the vast world of cryptocurrencies and, in my opinion, is a necessary tool for all investors, whether you are an experienced trader or a googly-eyed beginner.
Read on to find out how to get started with Metamask and set up a wallet with the Web 3.0 platform.
Metamask is first and foremost a browser extension. It is compatible with Firefox, Brave and Microsoft Edge. It is also compatible with Android and iOS through the Google Play Store and the Apple App Store, respectively. However, in this tutorial, Google Chrome will serve as an example.
1. Go to the official website of Metamask here and click “Install Metamask for Chrome.”
2. You should now be on the Metamask Chrome Web Store page. Click on “Add to Chrome.”
3. A pop-up should appear titled “Add ‘Metamask?'”. Click on “Add extension”.
4. A new tab will appear. Click on “Begin.”
5. Click “Create a new wallet” in “Yes, Let’s Get Ready!”
6. Metamask will ask if it can collect your usage data. If you agree, click “I agree.” If not, please click, “No thanks.” Selecting the latter will not affect your ability to proceed through the setup process.
8. You will be guided through a short video on how to protect your Metamask wallet, which involves writing and storing a secret recovery phrase (a string of 12 words that gives you, or anyone else who has it, access to your Metamask wallet and its contents). Paste “Next.”
9. You will come to a page that has your 12-word recovery phrase. Click on the grayed out area to reveal it. Once you’ve typed it in, press “Next.”
*Caveat* Do not, under any circumstances, give your recovery phrase to anyone. You should also keep a copy of your recovery phrase, but keep it in a safe place. If your computer crashes and you don’t have your recovery phrase, you won’t be able to access your Metamask wallet.
10. Confirm your recovery secret phrase by putting the 12 words in the correct order. Click “Confirm.”
11. Once you have completed step 10, you will land on a page that says: “Congratulations!” You officially have a Metamask wallet ready to go. Click on “All ready.”
Now, you can use Metamask to buy flashy NFTs, link your wallet to a blockchain-based game, send crypto to friends, and more. Now you can explore the Web 3.0 world. Although Metamask claims to be secure, I am not convinced. I recommend getting a hardware wallet (for example, Ledger Nano S or Nano X) to manage your funds.
Stay tuned for our review of the new Nano S Plus.