MetaMask is a well known wallet for Ethereum enabled distributed applications (dApps). But can MetaMask contain Bitcoin (BTC), which is still the largest cryptocurrency?
For many crypto investors, Bitcoin is an important part of their portfolio. Apart from being an investment asset, Bitcoin can also be used as a payment method. Thanks to wallets like MetaMask, paying through blockchain technology has become much easier. East Ethereum crypto wallet It allows millions of investors to participate in everything that the crypto market offers. Although the etherETH) is a very popular means of payment, most people buy Bitcoin.
Related: How does Bitcoin work and why was BTC created?
However, Bitcoin is not the cryptocurrency you think of when you speak buy a non-fungible token (NFT) either invest in decentralized finance (DeFi). Still, there may be situations where you would like to use Bitcoin for these actions. So, in this article, you will learn how to store Bitcoin with MetaMask.
MetaMask Crypto Wallet
MetaMask is an Ethereum wallet that is available as an app and as a web browser extension. In other words, MetaMask allows users to store their private keys and then use applications and websites securely with Smart contracts and DApps based on Ethereum. One of the most popular crypto wallets, MetaMask recently surpassed the 30 million user mark in March 2022. This is due, in part, to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).
Is MetaMask only for Ethereum?
MetaMask is only suitable for tokens that use the Ethereum blockchain, so-called ERC-20 tokens. If you want to use other tokens (i.e. tokens that are not ERC-20 tokens), you will need to exchange them for ERC-20 tokens. It would then be possible to store these tokens in your MetaMask.
An example of this is Zcash, a cryptocurrency suitable for anonymous transactions. This cryptocurrency is not based on the Ethereum network and is therefore not an ERC-20 token. But for wrapping Zcash tokensyou can still use Zcash.
MetaMask Hardware Wallet
Cryptocurrency protection often comes up when people start their crypto research. It is of great importance, so a good wallet is essential. A hardware wallet is often recommended because it can be used to store your crypto offline. But is MetaMask also a hardware wallet?
MetaMask is not a hardware wallet. It is a software wallet. These wallets are also called hot wallets and are connected to the Internet. Even so, you can still connect MetaMask to a hardware wallet. This way you can also use MetaMask with a ledgerwhich is the best known hardware wallet.
To do so, open the ETH app and select “Connect Hardware Wallet” to integrate your Ledger hardware wallet into MetaMask. Then a pop-up will open asking you to choose your device and click “Connect”.
When you use a ledger with the MetaMask browser extension, the software wallet only works as a portal and not as a wallet. Your private keys do not leave the Ledger, so they are not stored in MetaMask.
Is MetaMask compatible with Bitcoin?
MetaMask supports Bitcoin, but not in the way that an exchange wallet accepts the cryptocurrency. Bitcoin is not an ERC-20 token, so MetaMask does not directly accept the largest cryptocurrency. However, you can get BTC in your MetaMask indirectly.
That said, do not try to send Bitcoin directly to your MetaMask. If you try to do this, MetaMask will not be able to receive the token, which could have negative consequences. You could lose all the Bitcoin you have sent at once, which would be a terrible situation!
How to send Bitcoin to MetaMask?
As you have read, it is not possible to send BTC directly to MetaMask. But this does not mean that it is impossible to get Bitcoin in your MetaMask wallet. BTC runs on its own blockchain. In this bitcoin block chain, transactions can only be sent to Bitcoin addresses. This is true not only for Bitcoin but also for other blockchains like Ethereum.
On the Ethereum blockchain, it is only possible to send Ethereum-related tokens. Sending Bitcoin through the Ethereum network is comparable to paying with euros in the United States. The euro is not accepted as currency in the United States, but you can use your euros indirectly. By exchanging these euros, you can receive the same value in US dollars and use it as a payment method.
However, if you don’t want to exchange your Bitcoin for Ethereum, there are other solutions. This means that you have to lock your BTC in one place and then bring it onto the Ethereum blockchain as a new token, which represents the Bitcoin locked on the Bitcoin blockchain. This is also called Wrapped BTC (wBTC)what Bitcoin as an ERC-20 token means.
Related: Bitcoin Wallets: A Beginner’s Guide to Storing BTC
How to wrap Bitcoin?
There are several ways to wrap your Bitcoin. Let’s take Binance as an example. On Binance, BTC and wBTC are two different tokens, so you can trade them. Clicking “Classic” in the Binance Trading section will take you to the exchange’s trading platform. Here you can find the trading pair with both Bitcoin tokens. Here you can enter how many WBTC you want to buy and confirm it by clicking Buy WBTC.
What if you don’t see your wBTC in your MetaMask? You can easily change this by adding the wBTC token by following the steps below:
MetaMask wallet address
To put your wBTC to work, your MetaMask wallet address is very important and easy to find. Upon opening the app and logging in, you will reach the main screen of MetaMask. Below your account name, you will find your unique code, which acts as your address. This address can be used to receive crypto.
You can share this code with others, but never share the other codes with anyone. Your login and recovery data is intended to protect your assets. If others obtain these codes, they can abuse them and cause you to lose your crypto assets.
Alternatives to MetaMask
MetaMask is a popular software wallet, but there are alternative options as well. Due to all the different blockchains, various wallets are suitable only for a specific blockchain. Two examples are Cardano’s Yoroi wallet Y the Phantom of Solana bag.
Various software wallets are suitable for ERC-20 tokens on the Ethereum blockchain. The advantage of MetaMask is that you can use it across websites and the app. This is where MetaMask stands apart from its competitors.
the trusted walletfor example, is a highly respected software wallet, which can be used as a mobile app as an alternative to MetaMask. MyEtherWallet and Mist Wallet, two website wallets that accept ERC-20 tokens, are also popular MetaMask alternatives.
Although MetaMask is the most popular versatile software wallet, it never hurts to use multiple wallets. Using different wallets is a type of risk management strategy. By using multiple wallets, you will not lose all your crypto assets when only one wallet is hacked.