Getting to know MetaMask: The Initial phase
MetaMask wallet is a digital cryptocurrency wallet in which a vast range of Ethereum-based tokens and NFTs are supported. While the interface and navigation are good enough for experienced crypto traders, beginners find its usage a bit difficult to adjust. That is why we are writing this blog to address all those beginners so that we can give them a rough idea about things related to MetaMask wallet which may be unknown to them so that we can give our contribution towards uplifting the awareness of beginners on MetaMask wallet.
Pros of MetaMask wallet
- The process of getting started with MetaMask wallet on several platforms is really easy. Initially, you can create one wallet and then import it to other desired platforms using the 12-word seed phrase.
- Now you can earn rewards just by holding your assets in the MetaMask wallet and by directly putting them to work. This process is called Staking.
- MetaMask wallet supports a vast range of Ethereum-based tokens. So it is a flexible wallet that can be used by a wide range of users.
Cons of MetaMask wallet
- Users do not get an option to directly convert the coins to fiat currency.
- The technical support system is not available 24/7. This is a limitation of MetaMask wallet as it has many typical technicalities in which users face problems and 24/7 technical support is a must.
Common features
- A broad range of Ethereum-based tokens can be transferred to the wallet.
- Any amount of funds can be stored in the wallet and also withdrawn from it.
- Users get the chance to operate all kinds of decentralized applications which are made on the Ethereum blockchain.
- Buying and selling of NFTs can be done on the platform.
Security
- MetaMask wallet has a three-level security structure which consists of the password, private keys, and the 12-word seed phrase.
- For a hacker to attack and get access to the wallet he needs either the password and private keys or the 12-word seed phrase.
- Storage of private keys is done on the device of the user and the user has the right to decide where will the seed phrase be stored.
- It is advised by #MetaMask that the password should not be stored digitally rather it should be written on a piece of paper and kept safely. The same goes for the seed phrase.
Conclusion
Using this blog as a tool, we wanted to develop a rough idea of what MetaMask is, and what is its purpose and compatibility in the mind of beginners because before one goes into the hard-core application of a platform such as MetaMask wallet, it should be very clear in their mind whether it will be compatible for their usage or not. We hope we have helped you to come to that clarification and we also hope that this was a significant and helpful blog for you.
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