MetaMask Wallet: Is It Safe To Use?

MetaMask Wallet: Is It Safe To Use?

MetaMask is a google chrome extension for your web browser. It is used to make communication easier of web applications with Ethereum Blockchain. MetaMask wallet is a wallet for your browser. You can visit their official website to download it. Another option is to get a brave browser, a fork for Google Chrome. The brave browser comes with different cryptocurrency-friendly features. 

Cryptocurrencies works on huge databases called ledgers. These ledgers are a compilation of all cryptocurrency transactions. Blockchain is the most popular example of a cryptocurrency ledger. 

The ethereum blockchain is a network giving freedom to users to build apps. Ethereum also lets you write transaction guidelines known as smart contracts. Metamask wallet is used to store keys for Ethereum cryptocurrency. 

Ether is the cryptocurrency for Ethereum. Cryptocurrencies created on the Ethereum blockchain are called tokens. Ethereum blockchains that follow the rules of Ethereum developers are known as ERC- 20 tokens. 

Now let’s discuss, some benefits and drawbacks of the Metamask wallet: 

Metamask: Benefits

  • Open source: Open source means Metamask code is available for free to its users. You can create your own version. However, it is not advisable to edit anything. Open-source software can be reviewed and updated by the community. Giving the chance to improve continuously. 
  • HD Settings: HD settings are used to back up the account. It provides the user seed phrases, a list of words. Seed phrases are used to back up or restore your old account. 
  • Customer support: The solid function of MetaMask is to get more and more people engaged with Ethereum. You will get an introduction video embedded on the homepage.  
  • Interactive Interface: Metmask needs simple installation and very user-friendly. All the features are marked clearly for beginners as well. Sending and receiving currency is a cakewalk.
  • Key Storage Insight: Keys are stored on their servers by some wallet providers. MetaMask keys are stored in your own browser and not in some server. This is in control of the user over their public and private keys.
  • Community: MetaMask wallet is really important in creating a community. It is got more than a million active users and a huge Twitter following.

MetaMask: Drawbacks 

However, it is a great tool to use, but everything comes with some limitations.

Metamask wallet comes with notable shortcomings;

  • Access to Browser: MetaMask does not get hold of your information. But the browser you’re using has access to all your data. It will not directly get hands-on with your private codes. But there are chances it may collect information about the uses of App. Many crypto members feel Mozilla and Google are stealing their data. And restricts many users to try MetaMask Wallet. 
  • Online wallet: everything which functions online has advantages and disadvantages of its own. One of the biggest concerns here is security. All the information that’s ported online is more at risk from hackers than information stored offline. MetaMask wallet doesn’t have security on its own. Henceforth, it is advisable to use more than one type of wallet.

Hyperledger Fabric

Set up Metamask Wallet:

  1. Open one of the browsers mentioned earlier. 
  2. Go to the Metamask homepage and add the extension on whichever browser you want to use. 
  3. Click on the Metamask icon to open the app 
  4. Create New vault and secure it with a password
  5. You will receive 12 seed phrases. Write them down somewhere safe. Very important!
  6. After that, click on the I have saved it an option.

Henceforth, you become an owner of Metamask wallet. Isn’t it super easy to use?

MetaMask Security: 

One question lingers in our heads before using any online tool. Is it safe? 

There are no major hacks in the Metamask yet. It has a strong community of developers to keep updating the open-source. However, being online has a bit of a risk as compared to hardware wallets. The offline storage devices have an edge over this.

The most common that can happen to MetaMask is a phishing attack.

Frequently Asked Questions

  1. Is MetaMask a good wallet?

Ans: MetaMask is indeed a “hot” wallet, in that you use it on a computer connected to the internet. This is usually considered less secure because if a machine is on the internet, it could be accessed remotely, and keys could be stolen. MetaMask always stores your seed phrase encrypted with your password, so we have a slight advantage in that an attacker with full access to your computer would also need you to have MetaMask unlocked to have a chance of using your accounts. This could also be done by recording your MetaMask password and having total control of your computer.

  1. How does MetaMask wallet work?

Ans: MetaMask (https://metamask.io/) is a browser extension that lets you run dApps without being part of the Ethereum network as an Ethereum Node. MetaMask manages your Ethereum wallet, which contains your Ethers (or money), and allows you to send and receive Ethers through a dApp of interest. It is a pretty neat tool.

  1. Why is MetaMask so expensive?

Ans: For many, MetaMask has become too expensive to use recently, but that is largely due to the surge in gas fees. Its ‘service charge’ may be a little too high, but there are alternative wallets out there such as Formatic, TrustWallet, Atomic Wallet, Argent, etc.

  1. Does BEP20 support MetaMask?

Ans: Once you’ve switched from the Ethereum network to BSC, BNB will be displayed as the main token, instead of ETH. Please note: Metamask works with the BSC network in the same way as it does with the Ethereum network. The Binance exchange supports both ERC20 and BEP20 token withdrawals.

  1. Is MetaMask mobile safe?

Ans: Security is key when dealing with cryptocurrencies, and MetaMask boasts secure login, key vaults, and the ability to generate passwords and keys for dApps directly on the device to make sure no one besides the user can access the accounts. MetaMask Mobile was in closed beta with just 135,000 users since late 2019.

  1. Is MetaMask Safe 2020?

Ans: Metamask uses HD backup settings and has a strong community of developers updating its open-source code. However, the wallet is online, so it’s more at risk than hardware wallets and other forms of cold storage. The most common risk facing the MetaMask wallet is phishing attacks.

  1. Is MetaMask safer than Coinbase?

Ans: Another highly important aspect is the Security Level – it can tell you how safe your crypto assets will be if stored in a certain wallet. After doing Coinbase vs MetaMask comparison, it’s evident that Coinbase has somewhat better security features than MetaMask.

  1. What is the best ethereum wallet?

Ans: The Best Ethereum Wallets Available

  • Trezor (Hardware Wallet)
  • Atomic Wallet (Desktop and Mobile)
  • Guarda (Desktop + Mobile)
  • Argent.
  • Exodus (Desktop Wallet + mobile)
  • Jaxx (Mobile Wallet)
  • MetaMask (Desktop Wallet + mobile wallet)
  • KeepKey (Hardware wallet)

9. What’s the difference between Coinbase and Coinbase wallet?

Ans: Coinbase.com is a cryptocurrency brokerage where you buy or sell cryptocurrency in exchange for fiat currency. With Coinbase Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not within a centralized exchange like Coinbase.com.

10. Can ethereum make you rich?

Ans: Crypto investors and experts believe that Ethereum will increase in value over time. This is indeed a good method that can make you money by buying and holding Ethereum. The time you hold your cryptocurrency can range from a few months to several years.

Conclusions: 

Ethereum network functions on the Metamask wallet. It is helpful for all the new investors in the world of cryptocurrency. It works absolutely fine with MyEtherWallet. 

However, we can’t deny it lacks a solid system for security. So start with a small number of investments in the MetaMask wallet. 

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