Metamask wallet is a technology wallet which had been used by variety of user. So what is Metamask and how to use this wallet? Let’s find out with x1k.co
What is Metamask?
Metamask is a cryptocurrency wallet software, originally used to interact with the Ethereum blockchain. Currently, Metamask wallet can integrate many different blockchains. Including the App wallet version for Mobile and the application extension on Chrome, also known as the Extension.
Currently, the Metamask wallet can be considered the standard, most popular wallet today. Mainly used to interact with most blockchains, and is also used for testing networks under testnet.
Metamask Wallet functions?
Metamask wallet allows users to store and manage account keys, track transactions, exchange, swap, send and receive cryptocurrencies. Ethereum network tokens are installed by default and securely connect to decentralized applications through a compatible web browser or the mobile application’s built-in browser.
The App Wallet is available as a Chrome browser extension and as a mobile app. MetaMask is currently a wallet with good security, secure login, a wallet that can hold and trade almost all tokens today.
Instructions for installing Metamask Extension on Chrome browser
Step 1: Visit website: https://metamask.io/
Step 2: Click “Download”, select “Install Metamask for Chrome”
Step 3: Add the extension to the browser
Step 4: Import the wallet if you already have “Private Key”, if you do not have a wallet, set it up by clicking “Create a Wallet”
Step 5: Read the terms carefully and agree to the terms
Step 6: Create a password for the wallet, enter the password twice and confirm
Step 7: Below is the Private Key. This is the wallet key, losing this is considered losing your account. The password above is not as important as this one. Remember to save your Private Key and keep it secure.
Step 8: Re-enter the order of the saved Private Key and click confirm. If you forget the Seed Phrases, it means your wallet is lost, so you need to write the Seed Phrases on the paper carefully.
Step 9: Agree and go to the wallet interface. In the corner of the browser, there is a section to attach the app to the browser. You click on the icon to attach.
Step 10: Finish attaching the wallet to the browser. After you pin, the app will be located in the corner of the browser.
Instructions for trading with Metamask Wallet
Transactions with Metamask wallet are divided into 3 parts:
- Instructions to transfer coins from Binance to Metamask.
- Instructions to send coins from Wallet to Binance exchange.
- Instructions to swap directly on Metamask wallet.
*Note, for Metamask wallet, ERC-20 network always defaults. The transaction fee for receiving coins usually ranges from 20-50 USDT depending on the transaction volume and time. In the Metamask wallet, there must always be ETH coins available for transaction fees. Here are the specifics of each step.
Instructions to transfer coins from Binance to Metamask.
Step 1: Add the token type. You click on the wallet icon on the corner of the browser. Log in with your password. And open the wallet like this:
Step 2: Click “Add token”, type the name of the token you want to add. For example, I want to withdraw USDT to add to this wallet. This is an ERC-20 token, the network of Ethereum.
Step 3: After completing, copy the wallet address in the Token above “0xc72E5a9505AE2cBCDCE5D486f4f8aba6b6FE5A0a”. Access the Binance wallet, paste the address into the Binance Wallet to withdraw USDT:
Select the wallet, select “Withdraw” and enter the coin to withdraw. After selecting the coin to withdraw, enter the Metamask wallet address. Complete parameters like ERC-20 network, amount of coins, and verification for withdrawal.
*Binance will notify you to update the Withdrawal Wallet if you withdraw for the first time. Follow the steps to install the Withdrawal Wallet to your account. Then go back to the wallet and do the same as above.
Instructions for depositing coins from Binance exchange to Metamask.
Step 1: Get the wallet address to top up on Binance, click “Deposit”. Then choose the type of token to deposit.
Step 2: Get the wallet address after selecting the token type. It will appear as shown below. Please note that the network of USDT to transfer from Metamask to Binance is ERC-20.
Step 3: After copying the wallet address, go back to the wallet on Metamask, click on USDT as shown below. Then click “Send”
Step 4: Copy the Binance wallet address “0x519f9552cfbc80ec6e702e3b6be032a439001086” into the search box below
Step 5: Then choose the fee to trade. The more fees, the faster the transaction. Then click “Next”, confirm the transaction again with the password and you are done.
* After completing the transaction, there will be a transaction confirmation notice, you can check the updated parameters at Ethescan.io in the wallet:
- Transaction Details: Transaction history details
- Status: Transaction status
- Block: transaction recorded to block 12074454
- Timestamp: Time of the transaction
- From: From the sending wallet
- To: The received wallet
- Interacted with: Type of smart contract or sent token, here is USDT
- Tokens Transferred: The amount of tokens traded.
- Value: Ether value
- Transaction fee: Transaction fee
Instructions to Restore Metamask Wallet with Private Key:
When you delete your wallet or delete the app or delete the browser, you only need to save 12 secret seed phrases to be able to recover your wallet.
Step 1: The first step is to install the wallet as instructed above, to the step of importing the wallet. Click “Import wallet”
Step 2: Enter the 12 secret seed phrases/Private Key that you saved in the Wallet Seed section.
Step 3: Enter an additional password for you to open the wallet and sign the transactions.
Step 4: Select “Restore”
Metamask is one of the widely used standard wallets today. Due to its high security, multi-language and multi-chain support, it is used by many people. Currently not only Bitcoin, but there are many different blockchain systems, the term Genesis Block is still widely used in this field!
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Disclaimer: This article is for informational purposes only, not investment advice. Investor should research carefully before making decision. We are not responsible for your investment decision