Detailed instructions on how to install and use Metamask wallet

Choosing which e-wallet when participating in the crypto market is an extremely important issue. Let me suggest to you one of the most trusted e-wallets today. That is the MetaMask wallet.

What is Metamask Wallet?  Instructions for installation and use for newbies
What is Metamask Wallet? Instructions for installation and use for newbies

Let’s find out what is MetaMask wallet as well as detailed instructions on how to install and use MetaMask wallet for beginners. Content is referenced from the source coinvn.com/vi-metamask-la-gi-cach-cai-dat-va-su-dung-vi-metamask

What is Metamask Wallet?

In 2016, Consensys – a blockchain technology solutions company developed MetaMask, a digital wallet launched on the Ethereum network. With an open source design, MetaMask allows anyone to access and use it easily.

Currently, MetaMask is supported on both Android and iOS operating systems. Alternatively, you can use the MetaMask wallet as an extension on browsers like Chrome, Brace, Opera and FireFox.

Outstanding features of Metamask wallet

Outstanding features of MetaMask . wallet
Outstanding features of MetaMask . wallet

With MetaMask, you can store, send, receive and swap tokens as well as buy tokens through Debitcard.

Token storage: This is the basic feature of e-wallets. MetaMask allows you to store tokens safely and securely.

Send and receive tokens: Through the wallet address, users can easily send and receive tokens after connecting to the MetaMask wallet account.

Swap token: No need to connect to AMM, users can use swap feature on MetaMask to buy and sell tokens.

Buy tokens through Debitcard: With MetaMask, you can use USD to buy tokens through decentralized applications like Transak, Wyre built into the wallet.

Instructions for installing MetaMask . wallet

Step 1: You go to Chrome’s web store and search for “MetaMask”.

Instructions for installing MetaMask wallet - Step 1

Step 2: Next, you click “Add to Chrome” to install MetaMask as a browser extension is to complete the wallet installation process.

Instructions for installing MetaMask wallet - Step 2

Instructions for creating a MetaMask . wallet account

Step 1: After installation is complete, open your MetaMask wallet and click “Get Started” to start creating a wallet account.

Instructions for creating a MetaMask wallet account - Step 1

Step 2: Then you click “Create a Wallet” to create a completely new account.

Instructions for creating a MetaMask wallet account - Step 2

Step 3: You click “I Agree” after carefully reading the terms of use of the MetaMask wallet.

Instructions for creating a MetaMask wallet account - Step 3

Step 4: You enter the password and confirm the login password and then check the box “I have read and agree to the Terms of Use“. After that, a video on how to secure your account with Phrase will appear, finish watching and click “Next”.

Instructions for creating a MetaMask wallet account - Step 4

Instructions for creating a MetaMask wallet account - Step 1 - Picture 2

Step 5: You click on the box containing 12 Phrase phrases then copy and store the sequence of phrases carefully.

Instructions for creating a MetaMask wallet account - Step 5

Step 6: You re-enter the sequence of 12 Phrase phrases by clicking on each word in sorted order and then you choose “Confirm” to confirm successful account creation.

Instructions for creating a MetaMask wallet account - Step 6

Detailed instructions for using Metamask wallet AZ

Deposit tokens on MetaMask . wallet

After you transfer the token from another e-wallet or transfer from the exchange to MetaMask, the wallet will not show this token in the Assets section, but you need to do one more operation, which is to load the token on the MetaMask wallet.

Step 1: In the “Assets” on the main interface of MetaMask wallet, click “Add Token”.

Step 2: Then, in the search box, enter the token you just received and select “Next” to continue.

Step 3: You check the transaction information about the token and the deposit amount and then press “Add Tokens” to complete.

Deposit tokens on MetaMask . wallet

Withdraw tokens on MetaMask . wallet

Step 1: To withdraw tokens on MetaMask wallet to another wallet or exchange, select that token and then press “Send”.

Step 2: Then you copy the wallet address to send and paste it in the box and paste that address into the search box as shown below.

Step 3: In the Amount box, enter the amount of tokens you want to transfer and click “Next”.

Withdraw tokens on MetaMask . wallet

Step 4: To adjust the speed of transaction execution, click “Edit“in the “Details” to change gas charges. be suitable.

Step 5: Finally, you press “Save” and then click “Confirm” to complete the token withdrawal.

Withdraw tokens on MetaMask wallet - Photo 2

Pros and cons of Metamask wallet

Advantages

  • MetaMask is one of the most popular e-wallets out there, so it’s built into many new platforms and projects. Thereby saving time as well as shortening the operation for users.
  • The interface of MetaMask wallet is considered friendly, beautiful and easy to use for users.
  • Gas fees can be customized to change the speed of transaction execution.
  • Users can swap tokens on the MetaMask wallet itself without connecting to other AMMs.

Defect

  • With MetaMask, users will not be able to log in to multiple wallet addresses at the same time, but have to exit one wallet address to be able to log in to another wallet address.
  • The swap fee is quite high, about 0.875% or more.
  • MetaMask does not automatically integrate data about assets that must be manually integrated by the user.

Supported Coins Stored on Metamask

Designed on the Ethereum platform with open source code, MetaMask supports storing and trading ETH tokens as well as all tokens created on the Ethereum network according to ERC, 721…

How profitable is MetaMask?

MetaMask is one of the most popular e-wallets today. It allows users to download completely for free. So, what is MetaMask’s main source of revenue and profit?

That is the source of income from swap fees. When performing a token swap on the MetaMask wallet, users will have to pay the lowest fee of 0.875%. In addition, if the Ethereum network is congested, to be able to quickly complete transactions, users need to increase gas fees to speed up execution. And now, with a total of more than 21 million monthly users with tens of thousands of transactions made every day, the total fee collected will not be a small number.

According to Decrypt statistics in January 2021, MetaMask’s revenue is about 220,000 USD and the average profit is about 100,000 USD per day. Up to now, when the number of users has increased by nearly 500% compared to April 2021, the number of profits can increase many times.

Epilogue

Along with the constant development of new platforms and projects in the decentralized market (DeFi), MetaMask has become one of the important and popular e-wallets with many investors. So with the above information, Coinvn.com Hope you have a good understanding of what MetaMask is and how to effectively use this e-wallet. Let’s follow Coinvn – Bitcoin magazine to be constantly and accurately updated with news about the cryptocurrency market.

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