Bringing to users a more secure and easy digital interface for storing and managing blockchain assets and cryptocurrencies, crypto wallets have become a household name in the crypto world. These wallets allow users to send, receive, and trade cryptocurrencies with a few clicks or taps alone. While some wallets support a single exclusive cryptocurrency, others offer multi-asset solutions for crypto enthusiasts who are keen on holding various types of cryptocurrencies.
One such popular crypto wallet, that serves as a robust gateway to several blockchain applications, is Metamask. With more than a million worldwide users, Metamask allows buying, storing, sending, and swapping of tokens. Available as a browser extension as well as a mobile application, the software cryptocurrency wallet interacts with the Ethereum blockchain and offers multiple use cases, including storage of cryptocurrencies like Ether, ERC-20 tokens like Enjin, and NFTs like Axies.
Setting up Your Own Metamask Wallet
The first step to set up your own Metamask wallet is to install its browser extension. Metamask is compatible with Chrome, Brave, Edge, and Firefox, though we will describe in detail the process of setting up this wallet on Chrome. The steps are almost identical for all other browsers.
Firstly, visit only the Metamask website and no third-party platforms to install the extension, just so that you can stay away from any kind of scams. Proceed to the Chrome Webstore on the Metamask website, and then click the “Add to Chrome” button, followed by the “Add Extension” button.
Creating an Account
With the above simple steps, Metamask gets added to your browser as an extension. The next step is to create an account for yourself.
In case you already have a Metamask account and have clicked the “Import Wallet” button, you will be asked for a 12-word seed phrase that the platform will use to link your account.
What is the Seed Phrase and Why is it Important?
After you have created a Metamask account and created a new password, the platform will reveal to you a set of secret words, THAT YOU MUST NOTE DOWN immediately. Clicking on the “Reveal Secrets” button displays the 12-word seed phrase. Refrain from storing this phrase online, for this is the real key to accessing your wallet. Lose this key or forget it, and you might lose access to your wallet forever.
While setting up the Metamask wallet, you will be asked to verify the Secret Phrase again, and also every time you use it. This is what makes the phrase extremely important from both security and access points of view.
Setting up Metamask on Mobile Phone
The process is almost similar to the desktop method, with the only difference being that you do not have to download the extension for your browser. You can instead download Metamask from the Google Play Store or iOS App Store. The relevance of documenting your seed phrase is equally important even in this method.
Setting Up the Wallet Address
The Metamask wallet, as discussed earlier, can be used to store coins, tokens, as well as NFTs. However, other users can also send you various types of tokens directly to your Metamask wallet, entailing the need for a unique and public wallet address for your account.
Setting up a Metamask wallet automatically creates this address for you, and is easily identifiable on the screen, whether you are using your desktop or smartphone. The button right next to the code allows you to copy it instantly. This code can be entered into the “ETH Wallet” address in platforms like Coinbase to send tokens directly to your Metamask wallet, either by you or other users.
That’s All! Wasn’t That Easy?
Setting up your Metamask wallet is quite simple but comes with a word of caution that we have already highlighted above for you. The decentralized application (dApp) browser can really help you unleash the power of blockchain for day-to-day activities, and experiment with it to understand how Ethereum works!