• 𝕸eta𝕸𝖆𝖘k - 𝕮𝖗y𝖕𝖙𝖔𝕮𝖚𝖗𝖗𝖊ncy 𝕰𝖝𝖈𝖍𝖆𝖓𝖌𝖊

    MetaMask is a popular cryptocurrency wallet known for its ease of use, availability on both desktops and mobile devices, the ability to buy, send, and receive cryptocurrency from within the wallet, and collect non-fungible tokens (NFTs) across two blockchains. While experienced crypto users will appreciate the simplicity and fast transactions, those new in the space are at a higher risk of losing their tokens from lost secret phrases, malicious websites, and other cryptocurrency scams.

     

    Pros

    • Easy download and setup across devices: Getting set up with MetaMask login on a computer and multiple devices is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase. 
    • No signup process involving personally identifiable information: MetaMask is a wallet only, not an exchange. To open a wallet, users only need to download the software without exchanging any personally identifiable information.   
    • Create multiple wallets within one app: After setting up MetaMask, users can create multiple wallet addresses across blockchains, granting even more anonymity and allowing users to dedicate wallets for different types of transactions. 
    • Supports all ERC-20 tokens, NFTs, and multiple blockchains: MetaMask users can use wallets to store Ethereum-compatible tokens and non-fungible tokens (NFTs) across multiple blockchains, including the Ethereum main blockchain, Binance BNB blockchain, Polygon, Avalanche, and other test networks. 

    Cons

    • No password reset option: The only way to restore a wallet is through the 12-word seed phrase created when starting a wallet. Because MetaMask is a non-custodial wallet, technical support cannot help users recover their passwords or seed phrases. 
    • Limited technical support: Support channels are limited to the self-help portal, the community bulletin board, and e-mail. Moreover, assistance is limited to issues with the app. Support staff can’t help with lost passwords, lost seed phrases, missing transactions, or stolen cryptocurrency.  
    • Doesn’t support Bitcoin: MetaMask only supports Ethereum-based tokens, which excludes the world’s biggest cryptocurrency – Bitcoin. 

    Features

    Two of the key attractions of cryptocurrency are the ability to send and receive tokens anonymously in a secure setting. MetaMask excels in both of those categories. To start using MetaMask, users simply have to download the software and create a new wallet without giving any personally identifiable information, including their name, address, or Social Security number. In addition, MetaMask is a non-custodial wallet, meaning data is not stored on a central database, and the company does not collect user information from wallet use. Once the wallet is created, it can only be accessed using a password selected by the user or restored using the 12-word seed phrase.

     

    MetaMask wallet is a versatile product in the marketplace, supporting multiple protocols across blockchains. In addition to supporting over 450,000 coins on the Ethereum ERC-20 protocol, users can also store non-fungible tokens (NFTs) in the wallet and connect them with marketplaces like OpenSea. MetaMask also supports multiple blockchains, including the BNB Chain (formerly known as the Binance Smart Chain), Polygon, Avalanche, and several other test blockchains.

    There are some downsides to using MetaMask as your primary wallet. The biggest fault is that it does not support the world’s best-known cryptocurrency, Bitcoin. Although there are workarounds in development, they are experimental and not considered safe for beginner users. Moreover, while MetaMask supports different blockchains, users cannot send their coins across one to another because there is no native bridge. For example, if you hold the stablecoin USD Coin on the BNB Chain, you can’t send it to a wallet on the Ethereum chain because they are incompatible. If a user wants to transfer value across chains, they would either have to send to another chain-supported wallet, withdraw the value in fiat, and re-purchase tokens on the other blockchain, or use a bridge to move the tokens across chains.

    Top supported cryptocurrencies:

    • Ethereum
    • USD Coin
    • Dai

    Security

    In many ways, MetaMask’s approach to security is through user anonymity rather than traditional security measures. Because the software is non-custodial, MetaMask doesn’t keep any user data. Instead, wallets are protected by a user-generated password upon setup, biometric data on mobile devices, and restored using the unique 12-word seed phrase. Technical support cannot help users recover their passwords, which makes the seed phrase even more important. If a user loses their seed phrase, they run the risk of losing access to their wallet forever.

     

    Because there is only one way to recover a single wallet across multiple devices, it also makes MetaMask susceptible to hacks, malware like banker Trojans, social engineering attacks, and other cryptocurrency scams. Some of the most common attacks on MetaMask wallet users include viruses targeting cryptocurrency wallets, giving out the 12-word seed phrase on a phishing website or to another party, or installing a fake MetaMask extension which gives a hacker control of your wallet. Users should never give out their seed phrase to anyone they don’t know and trust, and should immediately contact MetaMask login support if they believe their wallet has been compromised.