What is Metamask
Updated: Jan 24
MetaMask is a cryptocurrency wallet used to store crypto assets and trade them on the Ethereum blockchain. This wallet can be downloaded both as an app and browser extension and is available on most popular browsers such as Chrome, Microsoft Edge, Brave, and Firefox, as well as on mobile devices on Android and IOS. The wallet, which was developed by ConsenSys Software Inc, allows users to store their crypto assets safely whilst also being able to interact with decentralized applications.
The platform has its own integrated token swap service that aggregates several decentralized exchanges (DEXs) and finds the best exchange rate for the trader. This functionality is known as MetaMask Swaps and charges 0.875% of the total transaction amount. Since its launch, the wallet has seen an increase in active users, counting over 21 Million in late 2021.
How to install Metamask
The application follows a very straightforward registration process where after accessing the link, it will ask to select the specific browser that is being used. These include Google Chrome, Microsoft Edge, Brave, and Firefox. Additionally, an app can also be downloaded either from the IOS App Store or the Play store on Android devices.
Once downloaded and installed, the process will ask the user to create a wallet by creating a password and then following a video that explains how to safely store the Secret Recovery Phrase and Password securely in order to avoid losing access to it, and the funds inside that specific wallet. Once the process is complete the user will see his wallet.
Once the registration has been completed the user should see a view of his wallet. At the top center, there should be the name of his account (Account 1) and his address, a string of 42 characters always starting in ‘0x’ which is the address of the wallet to send funds to.
Under this, in the central part of the screen, a user can buy, send and swap his Ethereum and other tokens. Most tokens should automatically be recognised by the Metamask wallet, but in case they aren’t, they can be added with the below functionality ‘import tokens’. Differently from other cryptocurrencies, ERC-20 compatible tokens (tokens that are compatible with Ethereum), can be sent to the same Ethereum wallet address and stored there. The same cannot be done with other cryptocurrencies as it would result in the loss of funds.
On the top right corner, there is an icon with three dots where users can expand and see the full Account details, as well as the wallet on https://etherscan.io/. Etherscan is the block explorer of Ethereum and once a user searches for a wallet on it, all transactions can be seen, as well as all the tokens within the specific wallet. This can be useful to monitor whether a transaction has been executed.
Connecting Bmybit to Metamask
Similarly to other Decentralized applications, Bmybit has a simple and effortless process to be connected to Metamask. Once the user opens the app, the Launch dApp button will take him directly to the trading terminal. Here he will see the option Connect Metamask.