For many crypto-investors, Bitcoin is an important element in their investment portfolio. Apart from being an investment, Bitcoin can also be utilized as a method of payment. With the help of wallets like MetaMask and MetaMask, making payments using the blockchain has become a lot simpler. This Ethereum cryptocurrency wallet allows many investors take part in the entire crypto market offers. Although Ethereum ( ETH) is an extremely popular method for payment, most users purchase Bitcoin.
Related to: How do Bitcoin work ? And why was BTC invented?
But, Bitcoin is not the currency you envision when talking about buying a non-fungible currency (NFT) or investing in the decentralized finance (DeFi). There are circumstances where you’d like to make use of Bitcoin to accomplish these tasks. In this post you will discover how to keep Bitcoin using the MetaMask!
MetaMask cryptocurrency wallet
MetaMask can be described as an Ethereum wallet that can be accessed both as an application and an extension for the browser for web users. It is a way of saying that MetaMask lets users save their private keys and securely use websites and apps that use cryptocurrency-based DApps or smart contracts. The most well-known cryptocurrency digital wallets MetaMask just recently reached the milestone of 30 million-user mark in March 2022. This is in part due to the growth of the decentralized financing (DeFi) and non-fungible cryptocurrency (NFTs).
Is MetaMask just intended for Ethereum?
MetaMask is only compatible with tokens that utilize that Ethereum blockchain, also known as ERC-20 tokens. If you wish to use any other type of token (i.e. tokens that do not belong to ERC-20 tokens) then you’ll need to trade them in exchange with ERC-20 tokens. Then it is possible to save the tokens inside your MetaMask.
A good example of this one is Zcash A cryptocurrency that is suitable for transactions that are anonymous. It isn’t built upon the Ethereum network and , therefore, is in no way an ERC-20 token. However, through the wrapping of Zcash tokens it is possible to utilize Zcash.
MetaMask hardware wallet
Security of cryptocurrency is often a topic as people begin their research into crypto. It is crucial and that is why a secure wallet is essential. Hardware wallets are often suggested because it is utilized to store your crypto offline. But is MetaMask is also a hardware wallet?
MetaMask doesn’t function like a physical wallet. It’s a software-based wallet. They are also known as hot wallets and connect with the web. But, you are able to join MetaMask to a physical wallet. In this way, you can use MetaMask using the Ledger that is the most popular hardware wallet.
To get started, you must open the ETH application, then select “Connect Hardware Wallet” to connect with your Ledger hardware wallet with MetaMask. After that, a pop-up will appear prompting you to select your device, and then select “Connect.”
If you are using Ledgers with it’s MetaMask browser extension The software wallet serves as a portal and not as an actual wallet. Private keys don’t leave the Ledger and do not remain on MetaMask.
Does MetaMask supports Bitcoin?
MetaMask has support for Bitcoin but not in the same way that an exchange wallet can accept the cryptocurrency. Bitcoin does not have the ERC-20 symbol, therefore the biggest cryptocurrency isn’t recognized specifically by MetaMask. However, you can transfer BTC into MetaMask in an indirect way.
Don’t attempt to transfer Bitcoin straight to MetaMask. If you do this, MetaMask will not be in a position to receive the cryptocurrency that could have negative outcomes. It is possible to lose all the Bitcoin you’ve sent all at once, which could be a nightmare!
How do I send Bitcoin through MetaMask?
As you’ve seen the article, it’s not possible to transfer BTC straight to MetaMask. But that doesn’t mean that it’s impossible to put Bitcoin in the MetaMask wallet. BTC operates using its own Blockchain. It is based on the Bitcoin Blockchain transactions can only be made only to Bitcoin addresses. This isn’t just true for Bitcoin but as well for other blockchains, like Ethereum.
The Ethereum blockchain, it’s only possible to transfer Ethereum-related tokens. The process of sending Bitcoin through Ethereum Ethereum network is similar to making payments using the euro at America. United States. Euro is not recognized as an money for payment in the United States, but you can make use of your euros in a circular manner. In exchange for these euros you can get the exact amount with U.S. dollars and use this method for payment.
However, if you don’t want to swap your Bitcoin in exchange for Ethereum alternatively, there are other alternatives. It is necessary to put the BTC in one location and then upload it onto the Ethereum blockchain in a brand new token that represents the Bitcoin that is locked onto the Bitcoin blockchain. It is also known as wrapped BTC (wBTC), which signifies Bitcoin is an ERC-20-based token.
Similar: Bitcoin accounts: A beginner’s guide to storing BTC
How do I wrap Bitcoin?
There are many options to package your Bitcoin. Let’s use Binance as an illustration. In Binance, BTC and wBTC are two distinct tokens, which means you are able to trade these two tokens. Clicking the button “Classic” in the Trade section of Binance you will be directed to the trading platform of Binance. You will be able to discover the trading pair that uses each of the Bitcoin tokens. In this section, you can type in the amount of WBTC you wish to purchase and confirm by clicking Buy WBTC.
If you aren’t able to see your wBTC account in your MetaMask? You can easily alter it by adding wBTC token following the following steps:
MetaMask wallet address
To make sure you are able to put the wBTC to work the wallet address of your MetaMask account is crucial and easily accessible. After opening the application and then logging into it, you will be on the primary MetaMask screen. Under your account’s name you will see your personal code that serves as your account’s address. This address is able to be used to get crypto.
You are able to use this code to share with others, but do not divulge the other codes to anyone. Your login and recovery information are intended to safeguard your assets. If someone else gets the codes they may abuse them , causing the loss of your cryptocurrency assets.
MetaMask is a well-known digital wallet, however there are other options. Because of the various blockchains, there are a variety of wallets that can only be used with specific blockchains. There are two examples: those of the Yoroi wallet from Cardano along with Solana’s Phantom wallet from Solana.
A variety of software wallets work for the ERC-20 tokens which are available on the Ethereum blockchain. The benefit for MetaMask is that you are able to utilize it on websites as well as the application. This is how MetaMask sets itself apart from its rivals.
The Trust Wallet, for instance is an example of a highly regarded software wallet that can be used as a smartphone application to replace MetaMask. There are two wallets: MyEtherWallet as well as Mist Wallet Two websites wallets that can accept ERC-20 tokens, are very popular MetaMask alternatives.
While MetaMask is the largest and most well-known all-around wallet software however, it is not a bad idea to have different wallets. The use of multiple wallets is a risk-management strategy. With several wallets, you will not lose all of your digital assets if only one wallet is compromised.