You will need to first download the compatible crypto-wallet software. This software will allow you to store and connect to any platform that is built on top Ethereum blockchain.
There are many wallet services out there, but MetaMask is the most widely used with more than 21,000,000 active users. This 38x increase since 2020. MetaMask, a free hot wallet service, is available as an app for smartphones or as a web browser extension. You can easily download it to your smartphone or use the Google Chrome, Mozilla Firefox or Brave browsers. This is similar to an ad blocking extension. It’s connected to the internet permanently so you can move your crypto assets around easily.
The question is: How do you install your MetaMask cryptocurrency wallet?
First, download MetaMask wallet software to your device. Visit the official website. The following options will be available to you:
- Browser: Compatible With Google Chrome, Firefox Brave, Edge, Brave, or Google Chrome.
- Android:Compatible to any smartphone running Android’s operating systems.
- iOS: Compatible With Any iPhone
After you have selected the right option, click on the “Install MetaMask ” button.
Once you have successfully downloaded the software, navigate to the extension icon at the top of your browser. You’ll be taken the next page. Two options will appear (see below): Click on the “Get Started” button to proceed.
MetaMask wallet import
- Import wallet This option is for users who have an existing MetaMask account on another device and wish to transfer it to a new one.
- Create wallet: This guide is for those who wish to create a new MetaMask account.
Choose the “Create a Wallet”, agree to a brief disclaimer, and then create a password. It is vital that you keep multiple copies of your password on separate pieces of paper, as with any password. Never create a digital copy any password that you create. This includes actions such as taking a screenshot, saving it on your computer or sending it to someone via email. Hackers can easily access any digital information stored on your computer.
Each time you want to access your MetaMask account, you will need to input your password.
Secret recovery phrase
The screen that follows will outline what a secret phrase is and how to copy it down (on paper, not in digital format) as well as information about why you shouldn’t share your secret phrase with anyone.
Your secret recovery phrase is 12 random words. It is there to backup your MetaMask wallet in case you lose it or need to transfer it to another device.
MetaMask secret recovery phrase
Each word will need to be copied in the correct order. It is important to order the words correctly. You won’t have the ability to import your account to another device if they aren’t in the correct order.
MetaMask will prompt you to enter the 12-word sequence, before you can proceed to the final steps.
A brief overview of the MetaMask wallet
After you have completed all the steps above, you will be able access your MetaMask wallet. You will need to be familiar with the following components before you can start using the software.
- Identifying the public address: This address is what you can freely share with other people or platforms, such as exchanges, in order to receive cryptocurrency directly into your wallet. It is your home address, which you can share with others to receive inbound mail. However, it is a good idea to verify that any inbound tokens you receive are compatible with MetaMask before accepting them. Otherwise, they could be lost forever.
- How do I fund/buy/send: These core functions are MetaMask.
Click the “Account 1” button (black arrow) to locate your unique MetaMask address. You can save time by clicking the square icon underneath it to copy it automatically.
To interact with any Ethereum platform you will first need to fund your MetaMask wallet using ether, the native cryptocurrency of Ethereum. Every action on the blockchain costs a fee. The fee is known as a gas fee and is paid in ether.
Continue reading: What are the Ethereum Gas Fees
Depending on how often you plan to use various platforms, the amount you decide to fund your wallet will depend on what you do. A $100 amount of ether can be used to pay for any initial fees.
Clicking on the red arrow to “buy” will take you to a window that allows you purchase ether with Wyre or CoinSwitch. These options allow you to buy ether with a debit card, or exchange it for other crypto tokens.
Once you have purchased ether, you are able to send crypto assets from your MetaMask wallet to other wallets. Simply enter the public address of the recipient in the box and then specify the amount. You can also use the Swap feature to trade Ethereum for other Ethereum-based tokens.
For most platforms, you will see a “connect” button at the top-right corner of your screen. You’ll be able to connect your MetaMask wallet after clicking it. To complete the connection, you may be required to sign a transaction. It doesn’t cost anything and it just proves that you have full control of your wallet.