The MetaMask wallet is one of the most popular crypto software wallets on the market. It is free to use and offers access to Ethereum-based networks. It can be accessed via a desktop browser or mobile app, and such is its usability that it boasts around ten million active users a month. MetaMask does have its downfalls: it is primarily browser-based, uses hot wallet storage, and it is primarily Ethereum-based which means users can’t store Bitcoin or some other coins in the wallet, but it does have a lot of potential uses and benefits.
1. Spend Your Crypto
It is possible to use centralized exchanges to send and receive cryptocurrency payments, but this isn’t considered a secure means of interacting with your crypto portfolio. Using the MetaMask wallet enables you to be able to spend your crypto more securely at eCommerce stores, compatible online businesses, and some of the best MetaMask casinos for Ethereum players.
Gambling expert Vlad Grindu points to the fact that some casinos offer generous bonuses to Ethereum players: more generous, even, than fiat currency players. And this generosity can be found at other websites and businesses that accept ETH payments. MetaMask enables you to take advantage of these benefits.
2. Store Crypto Keys
MetaMask is a non-custodial service. This means that the wallet stores the private keys required to send and receive cryptocurrency holdings. In contrast, using an exchange or a dedicated custodial service means that the service itself retains the keys.
The crypto holder is never in possession of the keys. If the service is hacked, or the keys are stolen, the user loses everything. Using the MetaMask wallet does carry some of its own risks, but it means that the individual literally has the keys to their cryptocurrency portfolio. Users can even store and view their Ethereum-based non-fungible tokens directly within the MetaMask wallet.
3. Track Your Crypto Portfolio Performance
MetaMask’s portfolio is a powerful portfolio tracking tool. Once private keys are shared with the wallet, or the user converts funds directly from the MetaMask wallet, portfolio details are updated. MetaMask will then track live prices and update the user’s portfolio.
There are many portfolio tracking tools available, but using one that is integrated into the user’s wallet means that it updates automatically. If you use the wallet’s ability to swap tokens or buy cryptocurrency using fiat currency, your portfolio will be updated automatically. Not only is this more convenient but it reduces the risk of errors and ensuring up-to-date information is used.
4. Exchange Tokens
This leads to another potential use for the MetaMask wallet, which is in the exchanging of tokens. There’s no need to transfer tokens from the wallet to a centralized or decentralized exchange to swap for other tokens.
MetaMask connects directly to some of the best-known and most widely used decentralized exchanges. It tracks prices and enables users to swap their tokens across available token pairings. MetaMask will find the best available prices, too, ensuring that you don’t lose out because you get the same price as you would if you went directly to the exchanges yourself.
5. Buy And Sell Crypto
Whether you invest in cryptocurrency or you use it to benefit from improved bonuses at Ethereum casinos, there will likely come a time when you need to directly buy or sell cryptocurrencies. This means exchanging local currency for Ethereum-based coins, or vice versa. Again, this typically means sending your coins to an exchange or from an exchange to your wallet, if you’re buying crypto. With MetaMask, you can trade directly from within the wallet’s portfolio.
MetaMask connects to decentralized exchanges that do not have the same fees and charges that are levied when using major centralized exchanges like Coinbase. It also negates the need to hold BNB or other coins that are used by CEXs to pay for the services.
6. Access dApps
There is a huge variety of dApps built on blockchain and, specifically, on the Ethereum network. Crypto exchanges are a type of decentralized app, and they can be used to buy, sell, and trade cryptos. Gaming apps like Axie Infinity and Decentralized are another form of dApp. NFT platforms have proven very popular, offering creatives the opportunity to monetize their work and investors the chance to buy and trade these digital collectibles.
As blockchain networks continue to advance and businesses and individuals get to grips with what they can offer, more and more categories of dApps are introduced. MetaMask wallet offers a means of accessing these apps.
7. Use DeFi Apps
Some of the most common decentralized apps are decentralized finance or DeFi apps. These are financial apps but, unlike traditional financial services, they do not go through a centralized group or organization.
DeFi apps, such as those available through the MetaMask wallet, mimic traditional financial services are available, enabling users to lend and borrow money, convert currencies, and send payments between end users, are available. But, rather than being processed by banks or financial institutions, they use smart contracts that automate the process, reduce fees, and speed up transaction processes.
8. Integrate With Your Hardware Wallet
MetaMask is a hot wallet. Whenever you access the wallet features, it is connected to the Internet. This makes transactions quick and easy, but it also raises some security concerns. Generally, cold wallets and hardware wallets are considered more secure and are commonly used by organizations and whale investors.
You can connect your MetaMask wallet to hardware wallets like Trezor or Ledger wallets which enables you to check balances, sign transactions, and sign messages, so you can enjoy the increased security of hardware store solutions with the enhanced features of MetaMask.
9. Invest In Presales
MetaMask is an Ethereum-based crypto wallet. But this doesn’t mean you’re restricted to only being able to store Ethereum on your MetaMask. Any Ethereum-based tokens can be stored. This includes NFTs as well as existing meme coins and other tokens. It also enables you to invest in presales. Presale tokens have not yet launched. Investors effectively set aside designated cryptocurrency until the day of the token’s launch when, via smart contract, they are rewarded with an agreed amount of the newly minted token.
Presales can have generous bonuses and some presales have gone on to post 100x gains or more. Such gains are not guaranteed, in any way, and many presale investors will lose money. You will need to do due diligence before investing, but if you do opt to engage in this potentially high-risk, high-reward investment, MetaMask enables you to do so.