MetaMask is a well-known wallet for Ethereum-enabled distributed applications (DApps). But can MetaMask hold Bitcoin (BTC), which remains the largest cryptocurrency?
For many crypto investors, Bitcoin is an important part of their portfolio. Besides being an investment asset, Bitcoin can also be used as a payment method. Thanks to wallets such as MetaMask, paying via blockchain technology has become much easier. This Ethereum crypto wallet enables millions of investors to participate in everything the crypto market has to offer. Even though Ether (ETH) is a very popular means of payment, most people buy Bitcoin.
However, Bitcoin is not the cryptocurrency you think of when you talk about buying a non-fungible token (NFT) or investing in decentralized finance (DeFi). Still, there may be situations where you would like to use Bitcoin for these actions. So in this article, you will learn how to store Bitcoin with the MetaMask!
MetaMask crypto wallet
MetaMask is an Ethereum wallet that is available as an app and as an extension in the web browser. In other words, MetaMask allows users to store their private keys and then securely use apps and websites with Ethereum-based DApps and smart contracts. One of the most popular crypto wallets, MetaMask recently passed the 30 million user mark in March 2022. This is due, in part, to the rise of decentralized finance (DeFi) and nonfungible tokens (NFTs).
Is MetaMask only for Ethereum?
MetaMask is only suitable for tokens that use the Ethereum blockchain, the so-called ERC-20 tokens. If you want to use other tokens (i.e., tokens that are not ERC-20 tokens), you will have to exchange them for ERC-20 tokens. It would then be possible to store these tokens in your MetaMask.
An example of this is Zcash, a cryptocurrency suitable for making anonymous transactions. This cryptocurrency is not based on the Ethereum network and is therefore not an ERC-20 token. But by wrapping Zcash tokens, you can still use Zcash.
MetaMask hardware wallet
Protecting cryptocurrencies often comes up when people first start their crypto research. It is of great importance, which is why a good wallet is indispensable. A hardware wallet is often recommended because it can be used to store your cryptocurrencies offline. But is MetaMask also a hardware wallet?
MetaMask is not a hardware wallet. It is a software wallet. These wallets are also called hot wallets and are connected to the internet. Even so, you can still connect MetaMask to a hardware wallet. This way, you can also use MetaMask with a Ledger, which is the most well-known hardware wallet.
To do so, open the ETH app, and select “Connect Hardware Wallet” to integrate your Ledger hardware wallet into MetaMask. Then, a pop-up window will open, prompting you to choose your device and click “Connect.”
When you use a Ledger with the MetaMask browser extension, the software wallet only functions as a portal and not as a wallet. Your private keys do not leave the Ledger so they are not stored on MetaMask.