The Blockchain Beginners Guide — Meta Mask

New to Crypto? In need of a wallet that is easy to set up and can hold pretty much any crypto currency or NFT? Everything you need to know about setting up your Meta Mask software wallet.

Steve L.R. Kamer

Published in

Coinmonks

12 min readFeb 23, 2022

What is Meta Mask and why should I use it?

The official description Wikipedia goes:

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications. MetaMask is developed by ConsenSys Software Inc., a blockchain software company focusing on Ethereum-based tools and infrastructure.(Wikipedia)

But I think MetaMask is more than that!

MetaMask is a software wallet that is available via web browser, browser-plugin and mobile app for Android and iOS. The first version of MetaMask was browser based only and launched in 2016. According to a Bloomberg article in November 2021 the tool has since amassed over 20mio monthly active users.

There is a multitude of software wallets readily available. Most trading platforms such as Coinbase, Binance or Kraken offer their on wallets. However, these wallets often provide limited functionality and lack customization, especially for people who want to use multiple block chains or have interest in niche tokens and NFTs.

Unlike exchange based wallets, MetaMask is not offering a possibility to store fiat currencies or register a credit card for coin purchases in-app. There are links to third party sites in order to buy crypto vs. fiat currency but it is not a core strength of MetaMask. However, it offers a simple yet effective way to hold and manage a multitude of crypto assets in one single location. It supports pretty much any chain or token you can think of and allows the user to manually add tokens and chains if needed.

Since MetaMask has no in-house trading functionality there is (to date) no KYC requirements. Meaning, no due diligence or identification is needed to register and setting up a wallet.

Through its API MetaMask connects your wallet(s) to a large number of crypto exchanges, DeFi projects, smart contracts, etc. Establishing connection is a breeze and with a few clicks transactions with these protocols will automatically reflect in your wallet.

How do I set up MetaMask for the first time?

Setting up a MetaMask Wallet is really quite simple and can be done within a few steps. The installation process differs slightly depending on whether you choose to use the App, Web-browser or the Plugin.

For most parts the installation process on all platforms is alike. The installation is guided and very straight forward.

Note: In this article I will focus on the Desktop/Browser based version of MetaMask. However, setting up MetaMask Mobile is similar.

Head to the MetaMask Download Page
Choose your device (Browser, iOS, Android)
Click “Install Meta Mask for…”
Allow your browser to add the MetaMask plugin
Click “Get Started”
Now the setup assistant lets your either set up a new wallet or connect yourself to an existing wallet. Connecting to an existing wallet is helpful if you want to have your wallet on multiple devices for example. However, for now we focus on “Creating a (new) Wallet”
Agree (or don’t) to the user data conditions
Set up your personal password & agree to the terms of use
Watch the “Secure your Wallet” Video.
Make sure you pay attention since this will talk about your recovery phrase. Without your recovery phrase the access to your wallet is permanently lost and anyone with the recovery phrase can access your wallet. So make sure you store this phrase safely!
Note the Secret Recovery Phrase
Either physically or digitally. If stored digitally make sure the storage is offline, such as a USB stick, and password protected.
Re-enter the Recovery Phrase in the correct order.
Congratulations your MetaMask Wallet is set up and ready to use.

But now what? Well, now we need to understand what we are looking at. Below you will find some of the most useful functionalities of your newly created wallet.

MetaMask 101

Let’s take a look at some of the most important functions of your newly created wallet as well as a few “hidden” features. Personally I find the interface extremely user-friendly and you should be up and running in no time.

The Main Screen

This is the first screen you will see whenever you open your MetaMask wallet. Here you can see your assets, check balances and enter all settings related to your MetaMask wallet.

The MetaMask main screen is simple and everything can be accessed from here with a few simple clicks.

Account Name & Public Address
This shows the name and the public address of your account. While the name is a personal choice and can be changed at any time the public address is unchangeable and permanent, meaning it is registered on the (Ethereum) Blockchain and can not be deleted.

Account Details
Clicking on the three dots will give you the option to;

View your account on Etherscan
Etherscan is an Ethereum Blockchain Explorer and lets you view any transaction on the ETH blockchain. By entering a public address Etherscan will show you any transactions related to this address. This is useful if you need information regarding a specific transaction or want to check your or any another public address you’re interacting with.
Account Details
This opens a small pop up with the QR code and the full public address of your account. Your public key is needed whenever you want to receive assets into your wallet. Despite it being your public key, my recommendation is to only ever hand it to third parties that you actually trust. Your public key will also be used as identifier when you connect your wallet with different third party apps (e.g. Uniswap).
Note: there is also an option to export the private key. Private Keys are what the name says; PRIVATE and are not to be shared with anyone!
Account Settings
Here you have the option to add additional accounts, import an existing account, connect a hardware wallet, such as a Ledger or Trezor. Each additional account will carry its own public address. Additional accounts are helpful in case you want to separate your assets. Each additional account will have its own public key, similar to you having different accounts with your bank. You also can access the MetaMask account settings on which I will touch separately in this article.
Network Selection
By default MetaMask uses the Ethereum Mainnet. For many people this covers most tokens, coins and NFTs. The Ethereum Mainnet covers any ERC-20 compatible token, However MetaMask lets you add additional networks such as the increasingly popular Binance Smart Chain, Polygon or Avalanche. A detailed setup guide for additional networks can be found further down.

Account Settings

For new users MetaMask requires little to no setting changes. However, advanced users will find a variety of functions to further customize their experience. Lets have a look at some of the most important settings for beginners and a few tweaks for an even more user friendly experience:

MetaMask offers a large amount of user settings to optimize and personalize your user experience.

General
Personally, I prefer to have Fiat as primary currency, this way a USD value is shown for all held assets. Furthermore, I tend to “Hide Tokens Without Balance”, which keeps your asset overview tidy.

Security and Privacy
Here you can reveal your secret recovery phrase. As mentioned in the beginning of this article the recovery phrase is the access code to your wallet and must be kept secure at all times. The recovery phrase will be required to access your wallet should you forget your login credentials or to install the wallet on a different PC or mobile device. You can only access the recovery phrase as long as you can log in to your MetaMask wallet with your password. There is no password recovery without your recovery phrase. Your account can neither be restored nor reinstated if you loose your recovery phrase. The recovery phrase is also required to re-install the wallet on another device.

Networks
Manage, add and remove networks. By default MetaMask is linked to the Ethereum Mainnet. Add additional networks by clicking on “Add Network”. This feature is particularly useful if you want to interact with other blockchains outside of the Ethereum Mainnet.

Adding additional Networks

The ETH Mainnet with its support for nearly half a million compatible ERC-20 tokens is the standard for MetaMask. Recently other networks such as the Binance Smart Chain, Polygon or Avalanche have gained a attraction however. The reasons for using alternative networks are manyfold and include processing speed, gas fees and scalability among other factors.

So how can you add additional networks to MetaMask?

Head to the top of your screen and click the “Ethereum Mainnet” dropdown, followed by “Add Network”

The Ethereum Mainnet is the standard network on MetaMask. The chain holds all ERC-20 tokens and gives you access over 450.000 different tokens and coins.

This will lead to a screen where you can enter the details of the new network. Some popular additions are:

Binance Smart Chain
Polygon
Avalanche

Note: When you add networks manually make sure that the details you use are genuine or you might expose your wallet to fraudulent transactions.

Sample of what your screen should look like when you add the Binance Smart Chain.

Once saved, you can now switch between the networks using the tab at the top.

Swap between chains easily with the Networks selection tab.

Buy, Send and Swap

Despite not offering an actual exchange, MetaMask lets you buy, send and sell assets directly via the app.

This can be done by using the respective blue buttons on the main screen.

Buy, Send and Swap functions are easily accessible on the MetaMask Mains Screen.

Buy: This will take you to a pop-up that allows you to buy ETH via three different third party providers
Send: Here you can send assets either to your other wallets or third party accounts
Swap: This function lets you swap from one assets to another. There is a large selection pre-selected of tokens available and should have you covered in most cases.

As explained earlier I am using MetaMask as a pure storage wallet and really only make use of the send function. For buying and swapping assets I use third party providers and linked to my MetaMask Wallet.

Import Custom Tokens

MetaMask lets you create and hold custom tokens right from the main screen. This is particularly interesting for advanced users that wish to hold lesser known, newly issued tokens or tokens distributed via Airdrop.

Click on “import tokens” to add a token and its details manually.

Once you click “import tokens” you will be given the choice to;

Search for a pre-defined token; Adding pre-defined tokens is self-explanatory, simply search for the name or ticker and click add.

Add Custom Token; Custom tokens require additional details such as the token contract address, the token symbol and decimal.

Let’s look at a sample of adding a custom ERC-20 token called FanVerseCoin (ticker $FANV).

Go to Etherscan and type the ticker you are looking for, in this case FANV
Then copy the “contract address” and paste it in MetaMask
MetaMask automatically completes the Symbol and Decimal, although you can edit this information if need be.
Click “Add Custom Token”
A preview of your token to be added will appear
Click “Import Tokens”

Now the token will show up under your “Assets” on the main screen of MetaMask and your wallet can now interact with the token.

It is recommended, although not necessary, to ensure that any token you plan to interact with is first set up in your MetaMask Wallet before anything else. So in this case you would want to make sure you add FANV to your MetaMask before buying the coin on a third party site such as uniswap. This way your new balances will update instantly and the purchase will be visible once the transaction is processed on the chain.

Why does a token sent to my Wallet not show up?

There might be cases where tokens have been sent to your wallet address (e.g. via Airdrop) but the token is not shown under “Assets”. This can also happen when you purchase an asset prior to importing it to MetaMask.

No need for panic. Your assets are all stored on the blockchain and it simply means that Meta Mask has not auto-detected the asset and it needs to be added manually. Simply follow the steps above and import the token manually. Once added MetaMask will load the token, including your balance straight from the blockchain.

Remember, if you toggled “hide zero balances” in the settings new tokens with no balance will be invisible.

How do I use third-party sites and applications?

MetaMask’s allows you to plug your wallet into a vast number of decentralized tools and websites including exchanges, DeFi protocols and smart contracts.

These tools then communicate with your wallet. Examples would crypto currency exchanges such as Uniswap on the Mainnet or Pancakeswap on the Binance Chain.

To connect your wallet to a supported website, simply visit the site and click “connect wallet” on the top of the page. Some sites will then ask you what wallet you’d like to connect, select “MetaMask”.

MetaMask will now prompt a pop-up to ask for permission to connect the wallet. Once granted the site and your wallet will be able to communicate with each other. Again, make sure you are allowing only trusted applications to access your wallet.

There might be a notification that stating that you are on the “wrong network”. This simply means that your currently network in MetaMask is not matching (i.e. sits not on the same chain) the network of the site you currently try to link. e.g. MetaMask is set to Binance Smart Chain and you’re trying to connect UniSwap which is on the ETH Mainnet. To solve that issue, simply head over to MetaMask and change the network and then refresh the site. Now your wallet should be correctly connected.

“Wrong Network” errors indicate that your selected MetaMask network is not compatible with the site your are using. Simply head to MetaMask and switch to a different network.

Disconnect Sites

Once connected MetaMask will remember sites so that when you come back your wallet is automatically loaded. To permanently disconnect a site from your wallet simply head to the “Account Details” tab and click “Connected Sites”. Now click the bin icon next to the site you’d like to disconnect.

This is particularly useful if you feel like the site you are connected to is not trustworthy or for services you don’t want permanently connected to your wallet.

Connected Sites list all websites and protocols that can interact with your wallet.

Key Takeaways

MetaMask is a software wallet that comes as browser plugin and mobile app for iOS and Android.
By definition MetaMask does not actually hold your assets. Assets are held on the blockchain itself. Your MetaMask Wallet contains the keys to access those funds and provides a visual user interface.
MetaMask is only a wallet. Purchase and sale of assets are done via third party applications that you connect your MetaMask to.
You can create multiple wallets, each with its own public address, under the same MetaMask account.
Meta Mask natively supports the Ethereum Mainnet, other chains can be added manually.
Most ERC-20 tokens are automatically recognized. Unknown Tokens or assets on other chains can be added manually.
Save your recovery pass phrase and your private key offline and in a secure place. Without them you risk loosing access to all assets stored in your wallet.
MetaMask is most powerful when used with third party apps and sites such as exchanges and DeFi protocols.

Learn More & Official Support

For more information you can always contact MetaMask Support, join their Discord Channel or check out the Community Board.

At this state there is no official Telegram channel for MetaMask. Any channel that claims to be MetaMask or MetaMask Support on Telegram are non-official.

Disclaimer: Any information in this article is based on my personal experience and has been written out of personal interest. This article has no promotional purpose and any names, brands and tickers mentioned in this article are for illustrative purposes only. Use any of the associated links with care and at your own risk. Always do your own research.

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