MetaMask is a popular wallet in the crypto industry. However, it is based on the Ethereum blockchain. For this reason, is it possible to buy Bitcoin and store it on a MetaMask wallet? In actuality, MetaMask cannot hold bitcoin. This is because Bitcoin is based on Blockchain while MetaMask is an Ethereum wallet. And if you are familiar with how the crypto space works, you would know it is not possible to send Bitcoin to an Ethereum address. Fortunately, even though the MetaMask is an Ethereum wallet, there is a way around which you can store Bitcoin in it. This article will teach you what MetaMask is and how to use it to store Bitcoin.
What is MetaMask?
MetaMask, as we said earlier, is an Ethereum-based wallet. Officially launched in 2016, MetaMask allows its users to access their Ethereum wallets through a browser extension. MetaMask works by securely connecting to a decentralized application using a JavaScript plugin like Ethers or Web3js to define the interaction between Smart Contracts and MeteMask.
The MetaMask comes with several advantages over regular crypto wallets, which is why it is so popular. For example, the Metamask wallet is so versatile that they support over 450,000 coins on the Ethereum blockchain. You can even store NFT on the MetaMask wallet and connect it to marketplaces like OpenSea. Also, MetaMask supports multiple blockchains such as POlygone, BNB Chain, Avalanche, and so on. The list of things MetaMask can do better goes on and on.
Is MetaMask only for Ethereum?
MetaMask is a crypto wallet based on the Ethereum ERC-20 protocol. Hence, this is the reason people wonder if MetaMask is meant only for Ethereum. MetaMask is meant to hold only Ethereum tokens. So, when you buy bitcoin, or any other crypto asset not based on the ERC-20 protocol, you cannot use the MetaMask wallet to store it. With MetaMask, provided the token is based on the ERC-20 protocol, you can safely store it. If you must store any token that is not written in the ERC-20 protocol, then you must exchange it for a token written in ERC-20 before storing it in the MetaMask wallet. And since there are thousands of crypto tokens written in the ERC-20, you have a long list of tokens you can choose to use that will be similar to the one you are using.
How to store bitcoin is MetaMask?
As mentioned earlier, the MetaMask is a wallet that holds Ethereum-based tokens. So, in the case you buy bitcoin, you would not be able to send it or store it in the MetaMask wallet. But if you must buy bitcoin and store it in the MetaMask, there are two workarounds you can use to buy bitcoin and store it in a MetaMask wallet.
Swap it for Ethereum
The first method is nothing new; as we have said earlier, you must exchange the bitcoin for any other crypto token based on the ERC-20 protocol before you can hold it in a MetaMask wallet. With secure and safe exchange platforms you can always swap your bitcoin for any other Ethereum-based token and still get the same value from it. After swapping the bitcoin, you can then send the Ethereum-based token to your MetaMask address for safekeeping.
Use wrapped wBTC
Another trick you can use to get your bitcoin stored on a MetaMask wallet is through a process known as wrapping. When you buy bitcoin and decide to wrap it, it means you pegged the value of your bitcoin to another token based on the Ethereum platform. The original bitcoin is wrapped into a digital vault, while the newly minted token based on the ERC-20 protocol is sent to the MetaMask wallet. When you wrap bitcoin, the resultant token is what is referred to as wBTC. The wBTC token is very popular because it allows you to spend your bitcoin as any token by simply pegging its value to the value of the assets you want to spend.
Alternatives to MetaMask
While MetaMask is a great wallet, no doubt, its restriction to only work with token written ERC-20 protocol is a feature that raises many concerns. Many users wouldn’t feel comfortable swapping or wrapping their bitcoin or similar assets for Ethereum-based assets simply because they want to use the MetaMask wallet. If you are one of such investors who don’t want to change their crypto-asset, then it’s best to seek an alternative to MetaMask. There are several wallets you can use that will allow you to store thousands of cryptocurrencies based on different protocols. Blockchain and Trustwallet, amongst others, are great examples.
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