There is nothing worse than losing 10 bitcoins because you misplaced your wallet’s private keys. MetaMask is a cryptocurrency storage wallet with various features. The best thing about this app is that it offers a secure platform for storing information about cryptocurrency. Moreover, you can easily connect to many blockchains. For example, you may link to both the Ethereum and BSC networks.
Before assessing MetaMask’s security level, you must first understand how cryptocurrency wallets operate and how they manage to provide secure platforms for bitcoin storage.
HOW DO CRYPTOCURRENCY WALLETS OPERATE?
Bear in mind that all cryptocurrencies may only exist inside a blockchain network and cannot be taken from it. Contrary to popular belief, when you use the MetaMask wallet, you store important data about your cryptocurrency on its parent blockchain networks, not actual coins.
We may conclude from this, that the efficiency of crypto wallet owners is dependent on the wallets’ capacity to connect to other blockchain platforms. However, the underlying question is why most users choose to utilize cryptocurrency wallets rather than leave their coins on crypto exchange accounts such as Binance.
The primary reason without a doubt is “the security of their currency”;
“THE KEY” IS THE KEY FACTOR
Numerous exchange sites do not allow crypto owners to access their keys; nonetheless, users may access their accounts using a standard password and a two-factor authentication layer. Regardless of how secure this is, it is frequently insufficient to meet the overall security requirements of holding crypto for years without being hacked via phishing attacks.
Consequently, most cryptocurrency holders choose to safeguard their coins using a crypto-wallet such as the MetaMask wallet by establishing a MetaMask account.
HOW METAMASK’S SECURITY VARIES FROM OTHER CRYPTO WALLETS?
Several cryptocurrency wallets are available nowadays; each of these crypto digital wallets has its own set of capabilities. Frequently, cryptocurrency users are recommended to maintain several wallet types to have backup data for their assets. Having a backup is a kind of protection that enables you to access your bitcoin from another wallet if your primary wallet is compromised.
Hardware wallets for cryptocurrency are the most secure and often utilized by persons with substantial cryptocurrency holdings. They are safe because an internet connection prevents them from being readily hacked.
Cryptocurrency wallets on paper are also entirely secure since they utilize the exact mechanism as hardware wallets, namely offline storage of the keys. There is no internet connection; therefore they provide a cold storage alternative. However, paper wallets are problematic since they can quickly be misplaced or damaged by pouring a drink on them. Please refrain!
Desktop wallets for cryptocurrencie run on native devices. They are installed directly on a specific personal computer. This means that private keys can solely be used on the desktop. While they are generally secure, they are susceptible to being hacked using more sophisticated hacking methods.
Web-based cryptocurrency wallets are unquestionably the most popular cryptocurrency wallet. These are accessible on a variety of cryptocurrency trading platforms. They are accessed through a browser and are sometimes referred to as hot wallets because they allow instant storage. Binance’s hot wallet and MetaMask are both examples of web wallets.
IS METAMASK SAFE?
MetaMask is a good, safe, and easy alternative to exchange. The easiest way to stay safe is to Clear browser history in Metamask on and off. Also, remove cookies regularly. Ensure that your MetaMask wallet has only the tokens/Ether that you want to operate effectively – and some extra for gas, of course.
Tips for using Metamask safely:
- Using Metamask Extensions
Metamask is easy when used with installing extensions. MetaMask is a browser plugin that is now available for all three main browsers (Chrome, Firefox, and Opera) and a new browser named Brave.
The most secure approach to get the MetaMask extension is to visit their webpage and follow the offered links. The best strategy is to examine the comments and reviews to ensure that you are not installing a fraudulent version of the software. Using the extension on a shared computer is never a good idea.
- Securely store your seed phrase
The usage of a seed phrase, or Secret Recovery Phrase, is a regular feature of most cryptocurrency wallets. It is produced randomly when you establish a MetaMask account and serves as a means of generating addresses.
When you establish a MetaMask wallet, your 12-word Secret Recovery Phrase is generated. MetaMask does not have access to or control over any of your personally identifiable or private data stored on our systems. Everything in your browser is encrypted and secured by your MetaMask password. As a result, if you lose access to your MetaMask accounts and need to recover them, you may do so only using your Secret Recovery Phrase.
- Why is it necessary to save your Secret Recovery Phrase?
MetaMask is a client-server application, not a cloud-based solution. If your device is damaged, lost, stolen, or has data corruption, the MetaMask Support team will be unable to retrieve it for you. The only method to retrieve your MetaMask accounts is to use this Secret Recovery Phrase. Save your password and seed phrase in a password manager such as Lastpass or KeePass.
- Only you should ever know your Secret Recovery Phrase or private keys.
Anyone who knows your Secret Recovery Phrase or private keys might use your accounts to transmit Ether or tokens. Never disclose them to anybody, not even the MetaMask crew. Unfortunately, there are hackers out there claiming to be a MetaMask staff member requesting your Secret Recovery Phrase and private keys. Be aware of such guys.
Alternatively, you may use another secure technique of your choosing; Utilize a password manager to generate a safe hashed password.
- Consider purchasing a hardware wallet:
Suppose you have a substantial quantity of ETH or tokens in your accounts. Hardware wallets are frequently cited as the safest and most reliable way to store your Ether or other digital assets. It encrypts transactions using offline-stored private keys.
Because there’s no absolute level of security when you are dealing with cryptocurrency, you can increase the security on Metamask by following these tips. Logging out of your Metamask account is also a good practice when not in use. But this doesn’t imply to be a comprehensive handbook. Continually educate yourself on better securing your tokens, whether via community forums, educational resources, or discussion channels.