Open-source cryptocurrency wallet

MetaMask is a finance application developed by ConsenSys. It is a cryptocurrency wallet, which allows you to send and receive various coins from different chains, such as Ethereum, Eth-based tokens, and Binance Smart Chains. It even allows you to receive and accept smaller bitcoins from obscure chains that most people do not use.

Compared to leading crypto wallets, Ledger Nano X and Exodus, MetaMask’s transaction fees are extremely low, making it an ideal option for smaller projects. However,  these fees vary with the network that you use. Additionally, it is a “hot” wallet, so security is a concern. 

What is MetaMask?

MetaMask started in 2016 as an Ethereum crypto wallet app. Since then, it has grown to one that can support multiple blockchains—small and large. Not only that, but it is also the easiest wallets to use once set up is complete. It has a small learning curve, perfect for noobs in the crypto world. Things are clearly mapped out and accessible as soon as you launch the interface.

As mentioned, the reason behind MetaMask’s rising popularity is its low wallet fees. The app requires only a small amount of Ethereum to initiate transactions. However, take note that these transaction fees are set based on the network. The fees you pay for BSC will be different on the Ethereum chain. With this, you should understand the difference between network and their fees before pushing through with any transaction.

Another thing to consider is the fact that the app is a software-based wallet. With this, security is a concern. Unlike other apps, it is not anonymous. If anybody knows your wallet address, they can do a scan and see all your transaction history. However, the app uses powerful seed phrases that are challenging to figure out. Hence, your coins are safe unless you hand over your seed phrase to someone.

Is MetaMask good?

Overall, MetaMask is a good option if you are new to cryptocurrency. The mobile finance app has an easy-to-use interface. It also supports not just the bigger coins but also the small ones. Not only that, but it also has low transaction fees. Its biggest shortcoming, however, is its security. Despite using seed phrases, it is not anonymous. Your transactions are open to everyone who knows your wallet address.