Crypto wallets are designed to store and secure cryptocurrencies from any form of threat.
MetaMask is one of the renowned crypto wallets in the world used for Ethereum-enabled distributed applications(DApps). Users can successfully share and use their private keys safely with Ethereum-based DApps and smart contracts on apps.
Bitcoin is a very important asset and means of payment to crypto investors, and as such, stored in digital wallets like MetaMask. Making payments through blockchain technology has become quite easier with the MetaMask crypto wallet.
The MetaMask is an Ethereum-based wallet that allows crypto investors to enjoy all the benefits and participate in all activities of the crypto market.
Even though MetaMask is an Ethereum-based wallet, Bitcoin can be saved in this wallet. However, because Bitcoin is not an ERC-20 token, it is not accepted on MetaMask, though there’s an indirect technique to store BTC in your MetaMask wallet.
Storing or sending Bitcoin to your MetaMask wallet directly may cause some ripple effects which may include losing such Bitcoin.
This article seeks to highlight how one can store Bitcoin in the MetaMask wallet.
What Is MetaMask Wallet?
MetaMask is a cryptocurrency wallet developed by ConsenSys Software Inc., a software blockchain company that deals with Ethereum-based instruments.
MetaMask wallet enables user interaction in the Ethereum blockchain and also, allows them to access their Ethereum wallet either through a browser extension or mobile app which can be further used to interact with decentralised applications(DApps).
Through MetaMask wallets, users can store and manage their private keys, send and receive cryptos and tokens, and connect to decentralized applications(DApps) through the browser or mobile app
There is a feature on the MetaMask application named MetaMask Swaps which is an integrated service for exchanging Ethereum tokens for the best exchange rate by taking the aggregate of numerous decentralized exchanges(DEXs). This charges a service fee of 0.875% of the transaction amount.
MetaMask had over 21 million active users as of November 2021, the number of users had increased to over 30 million users around March 2022, according to Bloomberg.
Is MetaMask For Ethereum Only?
MetaMask wallet is not meant for tokens that are not built on the Ethereum blockchain (non-ERC-20 tokens).
The Ethereum-based tokens (ERC-20 tokens) are best used and stored in the MetaMask wallet, but this doesn’t mean that other non-ERC- 20 tokens can not be used in the MetaMask wallet.
You only have to convert these tokens to ERC-20 tokens before you can store them in the MetaMask wallet.
For example, Zcash is not an Ethereum-based token (non-ERC-20 token) but you can still use Zcash on the MetaMask wallet by wrapping Zcash tokens.
Is MetaMask A Hardware Wallet?
A good wallet is often proposed to people, especially starters who are still fresh in the crypto community. It is of great importance that one protects his cryptocurrencies through a highly secure and good wallet, to escape the risk of losing such fortune to attackers. A hardware wallet is often recommended because it can be used offline.
MetaMask is one of such secure wallets every crypto enthusiast should desire but it is not a hardware wallet.
It’s a software wallet which is also known as a hot wallet that is linked to the internet.
However, you can connect MetaMask to a hardware wallet so you can use the MetaMask with the most popular hardware wallet, Ledger.
Using the Ledger wallet together with the MetaMask browser extension will make the MetaMask wallet function as a portal than a wallet.
Does MetaMask Support Bitcoin?
If you are asking if MetaMask supports or accepts Bitcoin directly, the answer is NO.
Bitcoin can be accepted and supported by MetaMask but not in a way that an exchange wallet will accept the cryptocurrency.
MetaMask is built for Ethereum-based tokens (ERC-20 tokens) like ETH, but since Bitcoin is not an ERC-20 token (built on the Bitcoin blockchain), it is a dead end to send BTC to a MetaMask wallet.
It is a terrible idea to send Bitcoins directly to a MetaMask wallet. The underlying consequences would be some negative consequences which include losing all the Bitcoin.
However, you can get your Bitcoin into your MetaMask wallet in an alternative way like wrapping the BTC.
How To Wrap Bitcoin
There are many ways to wrap your Bitcoin and make it eligible to be stored on the MetaMask wallet.
BTC and wBTC are two different tokens you can trade on Binance by clicking on “classic” in the trade section of the Binance platform.
You’ll be taken to the exchange trading platform where you can choose the trading pair of both BTC and wBTC.
Enter how many wBTC you want to buy and seal the transaction by clicking on” Buy wBTC”
How To Send Bitcoin To MetaMask
It’s quite impossible to send Bitcoin directly to a MetaMask wallet since Bitcoin is not an Ethereum-based cryptocurrency (ERC-20 token). This doesn’t mean that you can’t get your Bitcoin into your MetaMask wallet.
BTC runs only on the Bitcoin blockchain where transactions can only be sent to Bitcoin addresses, while ETH transactions run on the Ethereum blockchain.
Sending Bitcoin over the Ethereum network is likened to paying Naira in the UK. Since the Naira is not an acceptable currency in the UK, one can get the same value of Naira in Pounds by changing the Naira to Euro.
However, there are other ways to send Bitcoin to your MetaMask wallet if you do not want to exchange the Bitcoin for Ethereum.
By simply locking your Bitcoin in one place, you can bring it into the Ethereum blockchain as a new token( the BTC locked in the Bitcoin blockchain). This new token is called the Wrapped Bitcoin which represents the BTC as an ERC -20 token.
The security of your cryptocurrencies is the paramount objective you have as a crypto holder. There are many available crypto wallets both hardware and software that can help you secure your cryptocurrencies from any potential loss or attack.
MetaMask is a great wallet for storing Ethereum-based tokens but it doesn’t limit the storage of Bitcoins in it, as long as the Bitcoin is wrapped (wBTC). Storing Bitcoin directly on the MetaMask wallet is a risk you shouldn’t afford to take.