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MetaMask

One of the most popular Ethereum wallets is MetaMask. Users may transmit bitcoin in regular transactions and engage with numerous decentralized apps using this web browser plugin. MetaMask is an Ethereum wallet that bridges the gap between Web3 user interfaces (such as Mist browsers and DApps) and conventional web interfaces (for example, Google Chrome, Mozilla Firefox, websites).

The job of the MetaMask wallet is to inject the web3.js JavaScript library into the namespace of every page your browser loads. The Ethereum core team created Web3.js. MetaMask is mostly used as a browser plugin. Let’s have a look at how to set MetaMask wallet up on Google Chrome, how to use MetaMask wallet, and answer the question- how does MetaMask work!

Connecting Your MetaMask Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your MetaMask Wallet transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
  • Paste your wallet address into the MetaMask Wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add a coin.

How Does MetaMask Work

1. Download & Install MetaMask

MetaMask may be downloaded via the project’s official website or through an app store. Because app stores have previously featured fraudulent MetaMask applications, it is best to download from the official website.

MetaMask is supported by Chrome, Firefox, Brave, and Edge. MetaMask is available for Opera users via Chrome extensions, however, there have been reports of difficulties. The software is compatible with both Apple and Android smartphones. After you’ve installed MetaMask, launch it by clicking on the MetaMask icon in your browser’s toolbar. Then select “Get Started” from the drop-down menu.

2. Create A Brand-New Wallet

To establish a new Ethereum wallet,

  • Click “Create a Wallet.” (Alternatively, if you already have a wallet, you may restore it and access your cash by following these instructions.)
  • To continue, you must accept or disagree with the sharing of feedback.
  • Make your wallet password-protected. Even if you should keep this password safe, you can still retrieve your wallet if you forget it.
  • To unlock the seed phrase, click the grey spot. Make a note of this seed phrase and keep it safe.

Your Ethereum wallet will be accessible to anybody who knows your seed phrase, and you will be unable to retrieve it without it. Making several backups or putting the phrase in a sturdy metal wallet is also a secure way to preserve your seed phrase.

To show that you have typed down your seed phrase accurately, click on the words in the correct sequence. Then select “Confirm” from the drop-down menu. The MetaMask wallet is now active and ready for transactions.

3. Purchase Or Make A Deposit In Cryptocurrency

You may now add money to your wallet.

  • Copy your wallet address by clicking on it.
  • Then send ETH to that address from an exchange.
  • If you haven’t already done so click “Buy” to acquire ETH via MetaMask’s built-in exchange.

Once your money has been placed, you will see your balance in the lower section of the wallet. By default, ETH will be shown.

  • If custom ERC-20 tokens do not appear in the list, click “Add Token” to add them.

Depending on the amount of traffic on Ethereum, it might take several minutes for your ETH to arrive.

4. Sending Cryptocurrency

You may send your cryptocurrency to other users, merchants, or your personal ETH wallets once you have it. To do so,

  • Go to MetaMask’s main panel and click the “Send” button.
  • Enter the quantity of ETH you’d want to transfer as well as the number of transaction fees you’d like to paym, with the Ethereum address.
  • Then press “Next”.

Your transaction will be verified faster if you pay a greater gas fee. By default, MetaMask establishes a default gas fee. Sites like EthGasStation, on the other hand, can assist you in manually determining an appropriate price.

To complete the specifics of your transaction,

  • Click “Next.”
  • Then press the “Confirm” button. It may take some time for your transaction to be verified once more.

In MetaMask’s “Activity” section, you may monitor the status of your transaction.

A MetaMask panel appears. Connect to Kyber if you are visiting for the first time. Click “Next,” and click “Confirm.”

5. Invest In A Decentralised Application (dApp).

Choose an app from DAppRadar if you wish to invest your ETH in a DApp. In this example, we’ll utilize Kyber, a decentralized exchange(DEX) that makes it simple to exchange Ethereum for other cryptocurrencies.

  • Visit the KyberSwap website.
  • Then, by clicking “Connect Wallet” and selecting MetaMask, attach your MetaMask wallet to Kyberswap.
  • Choose the tokens you would like to trade and enter the quantity of cryptocurrency you wish to acquire.
  • A MetaMask panel will appear on the screen. If this is your first visit, connect to Kyber. Then click “Next,” then “Confirm.”
  • Return to Kyber’s website and select “Swap Now” from the drop-down menu. Then click “Confirm” in the window to complete the purchase.

Kyber will then publish your transaction to miners. Before closing the window, you don’t have to wait for the transaction to be mined. Later, on MetaMask’s activity panel or utilize the scan, you may verify the status.

Conclusion

You can utilize all of Ethereum’s capabilities now that you know the basics of the MetaMask wallet, including:

  • Transactions between conventional Ethereum addresses, such as those held by people and merchants, are sent and received.
  • In DApps like games, gambling applications, DeFi apps, and decentralized exchanges, you may pay for transactions.
  • ETH and custom token storage (i.e., ERC-20 tokens).
  • Keeping non-fungible tokens and valuables safe (NFTs).
  • Connecting to hardware wallets from Ledger and Trezor.

ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!