This is what awaits you in this article
Using the MetaMask wallet, you can not only manage, send and receive cryptocurrencies, coins and tokens based on Ethereum, but also, for example, access decentralized applications such as the NFT OpenSea trading platform. As a hot wallet, use MetaMask with a browser such as Google Chrome, Firefox or Edge.
We have already created step-by-step instructions for setting up a MetaMask and purchasing an NFT. In this article you will learn more about the basic functions of MetaMask.
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Basic Functions of MetaMask
Once you open the MetaMask wallet, you can see the basic functions of the wallet directly on the user interface. This includes copying your wallet address and buying, sending and exchanging cryptocurrency. Once you click on the three dots next to your account name, here “Account 1”, or in “Ethereum Mainnet” other functions such as account management are available to you. The following functions are shown using the Ethereum network as an example, as they are configured by default in MetaMask. All functions are also possible via other networks in MetaMask, which you have to set up manually.
Show MetaMask full screen
If you want to view your MetaMask in full screen mode, first click on the three dots that you will find to the right of “Account 1” and then on “Expand View”.
You can now see MetaMask in your browser window and get a better overview of the set of functions.
How to manage and create accounts in MetaMask
With MetaMaks, you can manage multiple accounts if needed. This is useful if you want to organize yourself to use a separate account for each use case. For example, you create another account that you only use to purchase NFT. With a single click on the “circle” displayed in the upper right, you get to the account settings, where you can add another account via “Create an account”.
What is your private key and how do you rename your account?
You can view your account details by clicking on the three dots.
In the next mask, you have the option to rename your account (named “Account 1” by default) with a click of the pen, copy your wallet address and export the “private key”.
Get Ethereum-based cryptocurrencies on MetaMask – this is how it works
Using your MetaMask wallet, you can receive cryptocurrencies based on Ethereum. This means that you can not only store Ether as the main currency of the Ethereum blockchain with MetaMask, but also cryptocurrencies based on the Ethereum blockchain. These cryptocurrencies that do not have their own blockchain are called tokens. Receiving the assets is as simple as copying your wallet address with a single click on “Account 1” and sending it to the payment partner. Instead, send yourself the desired currency from another wallet to this address.
Once you send an Etherum-based token (such as MATIC) to your MetaMask, you may not see it right away. Don’t worry: With a single click on “Import Tokens”, you can add the Ethereum-based cryptocurrency you’re missing and use it on the virtual Ethereum mainnet. We demonstrate this using the example of the Matic code.
In the next step, find the desired icon and confirm with “Next”.
After the import is done, you will see the token sent to the wallet (Matic in our case) in your account.
How to buy ether using MetaMask
If you click “Buy” in the MetaMask interface, you can buy cryptocurrencies directly through the payment provider.
In the next window, possible payment service providers will be suggested, from which you can buy Ether.
Send Cryptocurrency Using MetaMask – This Is How It Works
With a single click on “Send”, you can send your cryptocurrencies to another wallet. To do this, enter the desired recipient address in the next window and then the required number of cryptocurrencies that you want to send. Confirm the operation with Next.
This is how you can exchange your cryptocurrency for other currencies on MetaMask
With MetaMask you can exchange your cryptocurrency. This works with a single click on “swap”. In the next step, you can choose which currency you want to convert ether to, eg. Once you click Review Swap, MetaMask searches for different providers like UniSwap for a potential swap and shows you the offer with the lowest network fee. You can use Slippage Tolerance to set potential price fluctuations during a swap.
How to set another network instead of the Ethereum network?
In addition to the blockchain for the Ethereum network, MetaMask also supports other Ethereum-compatible networks that you can add independently. Often times, some decentralized applications will ask you to use an alternative to the Ethereum network. The reason is the high network fees of the Ethereum network, which we have already discussed in our NFT guide. A common alternative is the polygon mesh.
Visit https://chainlist.org/. On this page you can search for the network you want to add. After searching, first click on “Connect Wallet”.
After connecting to MetaMask, click “Add to MetaMask”.
Now confirm this process with ‘Accept’.
You did it! With a single click on the Etherum mainnet, you can now select the Polygon mainnet and see your Matic running on the Polygon network. ATTENTION: Since cryptocurrencies like Matic can also be converted to run over the Etherum network, “linked” Matic will continue to appear on the Etherum mainnet.
Alternatively, add a network after clicking on “Ethereum Mainnet”, which you can find in the upper right corner next to the colored circle.
View and remove services associated with MetaMask
In order to be able to see services already associated with MetaMask, such as payment providers or decentralized applications, you must click on the three dots to the right of the account name. With another click on Connected Sites, all the apps your MetaMask wallet is already working with appear. These include, for example, the NFT OpenSea trading platform or the Chainlist app used to add other networks.
If you want to disconnect from one of the listed connected services, you have to click on Disconnect and then confirm again.
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