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A GUIDE ON HOW TO STORE BITCOIN ON METAMASK

A GUIDE ON HOW TO STORE BITCOIN ON METAMASK

For many crypto investors, Bitcoin is an important part of their portfolio. Apart from being an investment asset, Bitcoin can be used as a payment method. Thanks to wallets like MetaMask, payment with blockchain technology has become much easier. This Ethereum crypto wallet enables millions of investors to participate in everything the crypto market offers. Even though Ether (ETH) is a popular payment method, most people buy Bitcoin.


However, Bitcoin is not the cryptocurrency you are thinking of when it comes to buying non-performing token (NFT) or investing in decentralized currency (DeFi). However, there may be situations where you would like to use Bitcoin for these actions. So in this article, you will learn how to save Bitcoin with MetaMask!


Crypto MetaMask wallet

MetaMask is an Ethereum wallet available as an app and as an extension in a web browser. In other words, MetaMask allows users to keep their keys private and securely use apps and websites with Ethereum-based DApps and smart contracts. One of the most popular crypto wallets, MetaMask recently passed the 30 million user mark in March 2022. This is due, in part, to the increase in fixed fees (DeFi) and fixed tokens (NFTs).


Is MetaMask Ethereum only?

MetaMask is only valid for Ethereum blockchain tokens, called ERC-20 tokens. If you want to use other tokens (i.e., non-ERC-20 tokens), you will need to change the ERC-20 tokens. It will be able to save these tokens in your MetaMask.


An example of this is Zcash, a cryptocurrency suitable for conducting anonymous transactions. This cryptocurrency is not based on the Ethereum network and is therefore not an ERC-20 token. But by collecting Zcash tokens, you can still use Zcash.


MetaMask hardware wallet

Protecting cryptocurrencies often comes up when people start their crypto research. It is very important, which is why a good wallet is important. Hardware wallet is generally recommended as it can be used to store your cryptocurrencies offline. But is MetaMask also a hardware package?


MetaMask is not a hardware package. It is a software package. These bags are also called hot wallets and are connected to the internet. However, you can still connect MetaMask to a hardware wallet. In this way, you can also use MetaMask with Ledger, which is the most popular hardware wallet.


To do so, open the ETH app, then select "Connect Hardware Wallet" to integrate your Ledger hardware wallet into MetaMask. Then, a pop-up window will open, prompting you to select your device and click "Connect."


When using Ledger with the MetaMask browser extension, the software wallet only works as a website and not as a wallet. Your private keys do not leave Ledger so they cannot be stored in MetaMask.


Does MetaMask support Bitcoin?

MetaMask supports Bitcoin, but not in the way that the exchange fund accepts cryptocurrency. Bitcoin is not an ERC-20 token, so the largest cryptocurrency is not directly accepted by MetaMask. However, you can get BTC on your MetaMask in a roundabout way.


That being said, do not try to send Bitcoin directly to your MetaMask. If you attempt to do so, MetaMask will not be able to retrieve the token, which can lead to serious consequences. Do not lose all the Bitcoin you sent at once, which could be a bad situation!


How do you send Bitcoin to MetaMask?

As you have learned, it is not possible to send BTC directly to MetaMask. But this does not mean that it is impossible to get Bitcoin in your MetaMask wallet. BTC operates through its blockchain. In this Bitcoin blockchain, transactions can only be sent to Bitcoin addresses. This is true not only of Bitcoin but also of other blockchains like Ethereum.


In the Ethereum blockchain, it is only possible to send Ethereum related tokens. Sending Bitcoin via the Ethereum network is compared to paying in euros in the United States. The euro is not accepted as a currency in the United States, but you can use your euros in a roundabout way. By exchanging these euros, you can earn the same amount in U.S. dollars. and use this as a payment method.


However, if you do not want to exchange your Bitcoin with Ethereum, there are other solutions. This means that you need to lock your BTC in one place and bring it to the Ethereum blockchain as a new symbol, representing Bitcoin locked in the Bitcoin blockchain. This is also called Wraped BTC (wBTC), which means Bitcoin as an ERC-20 token.



How to wrap Bitcoin?

There are a few ways to wrap your Bitcoin. Let's take Binance as an example. At Binance, BTC and wBTC are two different tokens, so you can trade them. By clicking on "Classic" in the Binance Trade section, you will be taken to a trading platform. Here you can find a trading pair for both Bitcoin tokens. Here you can enter how many WBTC you want to buy and confirm this by clicking Buy WBTC.


What if you do not see your wBTC in your MetaMask? You can easily change this by adding a wBTC token using the steps below:


MetaMask wallet address

To use your wBTC, the MetaMask wallet address is very important and easy to find. By opening the app and signing in, you will get to the main MetaMask screen. Under your account name, you will find your unique code, which serves as your address. This address can be used to accept crypto.


You can share this code with others, but never share the code with others. Your entry and retrieval data is designed to protect your assets. If others find these codes, they may harass you and cause you to lose your crypto assets.

source: cointelegraphy 




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