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Metamask wallet review : Features, Pros and Cons


cryptoknowmics.com 17 May 2022 01:44, UTC
Reading time: ~3 m

MetaMask is an ETH wallet and web version for Chrome, Brave, Edge, and Firefox. It links the browsers to the ETH platform and allows you to save keys for Ethereum and ERC-20 tokens on all compatible browsers. Moreover, Metamask works hand in hand with two exchange platforms - Coinbase and ShapeShift. It lets users buy Ethereum straight from both platforms along with ERC-20 tokens.

Pros and Cons of Metamask wallet

Pros

  • MetaMask is simple to install and configure on a PC and many gadgets. Create one wallet, then use the 12-word seed phrase to import it across devices. 
  • Metamask is a wallet, not a cryptocurrency exchange. Users can easily access a wallet by only downloading the program and transferring no private data.
  • You can create several wallet addresses among blockchains upon establishing MetaMask. It offers people much more privacy and access to wallets for any specific payment.
  • Users can use their wallets to hold the tokens and non-fungible tokens (NFTs) on various blockchains. Examples - Ether main chain, Binance BNB chain, Polygon, Avalanche, and other test networks.

Cons

  • There is no method to recover a wallet's security code except the 12-word seed phrase established while generating the wallet. The help desk cannot assist individuals in recovering their login information or seed phrases because MetaMask is a non-custodial wallet.
  • Limited computer assistance: The self-help site, the community bulletin board, and e-mail are the only ways to get help.
  • Furthermore, assistance is limited to app-related issues. The customer service handles forgotten passwords, transactions, bitcoin, and seed phrases.
  • It doesn't even accept Bitcoin, the world's largest crypto. It only takes Eth tokens.

Metamask Features

Metamask is user-friendly and includes various noteworthy features like:

Security

MetaMask doesn't often maintain any personal data since the software is decentralized and non-custodial. A user-generated passcode during setup, biometric data on smartphones, and a unique 12-word seed phrase for recovery protect the wallet.

Privacy and Anonymity

Users can use their MetaMask wallet to conduct commerce and swap coins or NFTs, but the program advises that blockchain activities are not confidential. They label conversations as "anonymous users." The wallet identity serves as an alias for the customer because the wallet openly discloses all transactions on the blockchain.

Accessibility

You can access Metamask as an in-browser program on your desktop or laptop. Additionally, it is a mobile application available on both major app stores. Its popularity comes from its seamless integration with popular crypto websites, such as NFT marketplace OpenSea.

Fees and Cost

One of the most attractive features of MetaMask is that it is completely free to use. The platform does not charge members any transaction fees while transacting in bitcoins and NFTs. Given how quickly the exchange needs to execute transactions, consumers will be liable for paying any gas fees to the blockchain.


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