metamask user guide for saving money

Metamask Guide | Don't lose money

By Makingdigital | makingdigitals | 28 Dec 2020


With more than a million users, Metamask has become a safe, reliable and fast wallet. Designed with Ethereum technology and intended to work with this cryptocurrency and all the tokens related to it. Metamask is linked in your browser (Mozilla, Chrome, Brave, Edge) where you can with just a couple of clicks make any transaction of your tokens. Ready to be sent to an Exchange, another compatible wallet or a virtual mining platform.

Some considerations before operating with Metamask are the following, write them down well so as not to be surprised:

  • Metamask only accepts Ethereum and tokens created from its technology such as Kryptonites, USD Tether ERC20, Dais, Walton, Icon, USD Coin, Zilliqa, Orchid and Likecoin among others.
  • You only work with one direction. This greatly simplifies the withdrawals and claims of cryptocurrencies from the platforms you work with. This address applies to any token or stablecoin that works with Ethereum.
  • Every withdrawal you make from Metamask to another wallet, for example Binance, requires a fee. All withdrawal fees or commissions are paid with Gweis or fractions of Ethereum. If you are going to handle it frequently, you need to have a small amount of Etherum to cover these expenses.
  • Since October 2020, Metamask has included the Swap option. This means that you can transform your tokens into Ethereum from the wallet itself or convert them to another token that interests you. Depending on the value of the token, the profitability of the operation may vary. This option is not recommended since they have quite high fees.
  • You can buy Ethereum from Metamask through Wire. This platform gives you the option of acquiring crypto with your debit card. Another alternative is to make a deposit from any other wallet.
  • Metamask Swap has the advantage of having Slipper Tolerance. This term means that while you confirm the exchange of tokens to Ethereum, you will not suffer a devaluation or increase in the amount you want to exchange. Something that does not happen in the most common exchanges that are constantly updating the price of currencies. It is ephemeral of course. You should think about the transaction before confirming it.

When to use Metamask?


This wallet is quite safe and if you have shares or assets in Ethereum it is one of your wallets of choice. For novice users who are not interested in Ethereum Tokens or Stablecoins, the truth is that it could be irrelevant in your day to day. Due to the commissions involved in sending money from Metamask to another wallet, you should not be using it for small withdrawals. If you like Faucets and PTCs to accumulate Ethereum, use another wallet like Trustwallet or Exodus.

Dualmine clients, from December 1, require this wallet if they wish to request withdrawals in Kryptonites. All the tokens that you collect through Airdrops or Staking should be exchanged if Ethereum maintains a downtrend. Every time this cryptocurrency experiences changes in the market, these tokens will simultaneously.

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Makingdigital
Makingdigital

Entrepeneur, writer and Cryptolover. My site in Spanish Coindallas.com


makingdigitals
makingdigitals

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