Cryptocurrency has opened a world of new possibilities for digital assets, there are several types of cryptocurrency wallets and exchanges, and you must be able to distinguish between them before you begin to use them to store your investments. MetaMask is one of today’s most popular and widely known crypto wallets.
Although the developers behind the innovative and widely used wallet have flirted with the idea of releasing their own token, a rumor that has gained significant traction in the cryptocurrency world, MetaMask is still solely a software wallet and does not offer a unique currency that you can use.
The early years
When ConsenSys released the wallet in 2016, you couldn’t use it on your mobile phone as many crypto traders and investors do today; it was only usable as a browser extension. Although you can still use it as a browser wallet, MetaMask has proven to be immensely popular as a way to store your altcoins.
You can connect your MetaMask wallet to various decentralized applications, allowing you to send your funds or bridge them into hundreds of different types of cryptocurrency and other innovative projects.
Cryptocurrency is safe as long as you don’t hand your wallet keys to a hacker. However, being wary of the sites and apps you connect your wallet to is wise. Many act in good faith and are legitimate, but the few rogue ones that slip through the cracks could drain your wallet.
Where to use your wallet
Cryptocurrency faces regulation and sterner questions than many other areas in the financial world. However, given that it is such new technology and can cause widespread disruption in facets of the financial industry that have stood the test of time for over 100 years, it is fair to say its emergence has caused several big names within the finance sector to sit up and take notice.
One of the most common uses of cryptocurrency and MetaMask is in the world of digital gambling. This has led crypto casino MetaMask transactions to continue to rise year after year.
It is a brand-new area of gaming that is experiencing a hugely popular level of growth for all the same reasons cryptocurrency began to gain popularity. You can connect your MetaMask wallet to the casino provider and immediately deposit your cryptocurrency. You don’t have to wait for a bank to verify the transaction in the middle.
As you probably know, all this information is secured immediately and verified on the blockchain. Once you connect your wallet, the casino doesn’t hold any of your credit card information or other valuable information that likely to be targeted by cybercriminals, such as your date of birth or your address.
These are just a few key reasons why gambling with digital assets and using your MetaMask wallet to perform the transaction continues to become more popular.
Other ways you can use your MetaMask wallet
While casinos are immensely popular, they aren’t the only way to use your wallet for transactions. If you went on holiday to El Salvador, you could use your MetaMask wallet to spend cryptocurrency everywhere. Since the Central American country has allowed its citizens to use Bitcoin for transactions, the idea has been met with significant curiosity from prominent figures in the financial world who are interested to see how it plays out in reality.
It is one of only two countries where you can spend your cryptocurrency as legal tender. Although many countries allow you to trade and invest in cryptocurrency, you can put it to practical use in very few places, and it is important to recognize that distinction. Several countries have discussed possibly allowing Bitcoin as a legal tender, but it has yet to develop into ratified legislation.
Other investments
Since MetaMask is based on the Ethereum network, you can use the software to invest in other innovative cryptocurrency projects, such as non-fungible tokens (NFTs). During the bull run of 2021, NFTs erupted in price, with some being sold for millions of dollars.
If you have read up on NFTs or owned one, you will know that although other altcoins have tried to develop marketplaces, Ethereum is king. This is despite the enormous gas fees, which can run into thousands of dollars depending on the network traffic at the time and how much your transaction costs.
Conclusion
MetaMask is a big name in the cryptocurrency space. It will continue to grow as long as cryptocurrency companies are given the time and space to develop their projects to their full potential. Doomsayers have been predicting the end of Bitcoin since 2013, and that’s been holding on quite well, and nobody truly knows what the digital asset world has in store for us over the next few years.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.”
