Many of you already know that Ethereum wallets are very much different from Bitcoin wallets. So, when it comes to picking an ETH wallet, we have to approach this with a completely different mindset. For ETH wallet to be efficient, it should have capability to store Ethereum coins but also support ERC20.
So what is MetaMask. Straight from the source itself: “MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to run Ethereum dApps right in your browser without running a full Ethereum node.”
What MetaMask does it includes a secure identity vault, providing a user interface to manage your identities on different sites and sign blockchain transactions. In other words: MetaMask can be used to receive, store and send ERC20 and Ethereum. Because it is an HD wallet (providing you a mnemonic phrase for a backup) you can control your Ethereum very easily.
MetaMask has lots of extensions – for Firefox, Brave and Chrome. Because we like to keep things simple, we will be talking only about using MetaMask’s Chrome extension.
Installing MetaMask Wallet
For installing the wallet, you should first visit MetaMask’s webpage and find the wallet’s Chrome extension, as seen from the video below. Don’t forget to double check that you are indeed visiting original MetaMask website, because there are many scam sites around that are after your hard-earned Ethereum.
Then you should install the MetaMask’s Chrome extension by clicking “Add Extension”.
Next, you can see that your Chrome Extension has been added. You can see the privacy notice, you need to click “Accept”.
You are almost done now. Now you have to set up password and finally create your MetaMask wallet by clicking “Create” button. As this password will be for encryption, don’t forget to make it a good one.
Now you will be shown seed words. You should copy these and keep them somewhere offline in a safe place. You will need these 12 words to restore your wallet. Once you have done that, you have now officially completed the installation of the wallet. Good job!
MetaMask and ERC20 tokens
Once your MetaMask has been finally unlocked, click on “Tokens” under your account and proceed to click “Add Token”. Now you will see new screen, where it is possible to add new ERC20 tokens that you wish to see in your MetaMask wallet.
You need to extract token symbols, token decimals and token contract address. It might be confusing already, but all this information is available on Etherscan. Just look for your ERC20 token.