MetaMask can only store packed bitcoins, as this wallet specifically supports Ethereum-enabled distributed applications.
MetaMask is a well-known wallet for distributed applications (DApps) with support for Ethereum. But can MetaMask store Bitcoin (BTC), which remains the largest cryptocurrency?
For many crypto investors, bitcoin is an important part of their portfolio. Bitcoin is not only an asset, but also a payment method. With wallets like MetaMask, paying with blockchain technology has become much easier. This Ethereum crypto wallet allows millions of investors to participate in everything that the cryptocurrency market has to offer. Although Ether (ETH) is a very popular means of payment, most people buy Bitcoin.
Related: How does Bitcoin work and why was BTC created?
However, Bitcoin is not the cryptocurrency you think of when you talk about buying a non-fungible token (NFT) or investing in decentralized finance (DeFi). However, there may be situations where you would like to use Bitcoin for these activities. So, in this article, you will learn how to store bitcoins using MetaMask!
Cryptocurrency wallet MetaMask
MetaMask is an Ethereum wallet available as an app and web browser extension. In other words, MetaMask allows users to store their private keys and then securely use apps and websites with DApps and Ethereum-based smart contracts. MetaMask, one of the most popular crypto wallets, recently surpassed 30 million users in March 2022. This is partly due to the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).
MetaMask for Ethereum only?
MetaMask is only suitable for tokens that use the Ethereum blockchain, the so-called ERC-20 tokens. If you wish to use other tokens (i.e. non-ERC-20 tokens), you must exchange them for ERC-20 tokens. Then it would be possible to store these tokens in your MetaMask.
An example of this is Zcash, a cryptocurrency suitable for anonymous transactions. This cryptocurrency is not based on the Ethereum network and therefore is not an ERC-20 token. But by wrapping Zcash tokens, you can continue to use Zcash.
MetaMask hardware wallet
Cryptocurrency protection is often mentioned when people first start their research on cryptocurrencies. This is of great importance, so a good wallet is essential. It is often recommended to use a hardware wallet as it can be used to store your cryptocurrencies offline. But is MetaMask a hardware wallet?
MetaMask is not a hardware wallet. This is a software wallet. These wallets are also called hot wallets and are connected to the internet. However, you can still connect MetaMask to a hardware wallet. So you can also use MetaMask with Ledger, which is the most famous hardware wallet.
To do this, open the ETH app and select Connect Hardware Wallet to integrate the Ledger hardware wallet into MetaMask. Then a pop-up window will open asking you to select your device and click “Connect”.
When using a ledger with the MetaMask browser extension, the software wallet only acts as a portal, not a wallet. Your private keys do not leave the registry, so they are not stored in MetaMask.
Does MetaMask support Bitcoin?
MetaMask supports bitcoin, but not in the way that the stock exchange accepts cryptocurrency. Bitcoin is not an ERC-20 token, so MetaMask does not directly accept the largest cryptocurrency. However, you can get BTC into your MetaMask in a roundabout way.
However, don’t try to send bitcoins directly to your MetaMask. If you try to do this, MetaMask will not be able to get the token, which can lead to negative consequences. You could lose all the bitcoins you sent at once, which would be a terrible situation!
How to send bitcoin to MetaMask?
As you have already read, it is not possible to send BTC directly to MetaMask. However, this does not mean that it is impossible to get bitcoin to your MetaMask wallet. BTC runs on its own blockchain. On this bitcoin chain, transactions can only be sent to bitcoin addresses. This applies not only to Bitcoin, but also to other blockchains such as Ethereum.
On the Ethereum blockchain, only Ethereum-related tokens can be sent. Sending bitcoins over the Ethereum network is similar to paying euros in the US. The Euro is not an accepted currency in the United States, but you can use your Euro in a roundabout way. By exchanging these euros ko