MetaMask Download Tutorial
OK, so by now you have probably heard of the term DeFi. If you are unfamiliar, it stands for "Decentralized Finance" and the definition is as straight forward as it sounds. DeFi projects are not centralized whatsoever by any one big institution and is strictly peer to peer with no middle man. You may think that all crypto is this way but lots of large third parties such as Coinbase, Binance ect are most definitely centralized. A good way to tell if something is decentralized or not is if they ask for KYC. If you need to submit documents to prove who you are, the platform is most definitely centralized. If no KYC is asked for, there is a good chance that platform is decentralized.
This rule is not set in stone as there are many variables and outliers but being decentralized definitely has its advantages. I won't go into too many of the advantages here as this is not meant to be an article on DeFi but wanted to touch on it because what we are about to discuss is a big MUST if you want to get involved with DeFi projects based on smart contracts. You see, to get involved with a lot of these smart contracts, you will need a special wallet. We are going to use MetaMask Wallet for this task.
MetaMask is simply a free decentralised crypto wallet. It can manage your wallet address for multiple different networks in a single easy-to-use app. The wallet works as a Browser Extension and this allows the DeFi platforms we use to interact directly (and safely) with your wallet. This allows it to seriously streamline deposits, withdrawals and other activities as well.
You can also get MetaMask as a Mobile App. However, for purposes we will be using it for, you can just plan on using the Browser version. Most crypto wallets like Atomic wallet are great and I use mine all the time but these types of common wallets are simply not able to interact with most DeFi platforms, so you should install MetaMask.
I know this may sounds confusing and trust me, I was a little bit intimidated myself before I tried it. But believe me when I say that it is MUCH much simpler than you think and If you're new to MetaMask, we'll get you set up in the next few minutes with the simple instructions below...
Step #1. Install MetaMask on your browser.
First things first. You need to simply download the browser extention. Depending on your browser, there are a couple different ways to find it. Most browsers have MetaMask on their stores, so it’s not that hard to see it, but either way, here they are Chrome, Firefox, and Opera.
Click Here to Download MetaMask Wallet. Once you click that link and the page opens you will be able to select your preferred browser and install the appropriate extension. (This process is really no different than installing any other browser extention you may have used either currently or in the past)
For this example, we will be using Google Chrome as an example but the same steps apply to different browsers as well. If, for some reason, the links above do not work, you can always just search "MetaMask Extension" on your favorite search engine, and you can find it there.
- Click on Install MetaMask as a Google Chrome extension.
- Click Add to Chrome.
- Click Add Extension.
See? I told you it wasn't that difficult to download the extension on your browser! Now we just need to figure out how to create an account. I got you covered there as well!
Step #2. Create an account.
- Click on the extension icon in the upper right corner to open MetaMask.
- To install the latest version and be up to date, click Try it now.
- Click Continue.
- You will be prompted to create a new password. Click Create.
- Proceed by clicking Next and accept the Terms of Use.
Click Reveal Secret Words. There you will see a 12 words seed phrase. This is really important and usually not a good idea to store digitally, so take your time and write it down on actual paper.
- Verify your secret phrase by selecting the previously generated phrase in order. Click Confirm.
The key steps are to Set a Password and a Secret Back Up Phrase.
Your password should be long and complicated. This will be protecting multiple accounts and in time, some very large amounts, so make it super-tough... 16+ characters, upper and lower case letters, numbers and throw in a couple of special characters for good measure.
You'll then be shown your Secret Backup Phrase. This is your ONLY fall-back if you lose your password and anyone who has it can take control of your wallet, so record it offline. ie. You should write this down with pen and paper and keep it somewhere safe away from your computer.
I keep two copies of these in very different place. I tell myself it's 'in case of fire, flood or cyclone etc', but it's also incase I outsmart myself and forget where I hid a copy!
How to backup and restore your wallet using the seed phrase?
Suppose you change browser or computer and want to connect your wallet again, here’s how to do it. First, you have to find your seed phrase, which you should have stored, to begin with.
- Click on the account icon.
- Click Settings.
- Find Reveal Seed Words and click it.
- Enter your password.
Now save the Secret Seed Phrase somewhere, preferably not digitally. The backup is done now all you have to do is to learn the restoring process.
- Open Metamask and click Import using the account seed phrase.
- Enter your Seed Phrase.
- Create a new strong password.
- Click Restore.
There's a couple of verification steps to ensure you've got your security info properly recorded. You might also be prompted to fund your wallet, but there's no need for that just yet.
As long as the MetaMask Icon is visible in your Browser Toolbar we're good to go...
And that as they say is that! You have now created your MetaMask account successfully. A new Ethereum wallet address has just been created for you. It’s waiting for you to deposit funds, and if you want to learn how to do that, look at the next step below.
Step #3. Depositing funds.
- Click on View Account.
- You can now see your public address and share it with other people. There are some methods to buy coins offered by MetaMask, but you can do it differently as well, you just need your address.
The MetaMask wallet extension will always be available in your browser’s toolbar, ready for you to use it whenever needed. It’s easily accessible, and as you saw from these steps, simple to use as well. Sending coins is also very user friendly as there’s a big send button, and the rest are easily understandable as well. But in case something wrong happens and you need to restore your account, you have this option. First, you have to back it up, and let’s look at how we can do that.
Connecting Additional Networks
By default MetaMask (MM) comes with the Ethereum Mainnnet installed. Most of our programs use a different network though, so we're going to add that now.
Click on the MM icon in your Browser Toolbar, as shown above.
Then click on the Networks Dropdown Menu, as shown below (1)...
I've already added extra networks, so your wallet is going to look a little different.
Click on Add Network (2) and MM will open a browser window with the Add a Network form...
The warning at the top (1) will appear each time you add a new network. If you wish, you can cross check the data provided here with a quick search each time. You'll find the details below are listed on all of the major exchanges and crypto sites.
When you're happy to continue, just enter the details below into the form as shown and Save (2).
- Network Name: Binance Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- Chain ID:56
- Currency Symbol: BNB
- Block Explorer URL: https://bscscan.com
Binance Smart Chain Mainnet (BSC) should now be visible in your list of networks. Select that to view your BSC wallet (1).
At the top of the screen you'll see your Account, with a partial wallet address and a copy icon visible below that (2). You can copy that address to your Scrapbook File now. Make sure you clearly label it as BNB - BEP20 and we'll use that later on to send funds to your BNB Wallet.
Please note that there are 2 types of BNB (Binance Coin). BEP20 BNB (Binance Smart Chain) which we'll be using, and BEP2 BNB (Binance Chain) which we're not.
I know they look extremely similar but you should only receive BEP20 tokens on Metamask and not BEP2.
Sending BEP2 funds to your wallet address on Metamask will result in a permanent loss of funds.
In fact, sending the incorrect token to any wallet address on Metamask will likely result in a permanent loss of funds, so always be very careful when selecting the network to use for a transaction.
This shouldn't be an issue if you're careful. We'll be very specific in our instructions, so long as you pay attention to the details!
Some of the programs we use will pay your earnings back into this wallet, so as your balance starts to build up, you can use the Send button (3) to move it to our investment options. You can also use the Swap button (4) to convert it to a different currency for other programs.
BNB is one of the major cryptos and is well worth holding. It's the token of Binance, one of the largest crypto currency exchanges and it's hard to imagine it going anywhere but up over the long term.
Viral Stacking is designed to let you earn multiple crypto currencies on multiple platforms in order to diversify and minimize risk. I am testing quite a few platforms and methods at the moment and if we add them, you'll need to repeat this process to add the additional networks (to use coins other than BNB in your MetaMask wallet). I will make sure to include the relevant info in any new program notes, you will just need to repeat this process.
Final Considerations
MetaMask is wildly popular and has a active, supportive community. If you ever get stuck trying to do something with MetaMask, a simple Google search will almost always tell you exactly what you need to know. Same with finding MetaMask tutorials on Youtube. You can easily find instructions for even the simplest of tasks, right through to more complex uses that I won't even pretend to understand, much less get into here.
So if you do have any questions, or even just a bit of spare time, check out a few of the available tutorials and videos online. You'll get to know MetaMask better pretty quickly and maybe even find a few new DeFi projects along the way.
It will only ever be as secure as you keep your secret phrase and password.
You will be using your password a lot, so the temptation is to make it easy to remember, or keep it somewhere you can conveniently copy-and-paste it as required. Both are really bad practice!
It should really be password-protected on your computer, or at the very least make sure you hide or disguise it, and NEVER label it as MetaMask.
That's about it for my brief introduction on MetaMask and how to set it up. We will be using this for more than one project in the future so make sure you take a few minutes out of your day to set it up and get at least somewhat familiar with it!
Dan Watson and Viral Stacking provide an informational service only and are not responsible for any investments made applying this information. The results described are not typical and are not guarantees of future income. Any investment contains risk and is 100% the responsibility of the investor to assess the risks/rewards involved. It is possible to lose some or all of your investment. We assume no liability assumed or implied for your application of the information shared from the training programs.
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