Can Metamask Hold Bitcoin? (Answer for Beginners) | The Financial Geek

Before diving into the cryptocurrency industry and setting up a digital wallet, you need to know that not all wallets are made equal. Metmask is one of the diligence standards for non-custodial crypto wallets .
But here ’ s why you might want to think twice about installing Metmask if you want to invest in Bitcoin .
Native Bitcoin cannot be stored directly in your Metamask wallet as Metamask is built on the ERC-20 network which is part of the Ethereum blockchain. Even though Bitcoin and Ethereum are the two largest cryptocurrencies in the world, their networks are not actually directly compatible with each other.
It ’ s surely a confuse way to start your cryptocurrency travel. When trading assets like stocks, most brokerage house account can hold securities such as stocks, ETFs, common funds, or options contracts. Crypto networks on the other hand are a little sting more specific and by and large speaking, most native tokens only work on their respective blockchains.

Can Metamask Hold Bitcoin (BTC)?

so while the answer to this interrogate is no, because Metamask can not support native Bitcoin tokens, there are ways to store your Bitcoin on your Metamask wallet. If separate tokens for discriminate blockchains wasn ’ t confusing enough for new crypto traders, it ’ second time to talk about how we can get the two networks to cooperate .
Developers have created a nominal called Wrapped Bitcoin or WBTC, which is backed 1:1 with the price of native Bitcoin or BTC. The merely difference is that once it has been wrapped, it is an ERC-20 token, which means you can now store your WBTC in Ethereum-based wallets like Metamask .
Is it worth the fuss to wrap your Bitcoin fair to store it in your Metamask wallet ? I recommend storing any significant crypto investments in cold storage, which is a crypto wallet that is not connected to the internet. WBTC does have its perks, as the Ethereum network has many more options when it comes to staking and Decentralized Finance .

Why Can’t You Hold Bitcoin in Metamask?

rear to native Bitcoin and BTC .
even though it is the global ’ sulfur largest, and most popular, cryptocurrency by grocery store hood, native Bitcoin is actually quite limited in its technology. The Bitcoin ecosystem international relations and security network ’ deoxythymidine monophosphate about a divers as Ethereum, and lacks projects like NFTs and DeFi that can actually add extra prize to your initial investment .
The main reason you can not hold Bitcoin in your Metamask wallet is because Metamask is based on the Ethereum network. This means that merely ERC-20 projects or early blockchains that use the EVM or Ethereum Virtual Machine can use Metamask. This includes blockchains like BEP-20 from the Binance Smart Chain, Harmony, Fantom, and Avalanche .
While all of these different blockchain protocols can be stored in Metamask, you placid need to add each network as a offprint sub-wallet. Changing from the Ethereum Mainnet to the Harmony Mainnet, allows you to utilize your Metamask wallet on Harmony blockchain projects. This is one of the reasons why Metamask is such a popular joyride for crypto investors .

What Happens If You Send Bitcoin to MetaMask?

A big wonder ! accidental transfers of cryptocurrencies happen all the time, so what happens when you send Bitcoin to an Ethereum-based wallet like Metamask ? There ’ s a bunch of different outcomes here so lease ’ s barely start by saying : don’t ever do this.
There is a very good opportunity that your Bitcoin will never be recovered, and Metamask even says this in its support page .
Depending on where you sent your Bitcoin from, your tokens are likely being stored as a ‘ synthetic ’ Bitcoin token that can ’ triiodothyronine even be seen. For example, if you send it from Binance, it will mechanically convert or ‘ wind ’ the Bitcoin into the nominal BTCB under the Binance Smart Chain. You ’ ll indigence to add the BTCB token to your Metamask wallet but once you do, the measure of your Bitcoin will likely be found.

Remember, this is a lucky consequence if it happens .
so when you are sending cryptocurrencies from wallet to wallet, take care in determining which blockchain you are sending from and which blockchain you are sending to. It besides helps to send a small amount first base good to make certain your transaction goes through .
After it does, then you can proceed with the rest of your transplant .
This is what I normally do. As an NFT investor myself, I have sent big sums of money from my Coinbase report to my Metamask wallet, and while it might not be the most budget friendly way of doing it, I always send a little come first to make certain I have my addresses lined up correctly, then I transfer the remainder .

Is MetaMask Safe?

As far as hot digital wallets go, Metmask is one of the safest you can use. Metmask does not use remote storage for your wallet keys and instead stores them remotely on the web browser that Metamask is installed in. Rather than store all of that data in one remote space, Metmask entrusts the safety of the wallets to the individual users themselves. 
At the end of the day, Metamask is hush a hot wallet, which means it is connected to the internet. Any wallet that is connected to the internet is always at risk of being hacked or compromised. This is why I recommended earlier that any crypto investments should constantly finally be stored in a cold wallet .
The local anesthetic memory of wallet keys is besides why you rarely hear about a widespread Metamask hack. Usually it is only individual users who have been compromised by malware or a phishing attack from their own computer. In this way, Metmask has a safe net and it ’ s up to you to not be compromised by malicious threats .
Recommended Financial Geek Reading : Is Coinbase Safe ? Is Coinbase Legit ? ( here ’ s the truth )

Conclusion: Can Metamask Hold Bitcoin

I covered why native Bitcoin tokens can not be stored on the Metamask wallet. I besides covered a direction to wrap your Bitcoin to make it WBTC which is compatible with Metamask on the Ethereum mainnet.

The Metamask wallet is only for Ethereum and Ethereum-compatible blockchains of which Bitcoin is not one. And while there are ways to get your Bitcoin onto Metmask, my hypnotism is to merely find a different wallet or cold storage to store your Bitcoin investment .
And will call it there. Thanks for reading Geekers, I truly hope this article provided you with some value .
Geek, out .

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Category : crypto topics

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