Have you ever gone shopping without your wallet? It’s not possible. How do you intend to pay for the items you’re buying? You have to get your wallet.
MetaMask is a different kind of wallet, not the physical wallet we referred to earlier.
MetaMask is one of the most popular non-custodial wallets in the crypto world. And it holds a wide range of cryptocurrencies.
You can receive, send and store several cryptocurrencies on the MetaMask wallet. But before you consider adding bitcoin to the list, here is a question we would like you to see.
Can MetaMask hold Bitcoin?
You can store your Bitcoin on MetaMask, but you can’t do so directly. Why? MetaMask is built on the ERC-20 network, part and parcel of the Ethereum blockchain.
So, Bitcoin’s (BTC) and Ethereum’s networks aren’t compatible. It is unfortunate since both cryptocurrencies are the world’s largest and most popular.
Many people may be looking for tips on how they can keep their BTCs on MetaMask. You probably may have read elsewhere that you can’t store native BTC on the MetaMask wallet.
But the truth is, you can but not directly. You have to use a special technique to make it happen. What’s that technique? It is called BTC wrapping.
Keep reading to know more about storing BTC on MetaMask
What MetaMask Is
Blockchains offer several advantages that make them attractive to users. They offer privacy and transparency. You’ll have the privilege to use several applications and even transact anywhere.
The beauty of blockchains is their decentralization. You can complete blockchain transactions without the government or anyone watching you.
However, various blockchains exist. And each of these blockchains comes coded for specific usages or purposes.
Many of us already know what Ethereum is. It is a massive decentralized ecosystem designed for the masses.
Now, what is MetaMask?
MetaMask is a wallet designed for Ethereum owners to store and use their crypto assets with ease. It is an open-source and free hot wallet.
Reasons You Should Consider Using MetaMask
If your reason for opening MetaMask is to store your native BTC, you might not enjoy the blockchain wallet’s benefits. Why? You can’t transfer BTC directly to the MetaMask wallet. With Ethereum, you can use MetaMask with ease.
So, what features does MetaMask have that set the wallet apart? Here is what we know.
#1: Simple to operate:
Opening a MetaMask wallet is one of the easiest things to do. Why? The platform is not just anonymous but boasts an intuitive interface. You can open an account in a matter of seconds.
And keep in mind that you don’t require an email address to open your MetaMask wallet. Create your password, and store your account’s recovery phrase. That’s it.
#2: Backup and data restore:
Do you know how MetaMask stores its users’ data? They do it locally.
How can you get back your personal information after changing your device or browser? MetaMask has made it a breeze for users to access their wallets on a new device or browser.
All you require to restore your data in the new device or browser is your account’s 12-word secret recovery phrase.
#3: Security is tight:
Blockchain wallets are constant targets for cybercriminals. But that would be the least of your problems when using MetaMask.
Excitingly, MetaMask encrypts users’ information on their browsers. And remember, no one has access to your browser except you.
Now, what happens if you can’t remember your password? How can you retrieve it? The steps are simple. Just provide your secret recovery phrase, which is only 12-word long.
A Handy Tip: Store your recovery phrase safe. Store it where you can remember. Why? MetaMask doesn’t know your secret recovery phrase. So, if you can’t remember it, your account is gone.
MetaMask Security Tips:
If you have cryptocurrencies stashed in your MetaMask wallet, you have to do everything to keep it safe.
Don’t forget that MetaMask is a hot wallet, and as such, it’s not the most-secure platform to store crypto (Ethereum) assets.
So, do you want to keep your MetaMask wallet intact? Follow the tips below.
- Dedicate a special browser for MetaMask only.
- Lock your MetaMask wallet after each use
- You can’t have other tabs opened and be using MetaMask wallet simultaneously. Why? Doing so will put your wallet at risk.
- Keep your 12-word recovery phrase, password, and other login details safely. Please don’t share them with anyone.
- If you cannot keep a special browser for MetaMask, please avoid using Google or social media and MetaMask at the same time.
- Do you have a massive crypto asset? If yes, please get a hardware wallet to secure your asset.
A Handy Tip: Never stop learning new ways to keep your MetaMask wallet and crypto-asset safe. So, watch out for new security tips to keep your digital wallet safe.
How To Make MetaMask Hold Bitcoin
You can’t directly store native BTC on MetaMask for sure. So, platforms saying it is impossible aren’t lying about it.
However, this can happen via the token known as WBTC or wrapped Bitcoin, backed 1:1 with native BTC or Bitcoin’s price.
Now, here’s what you need to know about BTC wrapping. Once wrapped, the BTC becomes an ERC-20 token. This makes it possible for BTC holders to store their wrapped Bitcoin in MetaMask, an Ethereum-based network.
A Handy Tip: The WBTC DAO group manages WBTC, and its members are from 30 countries.
Why MetaMask Can’t Hold Native Bitcoin
Bitcoin is, by market cap, the biggest and most popular cryptocurrency. It is bigger and more popular than Ethereum. So, why is storing Bitcoin in MetaMask, an Ethereum-based platform, an issue?
Here is a quick rundown on why directly storing native BTC on MetaMask is impossible.
- BTC’s technology – Well, BTC might be bigger or most popular, but its technology lacks. So, Bitcoin’s technological limitation is why you can’t store it in MetaMask directly.
- BTC ecosystem is not super diverse: You can’t compare BTC’s ecosystem to Ethereum’s. The latter is more diverse. Remember that BTC lacks projects that can give it a higher value. These include DeFi and NFTs.
- MetaMask is Ethereum-based: MetaMask’s design is based on Ethereum’s network. Thus, you can only store cryptocurrencies compatible with this network. These include blockchains using Ethereum Virtual Machine (EVM) or ERC-20 projects.
Is Conversion of BTC To WBTC On MetaMask Possible?
You cannot convert your BTC to WBTC on the MetaMask wallet. Why? MetaMask doesn’t recognize BTC. It only recognizes ERC-20 and BEP-20.
So, if your MetaMask wallet can’t receive Bitcoin, what will you convert then? You can’t transfer Bitcoin to MetaMask successfully, by the way.
Now, here is the good news. You can convert your BTC to WBTC. But you may have to use other platforms that support BTC and WBTC. Check out examples of such platforms below.
Can MetaMask hold Bitcoin? Good question! Directly storing native Bitcoin on the MetaMask wallet is not possible. The only way to store Bitcoin on MetaMask is via wrapped BTC or WBTC.
Once wrapped, the BTC will automatically become Ethereum. That is how you can store the crypto on MetaMask.
You can’t store BTC on MetaMask for several reasons. Firstly, MetaMask is designed for the Ethereum or ERC-20 network. Bitcoin’s ecosystem is not as diverse as Ethereum’s. And its technology is lacking in many aspects.
So, if you want to store your BTC in MetaMask, an open-source and free wallet, follow the tips shared in this post.