MetaMask can only store Wrapped Bitcoin, as it only supports Ethereum-enabled distributed apps.
MetaMask is a popular wallet for Ethereum-enabled decentralized applications (DApps). However, can MetaMask store Bitcoin BTC, the largest cryptocurrency?
Bitcoin is a vital component of the portfolios of numerous crypto investors. Bitcoin may be used as both an investment asset and a payment method. Wallets like MetaMask have made payment via blockchain technology considerably simpler. This Ethereum cryptocurrency wallet enables millions of investors to participate fully in the crypto market. Even though Ether is a fairly popular payment method, most individuals purchase Bitcoin.
How does Bitcoin function, and why was BTC created?
Bitcoin is not the cryptocurrency you envision when you hear nonfungible tokens. Even for a decentralized finance investment (DeFi). However, there may be instances in which you wish to use Bitcoin for these actions. So you will learn how to store Bitcoin with the MetaMask in this article!
MetaMask blockchain wallet
MetaMask is an Ethereum wallet available as an app and a browser extension. It enable users to securely use DApps and smart contracts based on Ethereum by storing their private keys. MetaMask, one of the most popular cryptocurrency wallets, just surpassed 30 million users in March 2022. It is partially attributable to the emergence of DeFi and NFTs.
Is MetaMask restricted to Ethereum?
MetaMask is only compatible with ERC-20 tokens, which utilize the Ethereum blockchain. If you wish to use tokens that are not ERC-20 tokens, you must first convert them to ERC-20 tokens. The MetaMask would then be capable of storing these tokens.
Zcash, a cryptocurrency appropriate for anonymous transactions, is one example. This coin is not built on the Ethereum network. Hence it is not an ERC-20 token. However, by wrapping Zcash tokens, you can still use Zcash.
Is MetaMask compatible with Bitcoin?
MetaMask supports Bitcoin, although not in the same way that an exchange wallet does. Bitcoin is not an ERC-20 token. Hence MetaMask cannot accept the largest cryptocurrency directly. However, there is a technique to get BTC into your MetaMask wallet.
Therefore, avoid sending Bitcoin directly to your MetaMask. If you attempt to do so, MetaMask will be unable to accept the token, which may have serious repercussions. It is possible to lose all of the Bitcoin you have sent at once, which would be a catastrophe!
How can Bitcoin be sent to MetaMask?
As you have read, sending BTC straight to MetaMask is not possible. However, this does not mean that Bitcoin cannot be added to your MetaMask wallet. Bitcoin uses its blockchain. On this Bitcoin blockchain, only Bitcoin addresses can receive transactions. It is true not only for Bitcoin but also for Ethereum and other blockchains.
On the Ethereum blockchain, you can only send tokens related to Ethereum. Sending Bitcoin over the Ethereum network is analogous to using the euro to purchase in the United States. The euro is not a legal tender in the United States but using it in a roundabout fashion. By exchanging these euros for U.S. dollars of equal value, you can utilize them as a form of payment.
However, if you do not like to swap Bitcoin for Ethereum, you have other options. It implies that you must lock your BTC in a single location and then transfer it to the Ethereum blockchain. Bitcoin will now be a new token locked on the Bitcoin blockchain. Also known as Wrapped BTC (wBTC), this refers to Bitcoin as an ERC-20 token.
How to store Bitcoin?
There are numerous techniques to encrypt Bitcoin. Consider Binance as an illustration. BTC and wBTC are two distinct coins that are tradeable on Binance. In the Trade area of Binance, clicking “Classic” will transport you to the exchange’s trading interface. Here you’ll find the trading pair that contains both Bitcoin tokens. You may enter the quantity of WBTC you wish to purchase and confirm by clicking Buy WBTC.
