If you are into the cryptocurrency market, it is crucial to know how to move your assets from space to space. To be sure you fully understand the ins and outs of the movements, it is also important to understand the platforms you are working with to do so.
Let’s break down the aspects of moving Ether, what that means, and how to use the MetaMask wallet to do it.
Understand the Moving Parts
Before we dive headfirst into understanding the precise steps of sending Ether into MetaMask, it is nice to know what it is we are actually talking about in the process. In other words, let’s get to know the “players” in this game.
The MetaMask Wallet
If you are sending anything to a location, physically or digitally, it is ideal to know where exactly that is. In the case of moving or sending cryptocurrency, that place is called a digital wallet. MetaMask is just one brand on the market of digital wallets.
MetaMask is a wallet that operates as software. Other types of wallets include hardware and paper. Software digital wallets also come in unique forms, with options to have a mobile-only, desktop-only (or laptop), or a combination of the two.
MetaMask is designed to work with the network known as Ethereum. We’ll get into that space soon, as well. In its simplest of terms, a wallet is a place that provides you with a few basic features.
What Is a Digital Wallet
Since the actual purpose of a digital wallet can become a bit muddled, let’s first explain what precisely a digital wallet is and does. First up, there are many names for this device, such as crypto wallet, digital wallet, or online wallet app.
If you are seeking a way to send Ether to your MetaMask account, chances are pretty good that you’ve made your selection with a wallet type. So, MetaMask is your wallet. But, what does it do?
The Purpose of a Digital Wallet
In terms of interacting with Ethereum, a digital wallet is an application that lets you interact with your Ethereum account. Much like an internet banking app (of course here without the bank), your wallet lets you read your balance, send transactions, and connect to applications. In short, you need a wallet to send funds and manage your ETH.
A wallet, when interacting with the Ethereum network, is only a tool for managing your Ethereum account. Like most platforms, Ethereum allows users to swap wallet providers at any time. Many wallets also let you manage several different accounts at once.
Wallets do not have custody of your funds, you do. Wallets are, however, a tool for managing what is really yours.
Besides a very fun word, what exactly is Ethereum, and how does it work? We will help you understand just what the Ethereum network is and what it can do for you.
Ethereum itself is a decentralized and open-sourced blockchain technology. The tech operates thanks to a component called a smart contract on a peer-to-peer network. Smart contracts allow the site to securely execute and verify application code.
Such tech allows developers the ability to create decentralized applications known as dApps. There is always a lot happening on Ethereum, but to do nearly anything, it will require cryptocurrency.
The platform uses the native cryptocurrency, which is called Ether, abbreviated ETH, in order for transactions to occur.
In short, if you want to interact on Ethereum, you will need ETH to do so. Also important to note, this will mean whatever wallet you are working with also must be compatible with ETH. In the case of MetaMask, you are already covered.
An ETH Wallet
While we are in the process of sorting out terms, it is important to note that technically speaking, Ethereum is the platform on which you are working. That platform’s native cryptocurrency is called Ether. Just to add some fun confusion, Ether is also sometimes called Ethereum, used interchangeably. It is unclear if that began in the industry as an accident or if name versatility was intentional.
Either way, the abbreviation for the crypto is called ETH. Thusly, an ETH Wallet is simply one type of crypto wallet that works and is compatible with the Ethereum blockchain.
Placing Funds into MetaMask
You have multiple choices when it comes to converting your money to Ether (ETH). You will choose the methods that are best for you, typically revolving around the type of funds you want to convert.
Obtain a MetaMask Account
If you are new to the MetaMask software, you will need to take a few steps first to download the program and start up a new account. By visiting the digital wallet address at https://metamask.io/, you will see a large, blue button at the top right corner displaying the word “Download.”
Mobile Digital Wallet
MetaMask is available to download onto Android devices and iPhone (iOS) smart devices as a mobile app. This download, available also through the Google Play interface, and soon the Apple App Store, makes it possible to skip the main landing page if you so desire. Search for the mobile app called MetaMask Mobile.
These types of downloads will make your MetaMask wallet one of the mobile variety, meaning you can transport your digital wallet anywhere your phone or smart device can go. While this is a wonderful plus, it is also somewhat of a security risk.
If you lose your phone or have your device stolen, you will potentially lose your digital assets, too. Similarly, connecting your device to multiple Wi-Fi signals can lead to security risks through hackers and malware.
Desktop/Laptop Digital Wallet
Alternatively, you can download MetaMask to your laptop or desktop, keeping the digital wallet contained in your lap- or desktop computer. Keep in mind that the use of a laptop, with which you may travel about at any time, puts it at risk to the same concerns of MetaMask Mobile.
However, having a desktop wallet, stationed only in your home, adds a level of security those traveling will not experience. On the flip side, having a desktop digital wallet limits your access, because the software is downloaded to and “living on” your desktop PC.
This means should you want to make quick changes, alter your digital assets on the go, or have access to your account when not in your own home, you will not be able to do so.
As noted on MetaMask’s own website, Google Chrome is the browser recommended for use with this digital wallet in particular. Other issues may arise due to browser compatibility if you are not working within Chrome.
Hardware Digital Wallet
Currently, the MetaMask extension makes the software compatible for use with two hardware digital wallet brands: Ledger and Trezor. Using this method, you can have both software- and hardware-based digital wallet, giving you access to the best of both worlds.
A hardware digital wallet, which resembles a jackknife or USB thumb drive, can be easily transportable, but also contains the security of being a detachable device. Such pieces are known as “cold storage.”
This means that your crypto and private keys are not stored on the worldwide web, but instead are housed on a removable device. It is not “living” on the net. It is able to be on and off, controlled by your connecting it to the computer.
Adding Funds to MetaMask
When attempting to add money from your pocket onto your MetaMask digital wallet, you have a few choices that will get the job done. MetaMask suggests the use of two main sources:
By simply attaching your credit card to the MetaMask wallet, you can add funds directly from a traditional bank account into your MetaMask wallet. This will make your U.S. Dollars, for example (or any local currency which you access via a debit card), become a digital currency.
Funds from a Bank Account
Since your paycheck typically is transferred via direct deposit, you can save a step by simply having access to your account via a debit card. Most traditional banks will offer a free debit card. This connection means any funds, even cold hard cash, that you place in that account will then be accessible via your debit card.
Alternatively, as we will discuss later, you can also connect your bank account directly with a bank account number into the MetaMask wallet when selecting the “Buy ETH” button on the app’s homepage.
Much like using your debit card, you can also connect your MetaMask wallet to your Apple Pay source. Apple (iPhone) users are likely familiar with this wallet of sorts, which is typically stored on an Apple mobile phone known as an iPhone.
iPhones operating an 8.1 iOS or later have Apple Pay accessibility. There are some restrictions on how it may be used, however. For example, your device will need to be using iOS 10 or later for Apple Pay to be used on the web. For Apple Pay Cash, iOS 11.2 or later is needed. All watchOS versions, as well as macOS Sierra or later also, are completely useable with Apple Pay.
Apple Pay brings some versatility in payment methods, too. Apple Pay can be connected to a credit card, a debit card, and Apple Card or PayPal. This means, by connecting any one of these payment methods to your Apple Pay account, you will be able to “fuel” your MetaMask wallet.
For example, if you wanted to use a credit card to pay for your crypto, instead of a debit card, a user could connect a credit card to Apple Pay. Then, because Apple Pay is accepted on MetaMask, you would thusly be able to use that account to purchase cryptocurrency.
Apple Pay is only useable with MetaMask in the United States.
Move ETH From Another Wallet
If you were previously using another digital wallet address, you can move that money over into your new MetaMask wallet. To do so, copy your new MetaMask public address. Open your existing (older) wallet or former exchange. Send funds by using your new MetaMask address.
Finding Your Wallet Address
While logged into your MetaMask wallet, it may be tough to understand where one finds a “wallet address.” Your wallet address in MetaMask is displayed under your account name. The format of the address will be in the style of “Ox12r45 … 6HJ9” according to MetaMask’s website’s Frequently Asked Questions.
Loading It Up
In a logistical sense, your MetaMask wallet will need you to add funds to your account in order for that digital currency to be “turned into” cryptocurrency. MetaMask works with Ethereum, meaning once you have loaded your funds, you can immediately select to turn that money into ETH.
A Funded Wallet Can Buy Ether
Now that you have your wallet funded, in other words, you have put money into your digital wallet with MetaMask, you can now convert that money into Ether (ETH). Once your funds are in your MetaMask wallet, you will not need to make another traditional bank transfer. Instead, this account will serve as your Ethereum wallet, making it possible to buy, sell and trade its native currency, ETH.
To purchase ETH, you only need to take a few simple steps, assuming you have loaded enough funds to purchase your requested amount of ETH.
From the MetaMask Home Screen
By opening your MetaMask application, you should see the typical “home” screen or landing page. From there you will see one simple button that solves this issue immediately. You won’t believe this, but the button reads “Buy ETH” right there, plain and simple.
Thankfully, while the world wide web consortium’s platforms may not always be, MetaMask has a user interface that is easy to follow and understand.
Adding More Funds
If you have funding in your wallet already, this button will allow you to purchase the requested amount (assuming your funds will cover it). If you need additional funds, or to load your money at this stage, you can do so.
Users can purchase ETH after clicking the “Buy ETH” button with Apple Pay (US only), a credit card, or a bank transfer.
Fiat Currency to ETH
MetaMask Mobile uses a program called Transak to convert fiat into ETH currency, so you might have different restrictions depending on where you live. At the time of publication, the program accepts fiat from:
- Czech Republic
- Hong Kong
- New Zealand
- United Kingdom
- United States*
This means that in each of these countries, no additional conversion is required. Once in the MetaMask app, users can simply click on “Buy ETH” and operate through Transak, an automatically connected, background process, via this program used in conjunction with MetaMask.
*While it does operate in many countries, the states of New York and Texas within the US do not allow for the use of Transak. Check your specific location to learn more about accessibility.
ETH From A Friend
Just like you can move your ETH from an old wallet into your MetaMask account, so too can your friends. If you need friends and family to send you ETH, you can do so with the following steps:
- Open the MetaMask app on your device
- Select the “Add Funds” button.
- A QR code will appear, and a friend could scan it and instantly send you ETH
- If you are not in person, you could also copy your address and send it to them by text or Airdrop
- Click on your account name to copy your MetaMask address
- The sender should paste your address in the “Recipient” field of the application
- Your friend should select the amount of ETH to send
- Click send ETH from within their wallet to make ETH transfer to you
Much like a money-transferring application such as Venmo, the MetaMask wallet allows others to send ETH, an easy flow amongst wallets, which occurs easily and conveniently, no matter the amount of ETH.
Helping Hands Abound
As you find yourself seeking the answers to the many crypto questions that can come and go, there are always a few trusted resources that you can rely on in order to lend a helping hand.
If you are struggling within the MetaMask specifically, there is a help desk available. The makers of this digital wallet, while having been around since 2016 (changing a name in 2019), realize nothing is perfect.
Firstly, the wallet offers its own assistance via email at [email protected]. Users also have the option to tweet @metamasksupport with questions or concerns.
If you have found a bug, MetaMask asks that users email [email protected] or submit a bug report directly as a Github issue for developers by using the website at https://github.com/metamask.
Additionally, no matter what wallet you are working with, the platform you hope to trade on, or the cryptocurrency you are handling, FLOLio has solutions to assist your research and education in this wild industry.
From informative articles and resources to researched trends and tips, our site has the information to allow you to make the best choices in the crypto world.