1. How does Meta Mask Wallet work? Wallet Overview for MetaMask
Metamask Wallet: Bringing Ethereum to your browser
1.1. General Wallet Information
In 2016, ConsenSys founded MetaMask, an easy-to-use crypto wallet designed for the Ethereum ecosystem. Moving from a mere plug-and-play add-on-wallet on browsers, MetaMask wallet has now established itself as one of the most successful applications on the Ethereum ecosystem. It lets users store and swap cryptocurrencies, engage and interact with the Ethereum ecosystem and host a bunch of rapidly growing decentralized applications (dApps).
Although it is a hot wallet, MetaMask also offers seamless integration with hardware wallets like Ledger Nano for added secure storage of user funds. It has recently become an essential utility for blockchain newcomers, token traders, crypto gamers, as well as developers.
1.2. Main Functionality of Metamask
MetaMask offers an array of features that makes dealing with cryptocurrencies a seamless process. Broadly speaking, it has three key functionalities; swaps, dApp access, and storage. By reducing the barrier of entry into the dApps market, MetaMask has established itself as a promising solution for interacting with dApps and tokens on the blockchain. It also introduces a wide audience to the decentralized web, with its easy-to-use interface.
It recently integrated an innovative feature where users can easily swap tokens on the app instead of first connecting to a decentralized exchange like Uniswap. This functionality allows traders to enjoy the best liquidity deal at the lowest fees within the DeFi landscape.
1.3. Platforms & Features
MetaMask is a free web and mobile crypto wallet that is available iOS and Android as a mobile app and also as a browser extension and a desktop version. In addition to its availability on Chrome and Firefox browsers, MetaMask is also available on the Brave Browser and Microsoft Edge.
Users can enjoy convenient experiences, thanks to the availability of web browser integration in the form of plugins. It also offers users with a key vault, secure login, token wallet, and token exchange.
1.4. User’s Rates & Reviews
MetaMask boasts a rating of 4.6 stars out of 5 based on over 22,100 ratings, on the App Store. Google Play users have given a rating of 4.6 stars out of 5 based on over 85,000 ratings. Users from across the globe have reviewed it as the best way to store cash, other than cold storage wallets as it’s easy to use and set up networks.
2. MetaMask Wallet Pros & Cons
Pros and cons of MetaMask wallet
2.1. MetaMask Pros
These are some of the key advantages of MetaMask wallet:
- Users can access this open source software through several browser networks.
- It presents an easy-to-use and user-friendly interface and design.
- The wallet supports all tokens on Ethereum and offers integration with ledger devices.
- The control of private keys are preserved on the internet browser.
2.2. MetaMask Cons
Some of the major disadvantages include:
- MetaMask wallet only supports ERC 20 and Ethereum tokens.
- It lacks a password reset option and has highly limited technical support.
- Being an online wallet, it is easily exposed to the risk of being hacked.
3. How does Coinbase Wallet work? Wallet Overview for Coinbase
Coinbase Wallet: The key to the next level in crypto.
3.1. General Wallet Info
Coinbase Wallet was specifically launched to facilitate the storage of ETH and ERC20 tokens in the vastly growing DeFi landscape. The Coinbase wallet is more focused on the privacy and safety of its users. It implements features like client-side encryption, where a user’s private keys are encrypted on their computers. Since its non-custodial wallet was developed by the Coinbase team, users can seamlessly swap assets between Coinbase wallet and Coinbase exchange.
3.2. Main Functionality
The key functionality of Coinbase Wallet is to help users manage their own private keys and store their crypto assets directly on their devices, successfully eliminating the need of a centralized brokerage or exchange. With its extremely simple and clean UI, it allows users to manage all their digital assets in one secure place.
3.3. Platforms and Features
The Coinbase wallet comes with a mobile app that is available on iOS and Android. The decentralized application is also accessible from your device’s browser. The desktop version of the wallet is known as a “self-custody wallet”, which comes as a category of wallets designed to give users maximum control over their crypto. Its incorporation with the Coinbase exchange platform provides an added security for investors and crypto-enthusiasts to store their digital assets on this wallet.
3.4. Users’ rates and reviews
The Coinbase Wallet has a rating of 4.6 out of 5 based115K ratings on the App store, while a 4.1 out of 5 based on 51.1T reviews on Google Play store. Users who reviewed the app recommend the wallet for its high-end security features.
4. Coinbase Wallet Pros & Cons
An overview of the pros and cons of Coinbase wallet
4.1. Coinbase Wallet Pros
Some of the key benefits of Coinbase Wallet are:
- Easy to use design and interface.
- The platform offers a free registration and maintains crypto coins at relatively decent fees.
- The wallet supports most of the leading cryptocurrencies with top-notch security.
- The company behind that manages the Wallet is sufficiently funded to recover any lost or stolen digital assets.
4.2. Coinbase Wallet Cons
- Limited browser compatibility.
- Users do not have access to their private key.
- It is a more centralized standalone wallet.
5. Which wallet is best for NFT (Opensea, Rarible)?
An overview of the best NFT wallets in 2022
NFT Marketplaces like OpenSea and Rarible are the best places to start if you want to buy or sell NFTs. The best wallet for OpenSea NFT is definitely MetaMask, as it does not support Coinbase at all.
While Coinbase Wallet would be compatible with most NFTs in the future as the team behind Coinbase is slowly expanding its own NFT marketplace.
6 . Which wallet is better to buy cryptocurrency (BTC, ETH, etc.)?
The perfect wallet for buying cryptocurrencies
While Coinbase Wallet is the best crypto wallet for beginners to buy crypto since its an exchange wallet that is intuitive and highly secured, MetaMask is the ideal choice for someone who is keenly interested in Ethereum, as they can seamlessly access Ethereum dApps through their browser.
7. Which wallet is better to exchange cryptocurrency?
The wallet of choice for seamless exchange of cryptos
MetaMask is the best wallet to exchange cryptocurrency since it supports multiple blockchains, like the BNB Chain, Polygon, Avalanche, and offers users access to all the DeFi applications.
8. Is MetaMask wallet better than Coinbase wallet?
A comparison of MetaMask and Coinbase wallet
Coinbase wallet is a better choice if you are a beginner, in terms of security features as it offers more options and protection layers. It also has a more diverse list of supported tokens.
If you want to have access to more DeFi, dApps, and NFT applications, MetaMask could be the best option. For developers working with Ethereum, MetaMask wallet offers more affordable services compared to Coinbase.
9. FAQ
9.1. Can You Connect Coinbase Wallet to Metamask?
No, it is not possible to connect Coinbase directly to MetaMask. Users have to send their cryptos from one wallet to the other.
9.2. Is it safe to store crypto in MetaMask Wallet?
Yes, MetaMask is one of the most secure wallets to store crypto as the platform does not manage private keys.
9.3 Is Coinbase Wallet same as MetaMask?
No, Coinbase and MetaMask are two different wallets with their own distinct and unique features.
9.4. Can I use MetaMask and Coinbase at the same time?
Yes. you can use MetaMask and Coinbse wallet at the same time as they both are two different wallets with unique features of their own.
9.5. Is MetaMask safer than Coinbase?
Both MetaMask and Coinbase wallets are non-custodial wallets and secured.
Coinmarketology Conclusion
Both MetaMask and Coinbase wallets have a strong reputation and thousands of users from across the globe. However, determining one as the best preferred wallet is not logical as each wallet has its unique characteristic and features that cater to different needs and requirements.
