What is Metamask & How to Add Network, Add Token, Deposit and withdraw

 What is Metamask & How to Add Network, Add Token, Deposit and withdraw

Greetings to everyone, I will try to explain everything about Metamask in 2 videos in total. What is a Cryptocurrency Wallet? What are the varieties of Cryptocurrency Wallets? What are Online Wallets? What is Metamask? Which Networks Does It Support? What is Metamask Setup? How can we Add Metamask BSC, Avax, Polygon networks? How can we Add to Metamask Tokens? Also I will talk about Metamask Cryptocurrency Deposit-Withdrawal And Creating multiple wallet accounts in metamask I'll be explaining all it in this article  

 What is a Cryptocurrency Wallet? In the adventure of crypto money that started with the emergence of bitcoin in 2009, people needed a wallet to hold this crypto money, whether to trade with cryptocurrencies, to send it to someone or to store it. Crypto wallets allow you to send and receive cryptocurrencies such as Bitcoin and Ethereum, as well as store private keys, which are passwords that allow you to access your cryptocurrencies. In fact, cryptocurrency wallets do not technically store any crypto assets. it is not like the wallets where we keep classical paper money. 

All cryptocurrencies are on the blockchain, allowing you to access as much cryptocurrencies as your private address has. It is the link of your wallet address to the blockchain that determines that the relevant cryptocurrency and its amount belong to you. That's why your wallet keys, your password, are very important. Now let's move on to the types of wallets. What are Cryptocurrency Wallets? I can give you 4 types of crypto wallets. paper wallet first. I will not go into the details of this at all because it is something like it no longer needs to be used. It is the method used in the early days of bitcoin and it is extremely useless as it needs the internet to access it anyway. The second is your stock market accounts. your wallets here are not actually a wallet that is special to you. 

You can think like a bank. You give your money to the bank and the bank takes a note of how much money you have. When you want to draw, it looks at that note. It says yes, you have that much money, and the bank gives you the money in his wallet. This is how it is in the stock market. It stores your crypto money in its own wallet and takes notes of your crypto money and their amounts. While you normally have your IBAN number in the bank, your wallet address is unique to you here. There is no problem in that part. However, just as if a bank goes bankrupt or closes, your money will go away, and in the same way in the cryptocurrency exchange, if the stock market goes bankrupt or closes, your money goes inside that exchange and you cannot access it. Therefore, although exchanges are very useful for trading cryptocurrencies, they are not suitable for storing large amounts of your assets. even for this reason, sometimes he hears the news, that whale has transferred such a million dollars worth of bitcoin to ethereum exchanges, or this much bitcoin has been transferred from exchanges to wallets, etc. This is due to the fact that accounts holding huge amounts of crypto assets, which we call whales, do not usually keep their assets on exchanges. let's get to the online wallets that most of us have heard a lot about but don't know how to use very well. Online wallets have a structure that only you can access with the passwords determined when creating the wallet. It is a type of wallet where you can store all your crypto assets, connect them to decentralized applications, for example, I will show you how to connect to pancakeswap and make transactions a little later. If the stock market, which I just explained, goes down or closes, you will not suffer as in the example. Only you can access your wallet, and you can make transactions in the applications you connect to as long as you give your consent. 

Therefore, although it may seem a little difficult to use, it is not, we are just not used to it, it is safer and more practical. Finally, hardware wallets have only one difference from online wallets. When you set up an online wallet, you create your own unique wallet address and you are always connected online. When we set up hardware wallets, also called cold wallets, we create a wallet address that belongs to us, but since this is a hardware product, that is, it is usually a USB memory stick, it only interacts when you connect it to the online environment. The advantage of this is that it also protects you against hacking of your computer or phone. Ledger is the only leader in this field. Do not order these wallets from any place other than official addresses and never buy second hand. If it was bought and used before you, the wallet passwords may be in someone else's. What are online wallets? There are many online wallets that work on different networks and work on different browsers. these are the most known and most reliable metamask. We will continue to explain it in the rest of this video. Other known wallets are Trust wallet, phantom, Coin ninety eight, coinbase wallet, bscwallet etc. these wallets may not support some networks or some may not have a mobile application or vice versa only have mobile application but no browser plugin. The metamask, which we will tell, supports a lot of networks and has both a mobile application and a browser plugin. What is Metamask? In fact, we have made the definition with what we have told so far. Online cryptocurrency wallet metamask is a cryptocurrency wallet used to interact with the Ethereum blockchain. Of course, this means that it is compatible with ethereum when first installed. After installing it, we can add other networks to this wallet. It allows users to access their Ethereum wallet via a browser plugin or mobile app that can then be used to interact with decentralized applications.

 What Networks Does Metamask Support? You can store many cryptocurrencies on metamask. For this, you need to add compatible networks to your metamask wallet. If we look at which networks are compatible, we can count some of the most known networks. These are the ethereum network that comes pre- installed, and the others are the binance smart chain network, the avax network and the polygon network. You can import, store and transfer the own crypto money of these networks or all the tokens issued in this network to your mesmask wallet. Before coming to the adding networks part, let's look at how to install metamask. Metamask Setup I will show you how to install Metamask as a browser plugin. However, the situation in mobile is not much different. You can download the application from Playstore or Appstore and follow the same steps. We type metamask into google and click on this link. We add our metamask wallet to our chrome browser by saying add to chrome from here. We can pin our plugin by clicking this button to always see it in the upper right corner. I will show it as a full page for easier understanding. Let's start by clicking this button. If we want to open a wallet that we have created before, we can click on the one on the left. but we want to open a wallet for the first time. so we click on create new wallet. After clicking on this checkbox, it asks us to enter a pin code of at least 8 digits. You can think of it as a phone's screen lock. If you lose your wallet, this password will not be enough to recover it. or if you forget this pin code, you will have to set up the wallet again. We determine the pin code and proceed from here. here is the most important part. please do this part by yourself. The words here will be the key to our wallet. Please do not share your key with anyone. Click on this part to see the words. Once you see the words, we hide them so that you can never lose them and never be seen by anyone. When we enter this key, which consists of 12 words, in the correct order, we will be able to access our wallet. Let's move on to the next step from here. Now we have to write our words here. For convenience, the words will have us sort by clicking on them. but if you want to recover this wallet you will manually type these words yourself. so if you are taking notes by writing with a pen, write legibly. Now let's sort our words. .... After making the correct order, let's click these buttons in order. and yes our wallet is ready. I warn you again. Since I'm doing this to show off this wallet, it's okay to have the words clear, I won't be using it anyway. but be very careful when creating the wallet you will use. our wallet came with ethereum network installed. Currently, we can transfer ethereum and tokens issued on ethereum to this wallet and send them to other wallets or exchanges from here. However, in its current form, we cannot send cryptocurrencies of other networks. so let's add new networks! Adding BSC, AVAX, Polygon to Metamask To add a new network to Metamask, click on ethereum mainnet. Let's fill this page that opens by clicking on the add new network section below. I also write the information we entered here in the description section, so you can easily copy and paste from there. After filling in the required fields, we have added the Binance Smart Chain network by clicking on this part. likewise let's quickly demonstrate how to add the avax mesh and polygon mesh After adding the networks, now let's move on to adding cryptocurrencies Adding tokens to Metamask You have just set up your metamask wallet, you have sent a token from your exchange account to this address on the ethereum network. or you bought a pre-sale token but it does not appear in your wallet. it actually arrived in your wallet but may not be visible. because there are tens of thousands of cryptocurrencies and it is unreasonable for them to appear here. In order for you to see the crypto money in your wallet, we can add the information we call the contract address by typing it. Let's start over in your binance wallet, for example, you sent the UNI token to this wallet. but you can't see it here. what we need to do, you need to copy the contract address, which you can easily find from sites such as coinmarketcap or coinecko, and add it to your wallet. 

We copied the contract address of the UNI token on ethereum, and opened our wallet. We just added a lot of networks here. Let's make sure that ethereum is selected here and let's say import token from the section below. When we paste the contract address, its name will appear. let's add another network token. To add $NAKA, the token of the nakamoto games game on the polygon network, let's first find the coinmarket capten contract address. we copied it. We opened our wallet. We chose the polygon network, we can now see the naka tokens in our wallet by saying import token and pasting NAKA's contract address in this part. If we go back to our topic, let's take a look at how deposit-withdrawal transactions are made in metamask. Deposit-withdrawal process to Metamask Wallet To send cryptocurrencies from your Metamask wallet, the transaction fee is always charged with the local crypto of the network you are using. What does it mean ? For example, if you want to send a cryptocurrency on the Binance smart chain network, you must have BNB in your wallet, if you want to send a cryptocurrency from the polygon network, you must have matic in your wallet. For example, this time we want to send USDT through the binance smart chain. First, let's select our binance smartchain network and copy and paste USDT's contract address on the binance smart chain network. The USDT balance is now visible in our wallet. Now let's open our spot wallet to copy our wallet address and send USDT from our binance account. Let's write the address we copied here to make USDT withdrawals. here it is very important that we choose which network we will send it over. Let's select the BEP20 address, write the amount and start the withdrawal process. The BSC network is among the fastest networks, normally arriving in seconds, but it may take a little longer as it exits the exchange. When you do it between two wallets, you will see that it is very fast. yes, USDTs have arrived in our wallet. The process is actually the same when withdrawing USDT or any other crypto money in your wallet. Which network are we on? BSC, which cryptocurrency USDT. then we can withdraw USDT to any exchange that supports it in the BEP20 network. For example, I opened Bitget, I said deposit, I chose USDT, there are many networks here and I choose BEP20 from here. then I copy it to this address and open my metamask wallet. I select USDT and click send and paste the address here. After choosing the amount, it shows me this much USDT and this much BNB as commission. After clicking on this too, my USDTs are transferred to my account on bitget over the BEP20 network. 

 Creating multiple wallet accounts in Metamask When you set up your Metamask wallet, a wallet address is already installed. But let's say you want to create different wallet addresses. You don't need to re-install metamask for this. if you do, it will be a very long process for you and you will have to re-enter keywords every time to switch to the other wallet. There is a very easy way for this. When you open your Metamask wallet, you can click on the profile icon in the upper right tab, create an account below, or by giving your account a new wallet name. Now, more than one wallet address has been created within the same metamak application. A new keyword group will not be created for the wallet address you just created. If you have created 3 addresses here and then re-installed with these keywords, first your 1st wallet address will be opened. Then, when you say create a new account, your 2nd wallet address will be opened and you can open the 3rd one in the same way. If you have any other questions regarding the use of Metamask, you can ask them in the comments section. In the next video of Metamask, you will be showing how to trade on swap exchanges, how to participate in the pre-sale.