The Ethereum wallet MetaMask is accessible as a web browser extension and as an app. In other words, MetaMask enables users to securely store their private keys and access apps and websites that use DApps and smart contracts based on Ethereum, as reported by Cointelegraph.
MetaMask, one of the most widely used cryptocurrency wallets, has exceeded the 30 million user threshold in March 2022. This is mostly because decentralised finance (DeFi) and nonfungible tokens are becoming more popular (NFTs).
Only the so-called ERC-20 tokens, which use the Ethereum blockchain, are compatible with MetaMask. You will need to trade other tokens (those that are not ERC-20 tokens) for ERC-20 tokens if you want to use them. Then, you would be able to save these tokens in your MetaMask.
Zcash, a cryptocurrency that is appropriate for anonymous transactions, serves as an illustration of this. This coin is not an ERC-20 token because it is not based on the Ethereum network. You can still utilise Zcash, though, by wrapping Zcash tokens.
A hardware wallet is not what MetaMask is. It’s a digital wallet. These online-connected wallets, often known as hot wallets, are. You may still link MetaMask to a hardware wallet, though. This enables you to utilise MetaMask with a Ledger, the most popular hardware wallet, as well.
To connect your Ledger hardware wallet to MetaMask, launch the ETH app and choose “Connect Hardware Wallet.” When a pop-up window appears, select your device and click “Connect” to continue.
The Ledger software wallet only serves as a portal when used with the MetaMask browser plugin, not as a wallet. Your private keys are not kept on MetaMask because they never leave the Ledger.
(With insights from Cointelegraph)