How to Use MetaMask for Convenient Web 3.0 Betting with Dexsport?
As one of the most popular decentralized wallets, MetaMask is used by tons of users to access their funds and other DApps through the browser or mobile app. Now, you can be part of over 21 million people that have a non-custodial account in MetaMask and enjoy its benefits.
This crypto wallet is designed for Ethereum's features and it's the main option for many users to have secure login and a way to access Web 3.0 platforms and crypto exchanges. You have complete access to manage any of your digital assets.
But did you know that MetaMask can be used for Web 3.0 betting? In this article, we're going to explore how you can use this crypto wallet for your convenient decentralized sports betting experience.
What Is MetaMask?
MetaMask is a decentralized wallet that you can get through a Chrome extension or download to your mobile phone. It allows users to store ETH and all the ERC-20 tokens. You can also invest, trade, play betting games, own unique digital assets (like Non-Fungible Tokens), and much more.
As one of the most popular decentralized applications, MetaMask's principal service is privacy and transparency. You”ll be able to access apps, send transactions, and use many other tools without worrying about security.
In summary, MetaMask is a free open source wallet and it's ideal for anyone that wants to start using crypto.
Steps You Should Follow to Get Started with MetaMask
MetaMask is a completely free decentralized wallet that has tons of features that any other wallet can't match.
So, we have prepared a step-by-step guide to show you what you need to do to start using this Ethereum-blockchain wallet
Download MetaMask on Your PC or Mobile Phone
Before everything, you have to install the MetaMask browser plugin first.
Depending on your browser, there are different places to find it, like the Chrome web store. The same steps apply to every Chromium-based browser, like Firefox or Opera, when installing the MetaMask browser extension.
- Find the MetaMask extension on the Google Chrome Web Store or through the search bar on Google.
- Click on Install MetaMask as a Chrome extension.
- Click Add to Chrome.
- Add Extension.
- Pin MetaMask like any other extension to have it available in your browser's toolbar.
Another way for installing MetaMask wallet is to go to the official website and select Android or iOS in the case of mobile users or Chrome for desktop.
You can also go directly to the store of your preference - App Store or Google Play.
Create a New Wallet
Now that you installed MetaMask, it is time to create a new wallet. Unlike other crypto wallets, this Ethereum wallet doesn't require the user's personal mail for creating an account.
The only thing you need to do is create a password and a secret recovery phrase with a seed phrase tool provided by the platform and follow these steps:
- Click on the MetaMask icon.
- Click on Get Started and select the option Create a wallet.
- Create a password for your account and accept the terms.
- After that, click confirm and reveal the secret words. The platform will give you a 12-word seed phrase, it's recommended that you write these words offline because this secret recovery phrase is not recoverable, either your password.
- On the screen, you need to verify the secret phrase by selecting the previously generated seed phrase in the same order. Click Confirm.
As a recommendation, you should create a strong password for your new account access, other users prefer using a password manager. In this MetaMask tutorial, we suggest storing your MetaMask secret recovery phrase offline.
Deposit Your Cryptocurrency
You can fund your wallet with cryptocurrency by making a deposit from a creditable exchange like FTX, Binance, or Coinbase.
As a piece of advice, BNB can be bought on FTX and deposited into MetaMask without running up a withdrawal transaction fee.
You can easily add funds to your wallet by clicking on the "View Account" option and copying your public address and sharing it with other people.
There are different methods to buy coins offered by MetaMask, and you just need the address of your crypto wallet. To add tokens from an exchange follow these step-by-step instructions.
- Access your MetaMask wallet and copy the public address.
- Go to the crypto exchange of your preference and follow the instructions for sending funds.
- Paste your public address in the "recipient address" field.
- Click confirm to make the deposit. You will see your pending operation in the transaction history.
Swap Crypto to Other Digital Currencies
Metamask allows you to swap several cryptocurrencies with the in-built swapping feature. Exchange ETH for USDT or other ERC-20 tokens you like in a matter of minutes.
Have in mind that you will need to have extra crypto to pay for swapping fees. So, for example, if you want to swap $100 worth of ETH, you may need to have $110 in ETH. It all depends on how congested the network is.
You can do it with all networks, whether it is Ethereum or BNB Chain. We will discuss this subject more later and explain in detail how you can swap a cryptocurrency.
Activities You Can Perform In MetaMask App
MetaMask is one of the most important wallets in the crypto world. Not only is it free as we commented above, but it's also compatible with many of the crypto and Web 3.0 services like sports betting platforms.
This browser extension allows the users to manage their Ethereum wallet with a lot of tools that are ideal for the decentralized web.
Below you can find all you can do with this Ethereum wallet.
Import Existing Wallets
Here is how to do it.
- Open your browser and click on the MetaMask extension.
- Select the option Import Account.
- Enter your wallet's secret recovery phrase (seed phrase).
- Enter the same password from when you created the account.
- Click Import.
- After creating your account, click on the account button.
- Click Import Account.
- Select the entry type of your preference and paste your private key.
- Click Import.
Send & Receive Cryptocurrency
After you set up your MetaMask wallet, you can send and receive funds while exploring the crypto world.
For example, you can explore Web 3.0 decentralized crypto betting platforms such as Dexsport which allow you market predictions, future cryptocurrency rates, and collecting NFTs.
You can send ETH or any other ERC-20 tokens from your wallet without using a centralized exchange like Kanga. Depending on the usage of Ethereum networks the gas fee could vary, so you have to consider this before any transaction.
Here's a step-by-step of how to send your tokens.
- Open the MetaMask Mobile App or Chrome extension.
- Select "Send".
- Scan your recipient's QR Code or paste his public address.
- Check the Ethereum fees and complete your transaction.
To receive funds into your MetaMask wallet you will need to type your account's public addresses in the platform you're using. Here's what you need to do to find your address.
- Open MetaMask and click over the account name for copying your public address.
- Paste your address in the recipient field from the application you are using or share it with the person who is sending funds to you.
- Select the amount and submit the transaction.
After you add funds into your wallet you can use cryptos for activities like swapping or playing in decentralized sports betting.
You can also purchase BNB wherever you are by using any of the third-party services that are available on the platform by selecting the option "Buy". This is a sort of receiving feature.
MetaMask Swap is a feature inside this platform that allows the user to do exactly what its name says: swap one crypto token for another.
This service is convenient and straightforward, and also reduces the number of steps needed and the exposure to a third-party smart contract.
Here's how it works.
- Open your account, either on a desktop or mobile app.
- Click on the Swap and select the tokens you want to swap.
- Click on Review Swap.
- Compare all available quotes and select the best one.
- Click on Swap and wait until the transaction is done.
The principal advantage of MetaMask Swaps is the availability of tons of DEX platforms in the market and the efficiency of the platform that allows the user to find the best prices at the moment. It reduces the number of token approvals, protects slippage, and reduces the gas fee on each swap.
Now, there's another method for swapping tokens in the MetaMask wallet, and it's manually using a DEX (decentralized exchange). For this, you can use PancakeSwap, Kanga, or any other platform.
The following steps explain how to do it with PancakeSwap, nevertheless, on almost every platform the steps are similar.
- Visit the official website of PancakeSwap or use the app on your phone.
- To connect your MetaMask with PancakeSwap, unlock your MetaMask wallet and switch it to the BNB Smart Chain network.
- If you have multiple accounts, select the one where you have the funds.
- Click the Connect button on PancakeSwap and choose MetaMask to connect your wallet.
- Under the trade menu on PancakeSwap select the option "Swap".
- Choose the token you want to swap and enter the amount in the first field, and choose the token you want to receive in the second one.
- Click the Enable button and confirm the transaction.
- Click the Confirm Swap button and reconfirm on your MetaMask wallet.
To note, transaction fees can vary depending on the network that you use, just be sure not to use the Ropsten test network or any other test networks.
Buy BNB or ETH
As a decentralized wallet, Metamask needs ETH or BNB, depending on which network you are working on, to complete transactions and interact with DApps.
The fastest way to have crypto would be to send some of your crypto assets to Metamask. But in case you don”t have them, you can buy BNB or ETH directly in the wallet.
How to Buy ETH
Through your MetaMask mobile wallet, and depending on your location, it may be possible to use a credit card to buy ETH directly on MetaMask. However, to do it you have to consider additional transaction fees and different times for processing the operation.
Here's how to do it:
- Go directly to the MetaMask mobile application and click on Buy ETH.
- Choose the third-party service from your preference on the list displayed.
- Follow the steps provided by the service. You will be asked for Know Your Customer information and the credit/debit card or bank details (depending on the location).
- Click submit to receive your funds on the MetaMask wallet.
To note, you must carefully consider the terms and network fee before you sign up for a third-party service.
Gas fees can go from 0,75% to 3% depending on the service. Weekly transactions could be limited.
How to Buy BNB
The process explained above applies exactly when you”re buying BNB on Metamask. The only difference is that to get BNB, you must be on the BNB Smart Chain network.
If you haven”t activated it yet, you need to follow these steps so you can start seeing BEP-20 tokens in your Metamask wallet.
- Synchronize your MetaMask wallet to the BNB Smart Chain by clicking "Ethereum .
- Mainnet" and then click "custom RPC" to add the network.
- Fill out the required fields and your wallet will be connected.
- Switch your MetaMask wallet to the BNB Smart Chain network for connecting it to your PancakeSwap account.
- Click the connect button on PancakeSwap and select MetaMask on the list.
After this, you can follow the same steps mentioned above but instead, press the “Buy BNB” button.
For every transaction in the BNB Smart Chain DApps, you will need BNB in your MetaMask to pay for gas fees. If the operation is taking too long, you can use a second browser to see your transaction history.
Connect to Hardware Wallets
The most important thing for crypto users is security. That's why a hardware wallet is one of the newest investment advice on the market.
This allows the user to store their private keys and tokens in a secure device that doesn't require an internet connection and provides a full isolation system.
MetaMask can connect with Trezor or Ledger hard wallets. You can manage your coins from there, and sign transactions or messages.
When you connect MetaMask to a hardware wallet, you can interact with sites that use MetaMask without risking your funds.
To use MetaMask with Ledger, you have to install the app of the hardware wallet and sync your accounts.
- Install the Ledger app on your PC and make your account visible.
- Go to Advanced Settings and enable the option Use Ledger Live.
- Automatically, your MetaMask profile and your Ledger account will sync.
After you connect the hardware wallet, it will work like the rest of your MetaMask accounts, but you will need to connect by USB for making transactions.
If you want to delete the device, you can easily do it by deleting the account in your wallet. Remember to store your seed phrase for importing the wallet in the future.
Import & Store NFTs
The NFT market is becoming an important part of the crypto industry. At the moment you create an account on an NFT marketplace a new ETH wallet address is created and associated with the account.
This helps the user to visit and use the credentials for their NFTs. The only thing you need to do is export your private key from the wallet where you have the NFT and import it to your MetaMask account.
To export the private key from the NFT, you need to:
- Visit the website of the wallet.
- Log into your account.
- On the menu icon, select Manage Wallets and copy the public address of your wallet.
- To import an account into MetaMask, you do it like any other account on the platform.
Hold Cryptocurrency to Make Profits
Holding is storing a currency for a long time without selling it in the hopes of getting a profit over time. This is considered the most popular strategy in this market thanks to its passive income features. For example, you can hold DESU for using it at sports betting or benefit from the price rise.
In the case of MetaMask, users can hold different cryptocurrencies, block them, control them and choose when to sell them.
Pay for DApps Transactions
One of the most remarkable features of MetaMask is connecting to decentralized applications or DApps. In order to enjoy the benefits of these apps, you have to connect a wallet, and that's the job of MetaMask on this.
One of the friction points for Ethereum DApps is that the users have to pay a gas fee to get their transactions processed on the blockchain.
MetaMask Snaps is a new way you have to manage your Bitcoins using MetaMask. Originally, BTC wasn”t compatible with this wallet. However, on April 14th, 2022, developers released this information that will change how we use our wallet.
What Is MetaMask? - FAQ
MetaMask is a decentralized wallet in the form of a web browser extension or a mobile app that allows you to save cryptocurrencies from different networks such as ETH or BNB and easily interact with other DApps on the Ethereum blockchain
You can store, swap, buy, sell and exchange your crypto and interact with several decentralized platforms on the internet. For example, PancakeSwap, Ronin DEX, Dexsport, and other projects.
Yes, after you connect the hardware wallet and sync it with your wallet, it will work like any other MetaMask wallet, but you will need to connect it through USB to make transactions.
After this, you will have an extra protection layer between your crypto assets and decentralized platforms.
Not directly, you can buy Wrapped Bitcoin or Binance Pegged Bitcoin, but these have to be converted 1:1 in an exchange to get actual Bitcoins.
Yes, you can buy crypto on MetaMask by using a credit card, debit card, Apple Pay (only in the US), bank transfer, or other cryptocurrencies.
You can see how to buy crypto in MetaMask with a credit card here.
You can import an existing account using the password and the secret recovery phrase.
If you import the account from the PC to the mobile app, you can scan a QR Code.
Yes, you can restore the wallet using the 12-word seed phrase that was given when you opened the account the first time.