They are two of the most popular product offerings in the digital asset industry. Specifically, MetaMask has evolved to become one of the most popular digital wallet options for crypto investors. Moreover, Bitcoin (BTC) has consistently been the most prominent digital asset on the market. So, can MetaMask hold Bitcoin? Let’s dig further into it.
The two products are among the most vital to any investor in digital assets. For many, Bitcoin is the standard bearer for what a cryptocurrency could be. Indeed, it has dominated the market, and become a wealth acquisition tool for many.
Alternatively, the custody of one’s digital assets is of the utmost importance. Subsequently, MetaMask has evolved in recent years to be one of the most popular wallet options. Moreover, among the large list of digital assets that it is able to hold, let’s uncover whether or not Bitcoin is among them.
The MetaMask Wallet
As previously stated, MetaMask is among the most popular crypto wallets on the market. Moreover, it is immensely popular for the ease of use that it provides investors. Specifically, the wallet is available as a web browser extension and presents crypto investors with a safe and secure option among the vast array of cryptocurrency wallets on the market.
Safety and security are vital for any digital wallet option, and MetaMask passes that test. It allows its users to store private keys, and use applications and smart contacts from the Ethereum ecosystem. Although it is not a hardware wallet- which would provide optimal security- it is still an impressive digital option.
MetaMask has more than 10 million daily active users and has grown alongside the overall growth of decentralized finance (DeFi). However, the one downside that many could find with the wallet is its limited support functionality. Specifically, it only supports the Ethereum blockchain. Which creates a small problem regarding the most popular cryptocurrency on the market.
Can MetaMask Hold Bitcoin?
Despite it being one of the most popular fungible tokens on the market, you are currently unable to use MetaMask to hold Bitcoin. Specifically, MetaMask is an Ethereum wallet, which means it can only support tokens that are on the Ethereum blockchain. These digital assets, called ERC-20 tokens, are the only ones that can be supported by the digital wallet.
It doesn’t appear that Bitcoin will ever be fully supported by the wallet. Specifically, the competition between both networks limits that potential. However, there is a way to send Bitcoin to MetaMask using Ethereum’s capabilities.
BTC Alternatives
To store a digital asset on MetaMask, it needs to be an ERC-20 token. Moreover, although traditional Bitcoin is not, there is a way to get it there. You have two primary options; the first is to exchange the Bitcoin you have for Ether (ETH). This allows you to easily store that asset in your wallet. Conversely, you are able to send what is called Wrapped BTC (wBTC) to your wallet and store it.
Wrapped BTC is a separate token from traditional Bitcoin, but represents BTC. Specifically, a wrapped token is an asset that is pegged to another original crypto. Thus, in the case of BTC, wBTC is pegged to Bitcoin. Subsequently, it makes the transition across blockchains rather simple with the capabilities of many exchanges.