Cryptocurrency wallets are either centralized cryptocurrency exchanges (custodial) or decentralized (non-custodial). Centralized wallets are usually handled by a cryptocurrency exchange like Binance or Coinbase where currency is stored for trading. The main downfall of centralized wallets is the possibility of investors losing control of their assets. The recent Celsius drama reminded the Web3 world of the meaning behind “not your keys, not your crypto.”
Trading With Crypto Wallets on Decentralized Exchanges (DEXs)
This is why many investors quickly migrate off centralized exchanges and into non-custodial wallets where users maintain full ownership of their crypto at all times. These wallets provide access to DEXs like Uniswap and Pancakeswap where investors can trade a variety of coins not supported on centralized exchanges and hold those coins in their own wallet.
MetaMask Extends Capabilities to Support Bitcoin
When new cryptocurrency investors eventually take their trading off centralized platforms, the first place they land is often the most popular Decentralized Wallet, MetaMask. Upon downloading the app, most users will quickly notice their Bitcoin is not supported.
Bitcoin has not been available to add to metamask because it is not an ERC-20 token but rather a coin that operates on its own chain. In the past, Bitcoin had to be accessed either by connecting a hardware wallet or users had to transact in wrapped Bitcoin (wBTC) or Binance pegged Bitcoin (BTCB) in order to use this asset within MetaMask. Last week, JustSnap.io announced on twitter that anyone can now manage their Bitcoin within the MetaMask interface using BTCSnap:
Customizing the MetaMask Wallet Experience
According to the metamask docs, “snaps is a system that allows anyone to safely extend the capabilities of MetaMask.” It is essentially a program that can customize the wallet experience and creates features within MetaMask that were impossible before.
Bitcoin is Now an Option on MetaMask Using BTCSnap
BTCSnap launched their mainnet version on November 3rd. According to the SnapsDao GitHub, “since Snaps is pre-release software, BitcoinSnap is currently live on Metamask Flask only, a canary distribution for developers that provides access to upcoming features.” Users who want to try it out will need the Flask browser Metamask extension available on Chrome and Firefox that enables 3rd party decentralized applications (dApps) to operate within Metamask.
During the pre-release stage, mostly seasoned developers are trying out this feature. Newer users should wait for announcements from MetaMask and full integration prior to accessing BTCSnap to steer clear of any potential problems or scams.
MetaMask Grants DAO to Support Developers
ConsenSys, a leading Ethereum blockchain software company, announced the funding of MetaMask grants DAO which will issue grants to developers creating valuable experiences within Metamask similar to BTCSnap. According to MetaMask News, “Making MetaMask the most extensible wallet in the world requires decentralizing efforts.” Their aim is to empower their communities and accelerate growth for the ‘crypto-comfortable’ and boost adoption for the ‘crypto-curious.’ Fans of the wallet should keep an eye on new features that may be released in the near future.
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