In April 2023, MetaMask launched a new feature to allow users to buy cryptocurrencies with fiat methods directly from within the wallet. This distinction sets MetaMask apart from now-bankrupt platforms like FTX and Celsius, which solely relied on third parties for liquidity and consequently misused customer funds. Moreover, the wallet relies on liquidity providers for completing transactions, eliminating the need for third-party intermediaries for liquidity of trades. Its unique feature is the ability to securely connect users to different blockchain-based applications and explore the decentralized web 3.0. MetaMask is a non-custodial wallet, meaning that users are always in control of their private keys. The wallet is available as both a mobile app and a browser extension, compatible with leading web browsers. Today, it supports a wide range of functionalities including storage, purchasing, sending, conversion, and swapping of different cryptocurrencies. For secure web wallet options to hold Bitcoin, consider Wallet of Satoshi.Based in San Francisco, MetaMask is a decentralized Ethereum wallet that was launched by Aaron Davis in 2016 and is currently operated by ConsenSys. To buy WBTC, use a trusted decentralized exchange like Uniswap. However, Wrapped Bitcoin (WBTC) can be held on MetaMask as an ERC-20 token, enabling BTC utilization in the Ethereum and Web 3.0 ecosystem. In summary, Bitcoin cannot be added to MetaMask Wallet due to its incompatibility with Ethereum Virtual Machine. We recommend reading the WBTC whitepaper and researching third-party audits before making any decisions. That said, there are always risks involved with wrapped tokens, so it’s important to do your research. The tokens are also 100% redeemable and backed 1:1 with Bitcoin, so users can always exchange their WBTC for BTC at any time. It is considered safe to use because it is held in a secure multi-signature wallet that requires 3 signatures in order for funds to be moved. Wrapped Bitcoin is the largest and most liquid BTC collateralized token on Ethereum and other Layer 1 & Layer 2 blockchains. We recommend checking out Defillama to find the safest and highest yielding opportunities for WBTC. By using large decentralized finance protocols, users can earn up 10% APY in interest from DeFi money market deposits, liquidity provision and other strategies. One of the biggest advantages to WBTC over BTC is that it offers a load of DeFi yield farming opportunities across major networks like Ethereum, Polygon, Avalanche and more. The best way to buy WBTC with your MetaMask Wallet is through a trusted decentralized exchange like Uniswap. With this method, you can easily swap ETH, USDC or another token for WBTC that can be held in your wallet. The reason why you can add WBTC to your MetaMask Wallet is that it is an ERC-20 token, just like ETH, USDC, USDT, and other assets that the wallet supports. This version of Bitcoin is represented by a token on the Ethereum Blockchain and has a 1:1 peg to Bitcoin. However, it is possible to hold a wrapped version of Bitcoin, called WBTC (Wrapped Bitcoin), on a MetaMask Wallet. No, MetaMask Wallet can not directly custody Bitcoin (BTC) from the Bitcoin blockchain because it is not Ethereum Virtual Machine (EVM) compatible. Wallet of Satoshi - A Bitcoin Lightning Wallet.
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