Crypto wallets are essential for storing cryptocurrency and other digital assets in a safe place.
These are similar to online bank accounts except they exist on the blockchain. Among many wallets, Metamask, WalletConnect, and Coinbase Wallet are famous with hundreds and thousands of users from all over the world.
Since there’s a lot of variety, there’s often debate about WalletConnect vs. Metamask. Many new users struggle with picking the best wallet that matches their preferences.
Well, we have researched and tested features on both platforms and have picked out some exclusive details that you must know before signing up on any of them:
WalletConnect Review
WalletConnect is a protocol that links decentralized applications (dApps) with wallets. It is an open-source ecosystem that allows users to make transactions between wallet and dApps once they have approved the link request.
It was founded in 2018 by CEO Pedro Gomes in Switzerland. Currently, WalletConnect is a web app that uses QR codes and deep linking to link wallets to dApps.
How does it work?
The protocol offers API support for 210 wallets and 450 applications including Etherscan, OpenSea, Uniswap, etc. with multi-chain functions on Ethereum, Polkadot, Cosmos, and more.
To explain it better, here is an example:
If you have SOL in your wallet and you want to make a transaction through the Solana blockchain, then you can simply click on “Connect” on the dApp scroll down to WalletConnect, and then select your wallet from the options. The protocol will automatically bridge the two platforms in a secure connection to process the transaction.
In simple words, WalletConnect is not a wallet, it’s an open-source protocol that acts as a bridge on the blockchain to process different operations for Web3 devices.
Pros
- Secure connection between dApps and wallets
- Interoperability
- SaaS / Web support
Cons
- Only for web
- Need to create a separate wallet
- No 24/7 Live Support
MetaMask Wallet Review
MetaMask is an online free crypto wallet that is used to store, buy, sell, and trade digital assets on the Ethereum blockchain. It’s quite similar to how physical purses work where you use fiat currency to buy something, or take out money and store it.
It is one of the most-used crypto wallets around the world. According to the company behind this wallet, ConsenSys, MetaMask has recorded over 10 Million MAUs in 2021, taking the lead in the crypto space.
ConsenSys created this platform to enable users to make transactions with decentralized apps in 2016. Now, it’s a non-custodial wallet, meaning no one can access the funds inside except the owner; 100% ownership over digital assets with its own app.
“MetaMask defined a new kind of cryptocurrency wallet, where users don’t just interact with currencies, but with decentralized applications…” says Dan Finlay, the co-founder.
Metamask supports browsers like Google Chrome, Firefox, Opera, etc, and even has its own mobile application. It supports a variety of Ethereum-based applications and also other blockchain networks.
How does it work?
Using MetaMask is quite easy if you’re familiar with crypto wallets but even if you aren’t, there are tons of tutorials online and the platform itself offers introductory content to get to know about the crypto wallet before signing up.
On signing up, there will be a unique private phrase key that is the only gateway to access the wallet. This phrase key is a set of 12 different words randomly generated on blockchain and can never be guessed by anyone or any software.
The wallet is a secure place to store their assets, keep privacy, and access them whenever they want to on decentralized applications.
Pros
- Self-custody over assets
- High-security and privacy
- Compatible with almost every Ethereum dApp
Cons
- Can be locked out forever if the phrase key is lost
- Only compatible with the Ethereum blockchain
- Stores Ethereum-based tokens only
- No 24/7 support service
WalletConnect vs. MetaMask
Now that you know everything about both platforms, you can finally understand how they both differ and are similar to one another.
WalletConnect is essentially a protocol that you can use to connect to different decentralized applications with your wallet. It establishes a secure and remote connection on the Ethereum blockchain and other supported chains between two peers.
MetaMask, on the other hand, is used to store, buy, sell, and trade ETH-based tokens. It’s the platform you use to access the cryptocurrencies and have full ownership over your assets including NFTs on Ethereum.
You need to link MetaMask on WalletConnect to connect with other applications. It’s quite simple.
How to use WalletConnect with Metamask?
Many users believe the best WalletConect wallet is Metamask because it’s compatible with most decentralized applications. Here’s how you can use it:
- On any decentralized website, click on Connect and select WalletConnect
- A QR code will appear on the screen.
- On your phone, open the MetaMask app. Click on the square icon on the top right of the screen
- Scan the QR code. Click on Connect and select Sign to give the protocol approval to access your wallet
- You will be redirected and logged in to the website
Metamask vs. Coinbase wallet
Along with Metamask, WalletConnect also supports Coinbase wallet, which is created by Coinbase Global, Inc., the cryptocurrency exchange. Users can buy, sell, and trade all kinds of cryptocurrencies on this platform at a low gas fee.
As mentioned above, Metamask only supports tokens on the Ethereum blockchain, so if you want to buy other virtual currencies, you either convert them to Ether or use other wallets that offer compatibility. This is the biggest difference between the two.
Furthermore, the Coinbase wallet isn’t compatible with hardware wallets but Metamask is and also offers open-source features to users. Both platforms offer staking and swapping functions along with NFT storage support.
What’s the best crypto wallet for you?
Every wallet has a different function that makes it stand out from others. When picking out a wallet to store your funds in, you should consider the following factors:
Compatibility: It should support the majority of decentralized websites and apps, so you don’t need to waste gas money on transferring to other platforms to access transactions.
Token support: Decide whether you want to keep assets in ETH or other tokens, then pick them out based on those preferences. For example, choose Metamask if you want ETH and pick Coinbase wallet if you want Bitcoin.
Type of wallet: Choose the type of wallet you want: Hot, Cold, Non-custodial, or Custodial; each kind has its own pros and cons.
Security and Privacy: The biggest factor before storing your precious assets is the level of security and privacy that the wallet offers.
Final words
Wallets are essential in the crypto wallet because they are not only used to access assets from different platforms but also safely store them. If you’re new to the blockchain industry, creating a wallet is the first step to getting started.
The above-mentioned information will help you decide what wallet is best for you based on your preferences; whether you want MetaMask or Coinbase. Furthermore, you can only use WalletConnect if you have a wallet.
