{"id":399,"date":"2022-11-14T15:05:38","date_gmt":"2022-11-14T15:05:38","guid":{"rendered":"http:\/\/78.47.81.216\/?p=399"},"modified":"2022-12-19T09:43:05","modified_gmt":"2022-12-19T09:43:05","slug":"how-to-create-and-setup-metamask-wallet-beginners-guide","status":"publish","type":"post","link":"https:\/\/blog.ag.qubiq.cc\/?p=399","title":{"rendered":"How to Create and Setup MetaMask Wallet? Beginners Guide"},"content":{"rendered":"\n

MetaMask is one of the most popular wallets today. It\u2019s free of charge, easy to use, and can be connected to virtually any Ethereum-based platform. Let\u2019s learn more about it and try to install the wallet.<\/p>\n\n\n\n

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What is MetaMask<\/strong><\/p>\n\n\n\n

It is a software, non-custodial cryptocurrency wallet that enables users to store, transfer and receive Ether and other ERC-20 tokens. MetaMask works as a browser extension.<\/p>\n\n\n\n

How to use MetaMask<\/strong><\/p>\n\n\n\n

Users can manage their MetaMask wallets via the mobile application, as well as via the browser plugin that works with Chrome, Firefox and Opera. To use the wallet, one should be registered.<\/p>\n\n\n\n

How does MetaMask work<\/strong><\/p>\n\n\n\n

It serves as a bridge between the Ethereum network and your browser. MetaMask operates with JavaScript, and appears on the web page you\u2019re on in case you want to connect your wallet to some dapps, or process a payment.<\/p>\n\n\n\n

What is MetaMask used for<\/strong><\/p>\n\n\n\n

MetaMask allows users to store and swap cryptocurrencies, interact with the Ethereum blockchain ecosystem, and host a growing number of decentralized applications.<\/p>\n\n\n\n

MetaMask supported coins<\/strong><\/p>\n\n\n\n

The wallet supports over 450,000 coins across the Ethereum Network, BNB Chain, Polygon, and Avalanche. Recently it also started supporting NFT assets. MetaMask doesn\u2019t support BTC, though.<\/p>\n\n\n\n

MetaMask fee<\/strong><\/p>\n\n\n\n

A service fee of 0.875% is automatically factored into each quote. Users also pay gas for transactions. There are three fee options: low \u2014 lowest price and speed, market \u2014 a medium price for reasonable speed, aggressive \u2014 biggest fee and the highest transaction speed.<\/p>\n\n\n\n

Is MetaMask safe?<\/strong><\/p>\n\n\n\n

MetaMask claims to be focused on privacy. The wallet is backed by a large community of users and developers who are constantly reviewing and updating their source code. There have not been any major hacking incidents yet. However, the biggest risk about MetaMask is that it\u2019s a hot wallet which might be vulnerable to online threats like hacking, phishing, and theft.<\/p>\n\n\n\n

How to set up MetaMask<\/strong><\/p>\n\n\n\n

Finally, let\u2019s try to create our own MetaMask wallet in two simple steps.<\/p>\n\n\n\n

#1. Download and install MetaMask<\/strong><\/p>\n\n\n\n

Go to https:\/\/metamask.io\/<\/a> and click the download button. Choose your browser (e.g. Chrome), then click on \u201cInstall MetaMask for Chrome\u2019\u2019. It will take you to the store where you should click on \u201cAdd to Chrome\u201d. The extension will appear in the plugin menu.<\/p>\n\n\n\n

#2. Create an account.<\/strong><\/p>\n\n\n\n

Click on the extension icon in the upper right corner to open MetaMask. Click \u201cTry it now\u201d to install the latest version. Then click \u201cContinue\u201d. Think up a new password and click \u201cCreate\u201d. Proceed by clicking Next and accept the Terms of Use.<\/p>\n\n\n\n

Now we have come up to the most important moment \u2014 the secret phrase. It\u2019s a 12 word seed phrase, and the only thing to recover your password in case you forget it. Click \u201cReveal Secret Words<\/a>\u201d. It\u2019s recommended not to store the phrase digitally, so better take your time and write it down on a paper.<\/p>\n\n\n\n

Verify your secret phrase by selecting the previously generated phrase in order. Click \u201cConfirm\u201d. Hooray! You have created your MetaMask account successfully.<\/p>\n","protected":false},"excerpt":{"rendered":"

MetaMask is one of the most popular wallets today. It\u2019s free of charge, easy to use, and can be connected to virtually any Ethereum-based platform. Let\u2019s learn more about it and try to install the wallet. What is MetaMask It is a software, non-custodial cryptocurrency wallet that enables users to store, transfer and receive Ether […]<\/p>\n","protected":false},"author":7,"featured_media":400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[38,47],"authors":[37],"class_list":["post-399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-education","tag-wallet","authors-alphaguilty"],"acf":{"reading_time":3},"author-name":"AG Content Manager","suggested-articles":[{"ID":972,"post_author":"7","post_date":"2023-02-22 12:12:10","post_date_gmt":"2023-02-22 12:12:10","post_content":"\n

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Want to know about\u00a0the taxation of crypto earnings?\u00a0Whether you are making or receiving\u00a0payments in \u0441ryptocurrency\u00a0or probably\u00a0interested in\u00a0trading, this post will be useful to you.<\/p>\n\n\n\n

When referring to cryptocurrency trading, people frequently refer to virtual assets with its own internal security (the blockchain) that is part of a decentralized ecosystem (none of the existing financial institutions are involved). Nevertheless, the United States tax law perceives cryptocurrencies as property rather than currency. For this reason, it is obviously necessary to clarify the tax problem. The most often asked issues concerning crypto tax will be addressed in this post, which will also assist you in avoiding problems with the tax authorities.<\/p>\n\n\n\n

Is it obligatory to report crypto<\/strong> when preparing a tax report<\/strong> ?<\/h2>\n\n\n\n

As we discussed earlier, crypto is referred to as property rather than money, as mentioned in IRS Notice 2014-21. This means that whenever filling Schedule D along with Form8949 it is required to include these assets. As a result, every transaction involving cryptocurrency are going to have the identical impact on your crypto tax as those involving common money (like dollars). So, a tax return is a necessity.<\/p>\n\n\n\n

How much tax does cryptocurrencies entail ?<\/h2>\n\n\n\n

We will look at this question from the perspective of term of owning. The amount of taxes is determined due to the period of time you possessed your assets.<\/p>\n\n\n\n

A short-term profit is the one that occurs in the case of getting it from assets that have been owned for a period shorter than 12 months. Therefore, according to the amount of your income, taxes may be in the range of 10 to 37 percent in this case.<\/p>\n\n\n\n

Other rates are applied if you earned profit from assets that were sold in a period exceeding one year. In this case the taxes will fluctuate within 0 - 20%. <\/p>\n\n\n\n

The way you can determine how much crypto revenue you have on your account?<\/h2>\n\n\n\n

<\/p>\n\n\n\n

    \n
  1. Find out your asset's adjusted basis value. This includes fees you may have paid in addition to the cost of buying a particular asset.<\/li>\n\n\n\n
  2. You will need to subtract all the paid fees from the sale price in order to get the correct figure when you establish the adjusted basis value while selling your assets on \nexchanges.<\/li>\n\n\n\n
  3. \nIf the first is greater than the second, you have lost money. If vice versa, it means you have earned money.<\/li>\n<\/ol>\n\n\n\n

    \nIRS Publication No. 551 will be referred to in order to calculate the basis in the case where crypto was obtained as a gift.\n\n<\/p>\n\n\n\n

    \nIn order to prevent mistakes while creating reports, we also advise utilizing special tax software.<\/p>\n\n\n\n

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    How should I mention crypto<\/strong> income on my tax return<\/strong>?<\/h2>\n\n\n\n

    The way you specify and report such income strongly depends on how you got the asset and what operations were made with it during the period. Cryptocurrency assets may be obtained in a number of ways. <\/p>\n\n\n\n

    You will submit taxes differently based on the following:<\/p>\n\n\n\n