There are different types of cryptocurrency wallets, including hot and cold wallets. Among the hot wallets, browser extension wallets are becoming increasingly popular because they are easy to use and without any software installation.
This article will examine three of the best browser extension wallets you can use to manage your cryptocurrency wallet.
What are browser extension wallets?
Cryptocurrency wallets are known as either software wallets or hardware wallets. Browser extension wallets are not usually considered “software wallets,” even though they are part of the browser software. They are browser extensions that you can access using a supported browser. However, it is known as a hot wallet, a crypto wallet with an active internet connection.
The program works on the browser as a non-wallet, that is, it does not keep the keys to your currency addresses, and it stores all the information in it. Browser wallets are mainly designed for blockchains and may not support crypto tokens from other blockchains.
Browser wallets are excellent for interacting with decentralized applications (DApps), decentralized exchanges (DEXs), and NFT tokens for their blockchains. You can connect a browser wallet to a decentralized platform and use it to buy or sell crypto tokens and NFTs or to use a DApp or other things.
These wallets can also be used to share cryptocurrencies and contribute to liquidity pools, and users can earn rewards from these activities.
If you are considering using one, here are the top three crypto wallets for browser extensions.
1. Metamask
Metamask is by far one of the most popular browser-based cryptocurrency wallets. With over 30 million monthly active users, the wallet is among the most used software in the crypto space.
Metamask basically enables users to interact with the Ethereum blockchain. You can easily access Ethereum wallets through browser extensions and interact with DApps.
Interestingly, Metamask also has a mobile app that you can use to access the same features as with browser extensions.
It has a sync feature that allows you to sync your browser extensions and mobile app to run the same wallet on your browser or mobile device.
The wallet was built primarily for ERC-20 tokens, so it supports altcoins based on Ethereum rather than Bitcoin. It also supports the BEP20 cryptocurrency built on the Binance Smart Chain, giving users access to more crypto tokens, better fees, and faster transaction speed.
Binance Smart Chain and Ethereum are currently the two supported blockchains, and you can switch between them, depending on what you wish to use. You can also add layer 2 solutions, such as Polygon, to your Metamask.
Notably, the wallet supports Trezor, Ledger, Lattice, Keystone, and AirGap Vault hardware wallets, so you can use it to access the tokens you store in any of the cold wallets.
2. Phantom
Phantom is a browser extension portfolio that works with major browsers, including Chrome, Firefox, Brave, and Edge. Like Metamask, it is a wallet that is accessed as a browser extension and used to interact with DApps.
Unlike Metamask, it is a Solana-based wallet. However, they are used for the same purposes as Metamask, including buying, selling, sending, receiving, storing, and exchanging crypto tokens. You can also use Phantom to collect NFT tokens on the Solana blockchain.
The wallet can be considered a competitor to Metamask, considering Solana has been dubbed by some as an “Ethereum killer.” It also has a mobile app that can sync with a browser extension, giving you full access to the wallet using any of the platforms.
Ledger hardware wallet, the main hardware wallet, is supported on Phantom, allowing you to access Solana-based crypto tokens whenever you want. The reason for the increasing popularity of Phantom can be attributed to Solana's growing popularity against Ethereum due to the large gas fees on Ethereum.
In terms of security, Phantom is just like Metamask, as it uses a password to secure the wallet and a 12-word seed phrase to back up the wallet.
3. Nami
Nami is another wallet for browser extensions. The wallet is based on Cardano's blockchain and is used to interact with other DApps and applications on the blockchain. It is also a multi-asset wallet that supports several Cardano-based cryptocurrencies.
With it, you can manage authorizations for rationing and issuance pools, and it is also used to interact with smart contracts after the hard fork Alonzo. It also supports Trezor and Ledger hardware wallets, two of the best hardware crypto wallets to secure your assets.
Although Nami is not as well known as Metamask or even Phantom, Cardano has plans to expand and become more competitive against the best blockchains. This makes it a browser wallet that is likely to become a big deal because everything you can do on Cardano can be done through the wallet.
Unlike Metamask and Phantom, Nami does not currently have a mobile app, so it can only be accessed from supported browsers, which include Chrome, Brave, and Edge. However, this is likely to change in the future, as Cardano is aggressively working to develop each area of its ecosystem.
Nami has a simple user interface that anyone can use, regardless of encryption level or technical knowledge. You can easily set it up within minutes and use it to interact with the Cardano blockchain.
It also has the same security features as Metamask and Phantom, which includes a password and a seed phrase.
One of the interesting things is that it allows you to assign a username to each specific wallet you create. This is a great feature that can make your wallet more personalized without risking your personal data.
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