Making a MetaMask Transaction

In this lesson you will learn how to identify the steps in successfully sending and receiving tokens on MetaMask, and troubleshooting these transactions.
July 5, 2022

Making a MetaMask Transaction


Metamask is a popular web3/crypto wallet, in this lesson you will learn how to identify the important information you will need to be able to make a transaction as well as the steps in successfully sending and receiving tokens, and troubleshooting these transactions. For information on how blockchain transactions happen check out this lesson: How Blockchain/crypto transactions happen.

In this lesson you will learn how to identify the important information you will need to be able to make a transaction as well as the steps in successfully sending and receiving tokens, and troubleshooting these transactions.

There are two main components you’ll need to familiarize yourself with so that you can begin using a MetaMask Wallet:

  • Identifying your public address: This is the address you can freely share with people or platforms like exchanges in order to receive cryptocurrency into your wallet. 

Think of it as your home address that you share with people to receive inbound mail. It’s always advisable, to make sure any inbound tokens are compatible with MetaMask’s network first before receiving them, otherwise, they might be lost forever.

  • How to fund/buy and send: These are the core functions of MetaMask.

Your public address can be found by clicking the “Account 1″ button to automatically copy it.

To interact with any application on the Ethereum platform, your MetaMask wallet needs to have funds for purchase and transaction processing. The native cryptocurrency on the Ethereum chain is Ethereum. 

Any transaction on the blockchain is associated with a fee, whether that’s transferring tokens from A to B or minting (creating) an NFT. This fee, known as a “gas” fee, is denominated in ether.

You can purchase Ether from a third-party provider by hitting the “buy” button.

Ether can be purchased using a debit card, bank transfer, or by exchanging it for other crypto tokens you hold. 

Once the Ether is in your wallet, you can start exchanging tokens within MetaMask interface and sending crypto assets to the other wallets or begin using other platforms like NFT marketplaces or DeFi (Decentralized Finance) platforms.

For connecting MetaMask to other platforms, you will most likely see a “connect” button in the top right corner of the screen. 

You may need to sign a transaction in order to complete the connection process. This doesn’t cost you anything, it simply proves you have control over the wallet.

Important: With scam websites luring people to connect their wallets and steal their assets, it is vital to verify that you are using the correct website. Once you connect your wallet to the phishing website, it is like giving access to hackers to use your wallet.

Troubleshooting

The transaction, that hasn't been finalized, will  be shown as "pending" in blockchain explorer: MetaMask wallet has a bug, or something was misconfigured regarding the network you're trying to use; there was a connectivity error.

A common issue is that the user, in an attempt to pay less for their transaction, sets a very low gas limit, and network conditions are so congested that there isn't space in any blocks for such a "cheap" transaction, sometimes for a very long time: eventually, this transaction will become "stale" and will have to be canceled by the user.

If you have a pending transaction, you can either speed up the transaction or cancel it. Both of these options will require extra gas cost, as someone will have to perform your desired action and be rewarded for it.

Summary

MetaMask is a free web3 crypto wallet browser extension and mobile application that can be connected to virtually any Ethereum-based platform. Metamask is connecting the user with web3 applications by propagating the transaction to the blockchain network. 

MetaMask wallet is an application that can be installed on most devices. Making transactions on Metamask is pretty intuitive, just make sure you have:

  1. When sending, receiving, or buying tokens make sure that you are using the correct Public Address.
  2. When doing any transaction, ensure you have enough ETH in your wallet. You can purchase Eth directly through metamask or through 3rd party exchanges. 
Sources:
  1. https://metamask.zendesk.com  
  2. https://www.euromoney.com

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