Electrum vs. Metamask

[btcb3g1nn3r]

hi,

As the title says, pro's and con's for the two wallets? I know that Electrum it was recommended as the best wallet when I entered the crypto world (yet, I still keep my shitcoins in Binance ) but why Metamask would have  a better rating from other's opinion?

My goal is to buy some shitcoins that are not listed in Binance and Metamask was given as the tool for buying these...

thanks

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[btcb3g1nn3r]

Thanks for explanation.
Yes, I keep stuff on exchange as I am doing daily trading (my goal is to use crypto card for online purchases and to withdraw to bank if I need to buy high value assets, KYC is not an issue for me).

[cryptoaddictchie]

Thanks for explanation.
Yes, I keep stuff on exchange as I am doing daily trading (my goal is to use crypto card for online purchases and to withdraw to bank if I need to buy high value assets, KYC is not an issue for me).

Then good for you mate. Binance have a crypto card but I'm not sure if those can be used already, but I saw some clips on the Internet that it can be used for payment on partners or establishment accept crypto.

What you mean high value asset? Are you referring to gold or House and lot?

[ice18]

What shitcoin you are referring to that you are holding in Binance? Most coins/tokens listed in Binance is top volume and not shitcoin even Doge or Shib, I cant consider it as shitcoins now because they can use it as payment to some merchants just like Bitcoin, BTW, in my simple explanation Electrum wallet is for bitcoin only and Metamask is a web3 wallet for interacting in eth dapps  and other compatibles chains like BSC, Polygon, AVAx, etc., you cannot use metamask in bitcoin or if you want to you can first wrapped btc to eth or other network.   

[mk4]

Thanks for explanation.
Yes, I keep stuff on exchange as I am doing daily trading (my goal is to use crypto card for online purchases and to withdraw to bank if I need to buy high value assets, KYC is not an issue for me).

It's justifiable to leave funds on exchanges if you actually actively trade. But as always, if you have long-term holdings, go get a Trezor or Ledger hardware wallet. Always remember that exchanges are a very hot target for hackers, and get hacked all the time: https://cryptosec.info/exchange-hacks

[joker_josue]

Then good for you mate. Binance have a crypto card but I'm not sure if those can be used already, but I saw some clips on the Internet that it can be used for payment on partners or establishment accept crypto.

Binance card, works great. I've used it in several situations and everything went well.
Now, it depends on the country where you use it. Not all countries have access to the Binance card or all the services provided by it.

[xenon131]

What a strange comparison: Electrum vs. Metamask.

Electrum is a Bitcoin wallet, Metamask is altcoin\token wallet. Keeping any funds on the exchange is a very bad idea, unless you use them in trading. And if you just have them in storage, then I recommend transferring them to a wallet, Metamask is perfect for these purposes, and even better Metamask in conjunction with a cold wallet, for example, Ledger will be the best solution.

Electrum seems to be funny.

[Jawhead999]

but why Metamask would have  a better rating from other's opinion?

Because many people want a free multi-coin wallet and doesn't care with the term be your own bank. That's why electrum and other non-custodial wallet are underrated, even your comparison isn't fair.

My goal is to buy some shitcoins that are not listed in Binance and Metamask was given as the tool for buying these...

Metamask listed all ERC-20 token and other networks too (e.g. BSC) but you're looking for shitcoins that Metamask doesn't support? It's very likely you choose a new shitcoins that has run own his chain, which is very few shitcoins has it.

[Lucius]

As the title says, pro's and con's for the two wallets? I know that Electrum it was recommended as the best wallet when I entered the crypto world (yet, I still keep my shitcoins in Binance ) but why Metamask would have  a better rating from other's opinion?

Electrum can be a very good non-custodial desktop crypto wallet for Bitcoin, but only if you fully understand all its advantages and disadvantages. Users most often lost their BTC for several reasons and therefore should be very careful with the following.

- do not use the search engine in the browser without an ad blocker, it is likely that the results at the top will be links to fake Electrum sites.
- always check the files before installing the wallet by verifying them.
- always take care to protect yourself from clipboard malware that can change your BTC address, which will lead to the loss of your coins.
- never store your seed online or as a plain text document on a computer/smartphone.

Electrum is a good crypto wallet, but it is not resistant to human stupidity, respect all the above and it will serve well as a hot wallet.

As for MetaMask, I've never needed to use it, but as with Electrum, you need to be especially careful when it comes to phishing - over the years I've read a lot of stories about how users lost their tokens because they downloaded a fake extension - which is one of the reasons why I would never use that wallet, it just has no place in the browser.

[tvplus006]

....My goal is to buy some shitcoins that are not listed in Binance and Metamask was given as the tool for buying these...

Metamask will be a really good wallet for buying not only shitcoins. Metamask, in addition to the Ethereum network, also supports a lot of other blockchains, but you won't be able to store bitcoin on it. To store bitcoins, you need to use Electrum, which is really one of the best, designed for storing BTC, but you will not be able to store shitcoins there.

[SquirrelJulietGarden]

As the title says, pro's and con's for the two wallets? I know that Electrum it was recommended as the best wallet when I entered the crypto world (yet, I still keep my shitcoins in Binance ) but why Metamask would have  a better rating from other's opinion?

The best wallet depends on your needs so it is not accurate to say either Electrum or Metamask is the best wallet in crypto.

https://www.lopp.net/bitcoin-information/recommended-wallets.html

Recommended Wallets:
Hardware: Coldcard
Desktop: Electrum
Android: Samourai Wallet
iPhone: Blockstream Green
Web: BitGo
Extreme Privacy: Wasabi
Extreme Security: Casa

Just about Bitcoin wallet, not multiple coins, you see Lopp recommended different wallets for different use case and priority.

It is same for multiple-coin or multiple-chain wallets.

Antonopoulos talked about it too How do I choose a wallet?

[suzanne5223]

....My goal is to buy some shitcoins that are not listed in Binance and Metamask was given as the tool for buying these...

Metamask will be a really good wallet for buying not only shitcoins. Metamask, in addition to the Ethereum network, also supports a lot of other blockchains, but you won't be able to store bitcoin on it. To store bitcoins, you need to use Electrum, which is really one of the best, designed for storing BTC, but you will not be able to store shitcoins there.

Buddy, you can still store Bitcoin on the Metamask wallet using the BEP20, ERC20 and RBTC (rsk mainnet) though all these ecosystems are not on the main BTC chain, and for this reason, some people categorized all the Bitcoin on the blockchain I mentioned as a token not real Bitcoin. However, there BTC price is always the same as the price of the BTC on the Bitcoin main chain.

[Rikafip]

Because many people want a free multi-coin wallet and doesn't care with the term be your own bank. That's why electrum and other non-custodial wallet are underrated, even your comparison isn't fair.

Metamask is non-custodial wallet as well.

Metamask listed all ERC-20 token and other networks too (e.g. BSC) but you're looking for shitcoins that Metamask doesn't support? It's very likely you choose a new shitcoins that has run own his chain, which is very few shitcoins has it.

What (I think) he meant is that he was recommended to use Metamask in order to trade on Uniswap/Pancakeswap, since he referred to shitcoin that are not on Binance, and if you can find something on those two dexes, that's shitcoins. And for that purpose, Metamask is the best and most used wallet.

[NeuroticFish]

Then good for you mate. Binance have a crypto card but I'm not sure if those can be used already, but I saw some clips on the Internet that it can be used for payment on partners or establishment accept crypto.

Binance card, works great. I've used it in several situations and everything went well.
Now, it depends on the country where you use it. Not all countries have access to the Binance card or all the services provided by it.

While it did work good in most cases I've been using it, I've also got quite a big percentage of cases the card was declined. It may very well be 10%+.

As the title says, pro's and con's for the two wallets?

Both are good and they serve for different purpose. So you can use both, preferably with a hardware wallet: Electrum for bitcoin, Metamask for your tokens.

yet, I still keep my shitcoins in Binance

Not your keys, not your coins. You should better safeguard the more valuable coins you intend to hold.
No matter how the exchange is called, it's enough for the things go wrong once and either they fall, either your account is hacked, either some new odd requirements (or bugs) will make you lose that money.
The proper way with exchanges is to not keep too much money there and for too long.

[SquirrelJulietGarden]

Not your keys, not your coins.

It is a website about Not your keys: thttps://notyourkeys.org/

You should better safeguard the more valuable coins you intend to hold.
No matter how the exchange is called, it's enough for the things go wrong once and either they fall, either your account is hacked, either some new odd requirements (or bugs) will make you lose that money.
The proper way with exchanges is to not keep too much money there and for too long.

The proper way is don't leave coins on exchanges if you don't want to sell them. When you want to sell them, make deposit, sell them, and withdraw your money from exchanges.

If you trade, you can leave your coins on exchanges but don't use all capital you have for trading. Trading is less profitable than investment.

[bL4nkcode]

The proper way is don't leave coins on exchanges if you don't want to sell them. When you want to sell them, make deposit, sell them, and withdraw your money from exchanges.

If you trade, you can leave your coins on exchanges but don't use all capital you have for trading. Trading is less profitable than investment.

Base on OP's post history, he seems knew all these stuff, especially s/he day trades.
While lots earn on just basic holding waiting for months or years of profit, but those who trades most earns a lot.

Leaving coins on exchanges is okay if you knew the risks, just don't keep funds there for too long that you serve it as an alternative as a wallet, its a big no no.

[sunsilk]

Thanks for explanation.
Yes, I keep stuff on exchange as I am doing daily trading (my goal is to use crypto card for online purchases and to withdraw to bank if I need to buy high value assets, KYC is not an issue for me).

Since the comparison about these two wallets have been answered and if you're just aiming for a crypto card, you have to be reminded that it's not a good thing to keep your things onto exchanges even it's the most reputable one.

If it's already available in your region since you've mentioned Binance then you shall get it soon. Just for the idea, check what protocol or network of the altcoins that you're about to trade since many are in different chains from Ethereum, Binance Smart Chain and Tron network.

[RapTarX]

The proper way is don't leave coins on exchanges if you don't want to sell them. When you want to sell them, make deposit, sell them, and withdraw your money from exchanges.

Man, in that process, trader would make profit but that wouldn’t be consumed by them. That would be consumed by someone else. Imagine, you are sending ERC20 token from exchange & receiving the same token after few days. There will be ~$40 network fee for both of the transactions.

[tvplus006]

Metamask will be a really good wallet for buying not only shitcoins. Metamask, in addition to the Ethereum network, also supports a lot of other blockchains, but you won't be able to store bitcoin on it. To store bitcoins, you need to use Electrum, which is really one of the best, designed for storing BTC, but you will not be able to store shitcoins there.

Buddy, you can still store Bitcoin on the Metamask wallet using the BEP20, ERC20 and RBTC (rsk mainnet) though all these ecosystems are not on the main BTC chain, and for this reason, some people categorized all the Bitcoin on the blockchain I mentioned as a token not real Bitcoin. However, there BTC price is always the same as the price of the BTC on the Bitcoin main chain.

Answering the OP's question, I was talking about the original Bitcoin, not its Wrapped Bitcoin, which are represented by various custodians. In addition, the main disadvantage of Wrapped Bitcoin is that a centralized custodian is responsible for storing such bitcoin, and therefore they are centralized assets.
And despite the fact that the price of Wrapped Bitcoin is tied to the cost of the original BTC, it is still different.

[coupable]

....My goal is to buy some shitcoins that are not listed in Binance and Metamask was given as the tool for buying these...

Metamask will be a really good wallet for buying not only shitcoins. Metamask, in addition to the Ethereum network, also supports a lot of other blockchains, but you won't be able to store bitcoin on it. To store bitcoins, you need to use Electrum, which is really one of the best, designed for storing BTC, but you will not be able to store shitcoins there.

Buddy, you can still store Bitcoin on the Metamask wallet using the BEP20, ERC20 and RBTC (rsk mainnet) though all these ecosystems are not on the main BTC chain, and for this reason, some people categorized all the Bitcoin on the blockchain I mentioned as a token not real Bitcoin. However, there BTC price is always the same as the price of the BTC on the Bitcoin main chain.

I can understand the concept. But we shouldn't treat those as a real bitcoin. It's just an image of real bitcoin and i would avoid using/recommend it.
I can see how it function as a tool to run an alternative network as an image of bitcoin blockchain within another blockchain. The same way we deal with stable coins within blockchain, but in this case we really don't want it and it will cause a lot of unwilling confusions.