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Author Topic: Bitcoin + MetaMask?  (Read 286 times)
worle1bm
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October 06, 2022, 06:42:19 AM
 #21

You can add Bitcoins to Metamask,
Sure, but don't get people confused here. I used seed which I used for metamask and electrum wallet.
You can't add bitcoin to metamask as it's only support the Ethereum chain at the moment and ERC-20 tokens built over that and bitcoin has a seperate chain of it's own so you are actually confusing the WBTC with BTC which is not correct.As others have said you can't import seed to metamask for bitcoin and you will have to use other wallets like electrum you have said.

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October 06, 2022, 10:19:24 AM
 #22

It's an easy task, but it's not MetaMask, because MetaMask is based on Ethereum. It's the same as arguing it can work as a calculator, because implementing a calculator is an easy task.

Just because MetaMask is solely for the Ethereum network right now doesn't change that fact that they can't pivot to be something like TrustWallet/Exodus/LedgerLive which caters to multiple blockchains.

That's what I also said: as it is, MetaMask cannot just add Bitcoin like it does with ERC-20 tokens, since we talk about different blockchains.

Whether they enhance it to cover other blockchains or not, it's up to them, but it would be quite a change. Only afterwards they'll be able to work with actual Bitcoin.
Just.. bitcoiners tend to be more careful and may not be so happy to use a browser extension with their money. So the effort may not worth it. And I have a feeling they're also thinking like this.

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October 06, 2022, 12:12:06 PM
 #23

I feel like it's going to be something that you could already do, a wrapped bitcoin could be done on metamask even right now, I owned some back in the day last year when defi was bigger, but I am not expecting them to add regular bitcoin that easily.

The difference between wrapped version and the real version is that during wrapped version you would have erc20 or bsc20 bitcoin and those chains already exist, but during the original it is going to require a lot of coding and development to add that. Remember, metamask is not exactly a wallet, your money is with you, metamask is just a tool that you use to reach your money, it doesn't hold your money anywhere, money is in your own wallet, metamask only is a UI that makes it easier to control it.

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October 06, 2022, 12:41:37 PM
 #24

Technically, I get that Bitcoin isn't an ERC20 token so it's not compatible with MetaMask which is Ethereum-based, but there's the option of wrapped BTC right? So does it even make sense to add Bitcoin support for MetaMask? Seems like a low priority.
Bitcoin is still Bitcoin doesn't need to be wrapped and doesn't need to be on Metamask. See now Ethereum is closer to Centralization than the decentralization it holds. After all, Bitcoin that is wrapped will only be considered to be out of its main purpose. Again even though it is considered reasonable but believe me there will be a lot of resistance in this case. Maybe you already know that some wallets like Metamask are often a hotbed for hackers in carrying out coin theft, and dusting attacks and also often connecting them to dangerous websites. Isn't it a little bit that such cases leave very valuable Bitcoins open for malware to infiltrate?

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October 07, 2022, 04:33:57 AM
 #25

Have you wondered why altcoin founders create their own tokens instead of using Bitcoin which simply works better than any altcoin? For exactly the same reason Metamask will never add Bitcoin into its software. They have no financial incentive to include something decentralized like the Bitcoin blockchain. ConsenSys Software Inc. owns Metamask as well as a company Infura that provides API to Ethereum full nodes. Given that it is infeasible for common people to have their own full nodes running, ConsenSys makes money selling access to this centralized bullshit while also making money staking these useless coins. In the case of Bitcoin, however, you don't make money just by running a full node, and you can't sell anything because a full node can be spun up even on small devices like Raspberry Pi, which means if you need one, you can have one without subscription to API. Unlike Bitcoin, its full nodes aren't scarce, whereas, in Ethereum, the coin itself is abundant, but its nodes are very rare.

They actually have the incentive. Not because they don't get to directly benefit from adding BTC, doesn't mean that there isn't any incentives. Them dominating the crypto wallet category gives them a huge advantage regardless if they directly make money from BTC or not.

P.S. MetaMask is making bank from the "swap" feature of their wallet.

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