Electrum vs. Metamask | Bitcointalksearch.org

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Quote from: coupable on November 06, 2021, 03:06:26 PM

Quote from: suzanne5223 on November 04, 2021, 01:37:22 PM

Quote from: coupable on November 03, 2021, 05:34:36 PM

Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

....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.

Agreed but they are just alternative systems which I believe was created by Bitcoin enthusiasts and the last time I check Pompliano was among one of the project angel investors.
I know about all these projects through Binance and when I invested in the Sovryn project.

I don't really think that it was creaated by bitcoin enthousiasts as most of them are minted within exchanges for specific purposes. For me, it gets more confused to see Pompliano as one of those project investors and still can't figure out why he is involved in such a project. Was it a way maybe to solve bitcoin blockchain problems? Who knows?
I was struggled with stable coins which seems to me as another form of the classic money destinated only for traders to avoid big dump loss. But with bitcoin, what should be the purpose of treating it as a token!?

I understand your point and I also know Pompliano as one the major Bitcoin investor which also represents Bitcoin in some crypto currency debate. I was skeptical why someone like him invested in sovyrn/rsk until I see that the project as a smart contract which was secured by the Bitcoin network. I believe it will serve as the expansion of Bitcoin and blockchain problem

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Quote from: suzanne5223 on November 04, 2021, 01:37:22 PM

Quote from: coupable on November 03, 2021, 05:34:36 PM

Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

....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.

Agreed but they are just alternative systems which I believe was created by Bitcoin enthusiasts and the last time I check Pompliano was among one of the project angel investors.
I know about all these projects through Binance and when I invested in the Sovryn project.

I don't really think that it was creaated by bitcoin enthousiasts as most of them are minted within exchanges for specific purposes. For me, it gets more confused to see Pompliano as one of those project investors and still can't figure out why he is involved in such a project. Was it a way maybe to solve bitcoin blockchain problems? Who knows?
I was struggled with stable coins which seems to me as another form of the classic money destinated only for traders to avoid big dump loss. But with bitcoin, what should be the purpose of treating it as a token!?

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Quote from: cryptoaddictchie on November 05, 2021, 08:37:26 AM

I see so the only downside is its not yet supported on our country and I hope soon it will be also available.

Have you tried Coinbase-Revolut combination, since Binance card is not yet available?

Quote from: Rikafip on November 05, 2021, 04:38:46 AM

Does it done on Binance app this process. Just need to reload my spot to card balance and its a good to go. If yes then its so exciting mate.

Yes, all that can be done via mobile app as well, even though I am rarely using it. Somehow I feel more secure accessing Binance and doing that via PC. But its not a bad thing when you are out, have to pay for something and you are low on card funds.

Quote from: cryptoaddictchie on November 05, 2021, 08:37:26 AM

And this funds can withdraw anytime right to any atm worldwide.

So far I tried withdrawing fiat using ATM in several EU countries and in UAE, worked like a charm so I see no reason why it shouldn't work in the rest of the world as well. After all, its Visa. The only thing that you have to be careful of is fee; in EU it was usually 1%, while in UAE it was 2% fee. Or maybe I just picked up the bad ATM there.

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Quote from: Rikafip on November 05, 2021, 04:38:46 AM

When it comes to funds that you want to spend, you will have to transfer crypto from your spot wallet to card itself, but it's done in a click and transfer is instant.

Does it done on Binance app this process. Just need to reload my spot to card balance and its a good to go. If yes then its so exciting mate. Damn, binance really have a good features. And this funds can withdraw anytime right to any atm worldwide.

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Quote from: cryptoaddictchie on November 05, 2021, 04:32:20 AM

Oh I see. So it worked like a regular debit card that needs some ID before Binance issue one for you. But is it free when availing the card? I just hope it could get available on Asian countries too.

Yep, its works like any other debit card that you can use for cashing out, paying online etc and card is free. Best is to check Binance if your country is supported.

Quote from: Rikafip on November 05, 2021, 04:14:28 AM

Mate can I ask if the funds on your Binance account is simply the funds residing on the card? For example, you have 1eth or 20 axs or any tokens that are valuable, if you decide to cash out fiat to any atm it would process automatically like it would give you certain fiat based on the number of amount you want to withdraw?

When it comes to funds that you want to spend, you will have to transfer crypto from your spot wallet to card itself, but it's done in a click and transfer is instant. You also get cashback based on amount of BNB you hodl, while default cashback is 1% and you don't need any BNB to get that.

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Quote from: Rikafip on November 05, 2021, 04:14:28 AM

The biggest downside is that you will have to go through KYC in order to get the card.

Oh I see. So it worked like a regular debit card that needs some ID before Binance issue one for you. But is it free when availing the card? I just hope it could get available on Asian countries too.

Quote from: Rikafip on November 05, 2021, 04:14:28 AM

Beside those occasional glitches and KYC thing, I am overall satisfied with the card after ~6 months use and it's probably the cheapest way to cash out fiat via ATM with only 0.9% fee.

Thats really good to hear that there is at least pros with the card. Mate can I ask if the funds on your Binance account is simply the funds residing on the card? For example, you have 1eth or 20 axs or any tokens that are valuable, if you decide to cash out fiat to any atm it would process automatically like it would give you certain fiat based on the number of amount you want to withdraw?

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Quote from: cryptoaddictchie on November 05, 2021, 03:58:31 AM

Hello as far as I'm aware, Binance work on European countries isn't it? Means only people on that country yet to enjoy the perks. How great is using binance card? I mean how did you use it and what for? Is the payment or sending of funds are too easy using the card or you need to open your binance app just to activate and execute it? Thanks for the ping.

Yep, users from EU countries (AFAIK not whole Europe is covered) can get Binance card.

While card is pretty good, it is not as reliable as other standard bank-issued debit cards. More than once I got my card rejected for no obvious reason, even though I had more than enough money for purchase. Meaning I would pay something with card, and then tried to do it again in like 10 minutes and it wouldn't work, and then again a little bit later all was good and it worked. The biggest downside is that you will have to go through KYC in order to get the card.

Beside those occasional glitches and KYC thing, I am overall satisfied with the card after ~6 months use and it's probably the cheapest way to cash out fiat via ATM with only 0.9% fee.

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Quote from: pooya87 on November 04, 2021, 11:59:10 PM

Quote from: tvplus006 on November 03, 2021, 04:54:07 PM

And despite the fact that the price of Wrapped Bitcoin is tied to the cost of the original BTC, it is still different.

To be clear there is no connection whatsoever between price of bitcoin and price of any other centralized shitcoin such as WBTC. There is only a promise given to users by the centralized owner that they would swap it with a 1:1 ratio but that promise can be broken any time.

If you even check coinmarketcap or coingecko, bitcoin price is not exactly the same as wrapped bitcoin price, though the prices are similar but not the same, but because these types of coins are pegged with bitcoin, they have prices similar to that of bitcoin, the coins are centralized, only bitcoin is absolutely decentralized unlike other cryptocurrencies.

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Quote from: joker_josue on November 03, 2021, 05:24:26 AM

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.

Hello as far as I'm aware, Binance work on European countries isn't it? Means only people on that country yet to enjoy the perks. How great is using binance card? I mean how did you use it and what for? Is the payment or sending of funds are too easy using the card or you need to open your binance app just to activate and execute it? Thanks for the ping.

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Quote from: tvplus006 on November 03, 2021, 04:54:07 PM

And despite the fact that the price of Wrapped Bitcoin is tied to the cost of the original BTC, it is still different.

To be clear there is no connection whatsoever between price of bitcoin and price of any other centralized shitcoin such as WBTC. There is only a promise given to users by the centralized owner that they would swap it with a 1:1 ratio but that promise can be broken any time.

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Quote from: tvplus006 on November 03, 2021, 04:54:07 PM

Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

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.

You're totally correct about wrapped Bitcoin, Smart Bitcoin, etc to be different from the real Bitcoin which is the reason why I mentioned it to be categorized as a token.
Meanwhile, I don't know if their system was centralized as you claimed cause I haven't taken a deep look into it but rBtc claimed to be a decentralized system.

Quote from: coupable on November 03, 2021, 05:34:36 PM

Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

....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.

Agreed but they are just alternative systems which I believe was created by Bitcoin enthusiasts and the last time I check Pompliano was among one of the project angel investors.
I know about all these projects through Binance and when I invested in the Sovryn project.

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Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

....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.

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Quote from: suzanne5223 on November 03, 2021, 10:53:56 AM

Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

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.

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Quote from: SquirrelJulietGarden on November 03, 2021, 11:28:56 AM

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.

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Quote from: btcb3g1nn3r on November 03, 2021, 03:09:43 AM

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.

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Quote from: SquirrelJulietGarden on November 03, 2021, 11:28:56 AM

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.

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Quote from: NeuroticFish on November 03, 2021, 11:14:30 AM

Not your keys, not your coins.

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

Quote

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.

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Quote from: joker_josue on November 03, 2021, 05:24:26 AM

Quote from: cryptoaddictchie on November 03, 2021, 03:29:36 AM

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%+.

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

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.

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

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.

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Quote from: Jawhead999 on November 03, 2021, 08:41:37 AM

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.

Quote from: Jawhead999 on November 03, 2021, 08:41:37 AM

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.

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Quote from: tvplus006 on November 03, 2021, 09:42:00 AM

Quote from: btcb3g1nn3r on November 03, 2021, 02:39:08 AM

....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.

Topic: Electrum vs. Metamask (Read 342 times)