MetaMask is one of the most popular cryptocurrency wallets and now offers a useful feature where you can buy cryptocurrencies using fiat money. It’s another on-ramp for people who want to get involved in cryptography, and that’s how it works.
What is meta mask’s Fiat feature?
Fiat money is issued by a government but is not backed by any collateral of value, such as gold or silver. Most currencies, including USD, GBP, EUR, INR, and CAD, fall into the fiat category. While some currencies used to be backed by collateral, such as the US dollar, this is no longer the case. Today, nearly all national currencies are permanently fiat and their value derives from the government declaring them a legal form of course.
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So, in the most basic sense, fiat money is traditional money, i.e. the money you use on a daily basis. However, cryptocurrencies are almost always non-fiat because their value derives from technology, utility, popularity, and other factors decided by the market (and not by a central government bank). It is also worth noting that most cryptocurrencies are not backed by collateral,
But now, fiat currencies and cryptocurrencies can often be used in tandem. This is the case with MetaMask, with its “fiat to crypto on-ramp feature”, also known as “Buy Crypto”.
MetaMask’s Buy Crypto feature essentially gives users the ability to buy cryptocurrency using fiat money. This makes it much easier for people to buy cryptocurrencies outright without needing to already have crypto funds to use.
With the MetaMask Buy Crypto feature, you can buy 90 different cryptocurrencies from eight blockchains: Ethereum, BNB Smart Chain, Polygon, Arbitrum, Avalanche, Fantom, Contract Chain, Celo, and Optimis. Tokens available for purchase include many popular options, such as Ethereum, BNB, Dai, Polygon, Shiba Inu, Tether, USD Coin, and Uniswap. Users in nearly 190 countries around the world can access the Buy Crypto option.
You can use a variety of payment methods when buying cryptocurrencies with fiat on MetaMask, including credit and debit cards, PayPal, typical wire transfer, and instant ACH, a faster form of wire transfer. MetaMask also said that more payment options will be added in the near future.
So how can you use this feature on MetaMask?
How to use Metamask’s Buy Crypto feature
To use Metamask’s Buy Crypto feature, you must first have a MetaMask account and a cryptocurrency wallet.
To buy cryptocurrencies on MetaMask, you must first connect your wallet. In our example below, an Exodus wallet has been linked to use the feature.
Now, on the main page of your MetaMask account on Portfolio DApp, click on the Buy option under your account balance.
You will be taken to a page that offers you a number of purchase options. Here, select how you want to pay. You also need to confirm your country of residence before proceeding further.
After that, you can choose how much cryptocurrency you want to buy.
Use the drop-down list on the right side of the window to choose your preferred cryptocurrency, then type in the amount of cryptocurrency you wish to purchase in the currency you are using.
After that, MetaMask will provide you with price quotes from different networks. Quotes are updated every 30 seconds to stay up to date with current prices.
Once you have found the price that suits you, you will automatically be directed to the purchase web page of the chosen platform. In our example, Mercury is used.
Now you need to enter and verify your email address and then enter your first and last name. Once this is done, you will be taken to the payment confirmation page for your purchase.
Buying cryptocurrencies with Fiat is easy on MetaMask
Using Metamask’s Buy Crypto feature, you can quickly and easily buy the cryptocurrency of your choice in minutes. If this interests you, follow the guide above to buy your cryptocurrency with MetaMask.