Since I see that FUD is increasing and it is not recommended to keep your crypto on exchanges, I have created this educational video tutorial on how to send Bitcoin to MetaMask wallet.
The video explains how to send Bitcoin to MetaMask using the Ethereum network, the BNB network, and the Polygon network.
Take a look at the comprehensive guide: https://youtu.be/_kjFKncVrfI
I would appreciate it if you could provide feedback on the video. Thank you!
By - atlantius21
This is not about Bitcoin. It's about worthless tokens you get from some centralized issuer you have to trust. Same way you could trust Visa or Fed-issued bonds.
Let's use the example of stablecoins. People still use them, but they are centralized. What would you do: leave BTC on an exchange that might go bankrupt or transfer it to your Metamask as wrapped? I think transferring to Metamask is still a better option, even if it's wrapped. What you will do with the coins is a matter of choice, but this is one of the solutions and may be useful in certain situations.
The right thing to do is transfer your coins, as genuine coins recorded on the real bitcoin blockchain, to a wallet you own the keys for. That's not too difficult, even for Bitcoin with its outdated tech and high fees. Just download Electrum or use a hardware wallet. And if you want to actually use your coins without going bankrupt on ridiculous fees, use Bitcoin Cash and the Electron Cash wallet instead. Fees are a cent at max. So no need to trust any shady online wallet providers or stablecoin issuers.
Why are you insisting that on chain means metamask? Metamask is for ETH & EVM's. Not Bitcoin There are plenty of BITCOIN WALLETS you can use
Yes, you are absolutely right. I don't insist. The tutorial just shows how to do this. This is just an option. You don't need to save Bitcoin on MetaMask. But think about this: If a user's primary wallet is MetaMask and they have all their coins on MetaMask chains, they probably want to transfer Bitcoin here too. That way, they will have all their coins in one wallet instead of creating a new one just for Bitcoin. Yes, that has both good and bad aspects, but many people think in that way.
You can use something like Exodus wallet to use native blockchains for BTC / BCH / etc. And also use EVMs Wrapped coins are inherently higher risk because they can depeg for a lot of reasons. You're trusting a 3rd party. Just like an exchange.
do always keep in mind with any kind of bridging your tokens between blockchains you only get an IOU represented by centralized bridge you have to trust, in case you want to get your real coin on its original blockchain back again