Add Bitcoin Network to MetaMask

MetaMask is one of the most popular non-custodial crypto wallets used by millions of users worldwide. While MetaMask supports multiple networks like Polygon, BNB Chain, Avalanche, and more, one question that often arises is – can you add Bitcoin network to MetaMask? This article will provide a detailed guide on whether it is possible to integrate Bitcoin in MetaMask and the alternative methods to add BTC to the wallet if direct integration is not possible.

TL;DR

The Bitcoin network cannot be directly added to MetaMask as it is not compatible with the Ethereum Virtual Machine (EVM) required to interface with smart contracts. However, there are two alternative methods to add BTC exposure to MetaMask:

1. Add Binance-pegged Bitcoin (BTCB) using the Binance Smart Chain.
2. Add Wrapped Bitcoin (WBTC) as an ERC-20 token on the Ethereum network. Both options will allow users to store, send and receive a bitcoin-backed asset from within their MetaMask wallet.

Can You Add Bitcoin Network to MetaMask?

No, it is not possible to add the native Bitcoin network or coins (BTC) directly to MetaMask. This is because MetaMask, being an Ethereum wallet, can only connect to blockchain networks that are compatible with the Ethereum Virtual Machine (EVM).

The EVM is required to interface with smart contracts, decentralized applications (DApps) and other protocols. However, the Bitcoin network was not built on EVM and does not support smart contracts. Hence, MetaMask currently does not support adding or transacting with the native Bitcoin network or coins.

Alternative Methods to Add Add Bitcoin Network to MetaMask

While direct integration of the Bitcoin network into MetaMask is not possible, there are two alternative approaches to add BTC exposure to your MetaMask wallet:

1. Binance-pegged Bitcoin (BTCB) on Binance Smart Chain (BSC): BSC is a blockchain network developed by Binance that offers full interoperability with Ethereum. It supports EVM-compatible smart contracts and DApps while providing faster transaction speeds and lower costs compared to Ethereum. By adding BTCB, which represents Bitcoin on BSC and maintains a 1:1 price peg with BTC, users can gain Bitcoin exposure within their MetaMask wallet.
2. Wrapped Bitcoin (WBTC) on Ethereum: WBTC is an ERC-20 token that represents Bitcoin on the Ethereum blockchain. It allows Bitcoin holders to participate in the Ethereum ecosystem, leveraging the various decentralized finance (DeFi) opportunities available. WBTC maintains a 1:1 peg with BTC and is fully backed by Bitcoin reserves, ensuring its stability and security.

Guide to Add Bitcoin Network to MetaMask via BSC

The Binance Smart Chain allows users to add and interact with Binance-pegged versions of major assets like BTCB, which represents Bitcoin. BTCB has a 1:1 price peg with BTC and is fully backed by Bitcoin reserves.

1. Ensure MetaMask is connected to the BSC network
2. Copy BTCB contract address from BSC scan: 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c

3. In MetaMask, click “Import Tokens” and add BTCB by pasting its contract address

4. You can now send/receive/hold BTCB, representing BTC, within your MetaMask wallet on BSC

By adding BTCB to MetaMask, users get exposure to Bitcoin’s price moves while being able to utilize BSC’s cheaper and faster transactions. They can also bridge BTCB to native BTC on Binance to eventually cash out.

If you want to learn how to add other networks to your MetaMask wallet, check out these guides:

• Add Astar to MetaMask
• Add Avalanche Fuji Testnet to MetaMask
• Add Avalanche to MetaMask

Advantages of BTCB on Binance Smart Chain

• Full Bitcoin price exposure through its 1:1 peg
• Low gas fees for transactions vs. native BTC network
• Compatible with Ethereum-like systems like MetaMask
• Backed by Bitcoin reserves for security and liquidity
• Potential to earn yield by providing BTCB liquidity on BSC

Guide to Add Bitcoin Network to MetaMask on Ethereum

1. Ensure MetaMask is on Ethereum Mainnet
2. Copy WBTC contract from Etherscan or the official WBTC token page on CoinMarketCap: 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599

3. In MetaMask, click “Import Tokens” and add WBTC by pasting its contract address

4. You can now send/receive/hold WBTC, representing BTC, on Ethereum using MetaMask

WBTC allows Bitcoin holders to leverage DeFi opportunities available on Ethereum like earning yield, borrowing/lending, and more. It maintains the BTC price peg and reserves while enabling its interoperability across the Ethereum ecosystem through MetaMask and other wallets.

Advantages of WBTC over Native BTC

• Usable on Ethereum network for various DeFi applications
• Low gas fees compared to Bitcoin network
• Maintains the Bitcoin price exposure benefits
• SEC-compliant security token structure
• Backed 1:1 by real Bitcoin reserves

Exploring DeFi Applications with BTCB and WBTC

Once BTCB or WBTC is added to your MetaMask wallet, a wide range of decentralized applications (DApps) become accessible. Some popular DApps where BTCB and WBTC can be utilized include:

1. Binance: Exchange BTCB for other BEP-20 tokens and participate in yield farming opportunities.
2. Aave: Borrow and lend BTC-backed assets and earn interest on your holdings.
3. Compound: Deposit and borrow popular coins, including WBTC, within the Compound protocol.
4. Curve: Provide liquidity for stablecoin/WBTC pools and earn fees as a liquidity provider.
5. Yearn: Deploy your assets into disciplined strategy vaults to generate yield.

These DApps offer exciting opportunities to leverage your BTC exposure within the DeFi ecosystem, enabling lending, borrowing, yield farming, and more.

Web3 Wallet Option for the Bitcoin Network

For those seeking a dedicated wallet for the Bitcoin network, the Wallet of Satoshi emerges as a top alternative to MetaMask. Unlike MetaMask’s focus on Ethereum, Wallet of Satoshi is specifically designed for Bitcoin and supports the Lightning Network, a second-layer solution that enables near-instant and low-cost Bitcoin transactions.

With Wallet of Satoshi, users can buy, sell, and send Bitcoin within the wallet for nominal fees, thanks to the Lightning Network integration. Transactions settle in minutes, eliminating the need to wait for Bitcoin network confirmations. Merchants can also accept fast and low-cost Bitcoin payments through the Lightning Network.

The wallet is available as a mobile app for iOS and Android devices, providing convenience and accessibility for managing Bitcoin on the go. Funds are fully controlled by the user, ensuring a private and decentralized experience.

Conclusion

In conclusion, while the native Bitcoin network cannot be directly added to MetaMask due to EVM (Ethereum Virtual Machine) incompatibility, there are efficient alternative methods to leverage BTC’s price exposure using MetaMask. By adding either Binance-pegged Bitcoin (BTCB) on Binance Smart Chain or Wrapped Bitcoin (WBTC) on Ethereum, users can store, send, receive, and utilize BTC-backed assets through popular decentralized applications supported by MetaMask wallet. Both options provide efficient Bitcoin exposure within MetaMask at a fraction of costs compared to Bitcoin network itself.