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.
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:
- Add Binance-pegged Bitcoin (BTCB) using the Binance Smart Chain.
- 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 Native Bitcoin 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.
Adding BTC to MetaMask With Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain network created by Binance, boasting full interoperability with Ethereum. It offers Ethereum-like functionalities such as the execution of smart contracts and decentralized applications (DApps), all while significantly enhancing transaction speeds and reducing costs.
BSC is recognized for its cost-effective network, enabling seamless sending and receiving of BEP-20 tokens, including pegged versions of popular cryptocurrencies like Bitcoin (BTCB). Notable features of Binance Smart Chain include support for Ethereum Virtual Machine (EVM)-compatible DApps, remarkably fast 1-second block times, and compatibility with popular Ethereum wallets like MetaMask, making it a versatile and efficient blockchain platform.
Guide to Add BTCB 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.
- Ensure MetaMask is connected to the BSC network
- Copy BTCB contract address from BSC scan: 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c
- In MetaMask, click “Import Tokens” and add BTCB by pasting its contract address
- 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.
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
Platform for Adding BTC to MetaMask – Wrapped Bitcoin on Ethereum
Another alternative is to use Wrapped Bitcoin (WBTC), which represents Bitcoin on the Ethereum blockchain. WBTC follows the ERC-20 standard and its supply is fully backed by Bitcoin reserves.
Guide to Add WBTC to MetaMask on Ethereum
- Ensure MetaMask is on Ethereum Mainnet
- Copy WBTC contract from Etherscan or the official WBTC token page on CoinMarketCap: 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599
- In MetaMask, click “Import Tokens” and add WBTC by pasting its contract address
- 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
Applications Related to BTCB and WBTC
Below are some popular decentralized applications where BTCB and WBTC can be utilized after being added to MetaMask:
- Binance – Exchange BTCB for other BEP-20 tokens and farm yield
- Aave – Borrow and lend BTC-backed assets and earn interest
- Compound – Deposit and borrow popular coins including WBTC
- Curve – Provide liquidity for stablecoin/WBTC pools and earn fees
- Yearn – Deploy assets into disciplined strategy vaults for yield
As long as they are on compatible blockchains, BTCB and WBTC exposures allow tapping into a wide range of DeFi and DApp opportunities from within the Ethereum-based MetaMask wallet interface.
Web3 Wallet Option for the Bitcoin Network
The Wallet of Satoshi is one of the top alternative wallets to MetaMask for storing and transacting Bitcoin. Unlike MetaMask which focuses on Ethereum, Wallet of Satoshi is specifically designed for the Bitcoin network.
One of its key features is support for the Lightning Network. Lightning Network is a second-layer solution built on top of Bitcoin that allows for near-instant and low-cost transactions. By integrating with Lightning, Wallet of Satoshi opens up access to the benefits of the emerging Lightning ecosystem.
Users can buy, sell, and send Bitcoin within the wallet for nominal fees thanks to Lightning Network. Transactions settle in minutes rather than having to wait for Bitcoin network confirmations. Merchants also gain the ability to accept fast and low-cost Bitcoin payments through Lightning.
The wallet is available as a mobile app for iOS and Android devices. This makes it extremely convenient to manage Bitcoin on the go. Funds are fully controlled by the user as well with no reliance on a centralized third party.
Overall, Wallet of Satoshi provides a strong alternative to MetaMask for interacting with Bitcoin and the emerging crypto economy being built on top of Lightning Network in a private and decentralized manner.
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.