MetaMask Tips and Tricks you MUST know (HD repost)

This video is going to provide you with some of the most useful and essential Metamask tips and tricks. How do we save the most on fees? How do we save that money? Also, how do we get ourselves out of some pickles? Like, can we even cancel transactions on Metamask? With the rise of decentralized finance, Metamask is rapidly becoming an option to use and interact with these smart contracts. That being said, with all these advances, Metamask still remains relatively hard to use and it feels really clunky at times. In this video, we'll teach you some tips and tricks to make your experience just a little bit better and also allow you to understand how to get out of some pickles, for example, if you get some stuck transactions. And if you guys want more tips and tricks on how to min-max your cryptocurrency experience, make sure you're subscribed to the Box Mining channel. We also have a new DeFi series. I'll put that up here to explain to you what is happening with decentralized finance. So make sure you're subscribed and you check out that list. All right, let's start off with fees. Sometimes this can get to quite a lot when you're interacting with smart contracts. Take for example, I'm collecting some compound that I've earned from compound mining and look at that fee. It's $11. In fact, it's even worth more than the compound I'm collecting. So how do you minimize, maximize on that fee? How do you reduce that fee? Well, by default, unfortunately, Metamask doesn't give you advanced gas options. So let's reject this transaction. First of all, next up, you want to click the little circle on the top left-hand corner. That's my account. Click on settings and go to advanced. Under advanced, you're going to see advanced gas controls. This will give you all the options to control how much gas you use. So just click that to on first. And then now we can try the same transaction again and see what's going to happen. And now you can see this little panel over here that shows you how much gas price you're willing to pay. Now, the best way to use this is in conjunction with Ethereum gas station. So I'll put the link down below. It's here. But what you want to see here is you want to see the top transaction speeds, right? So if you want to fast, you want to be paying 46 Gui. If you want safe and slow, you want to be paying 38. So it tells you this updates every single time. If you hit refresh, that's going to refresh you with the latest rates right now. So now we can go back to our transaction and type in manually the gas prices. So if you want fast, 49 Gui, you can charge $12. Or if you want slow, 39, you can go for $10. Right now, to be honest, this price is quite expensive. So typically for me, anything over 20, I would consider expensive. And sometimes I would even choose to not send during congestions. It's like being stuck in a traffic jam. Do you really want to go? Do you really need to go at rush hour? If you don't just lay back a bit, wait a few days. There's also a useful calculator called a transaction calculator you can use here. One advanced tip I can tell you guys is you can type other and it can be something very cheap. Let's say if I go for 15 right here, click submit. Now it's going to be 10,000 seconds to confirm. So let's say 10,000 sec to min. So roughly, that's going to be 175 minutes. So that's three hours roughly for confirmation. So this means that if I really don't mind waiting, and I let's say I type 15 Gui here, you can immediately see that transaction cost decrease. We went down from $11 to $4. That's a significant, almost $7 saving on simply waiting for three hours for this transaction to confer. For me personally, I choose a gas fee that's very low if I don't mind waiting. So for something like if I'm just sending a coin to myself, so yeah, I don't mind waiting two, three, four hours. Sure. Why not? I get to save $8 in the process. That's great for me. But that being said, there are also times when you want to be fast. Say for example, you're doing a unit swap transaction, and you want to make sure you get the best rate possible. A lot of times these quotes are time sensitive. So even if you click connect and start sending, you really want to make sure that transaction reaches and confirms before someone else beats you to that price. In this case, you do want to go to the gas station and find out what the fast price is. So fast, and sometimes particularly speaking, I even outbid the fast. All right, next up, can we cancel transactions after they are sent? This is if you have this major regret, maybe you don't want to make that purchase, or you sent it to the wrong address. Oh my god, what are you going to do? Now, this can only happen if you just sent the transaction and it's still pending. So it's in the process of being confirmed by the Ethereum network. And on Metamask, it will show up as a pending with a kind of delay waiting sign on here. So the way to cancel it is that there is a cancel button here. Click on it. And I'll tell you attempt to cancel. Cancellation gas fee, you got to pay a gas fee to cancel it. Now that I clicked it, yes, I did manage to cancel this transaction as if it never took place at all. It did cost me a little bit of gas. So it's not free to cancel, but I managed to cancel this transaction. And you can't believe how many times this saved my ass. Sometimes I just sent to the wrong account or whatnot. And just instantly you'll see that and just try to click the cancel as soon as possible. Typically speaking, transactions with low gas fees. So if you're sending low and very low gas fees for a transaction, you have a longer cancel window. And this is typically why when I send transactions myself, I typically just go for safe low or a little bit below that. So I can A, save money and B, have a longer cancellation window if something does screw up in the process. Next up, we got our hardware wallets. We got the Ledger Nano S here. That's cable is so short. I can't really pull it out to show you guys. But you can actually use your hardware wallet with MetaMask. Why do you want to do that is because it offers extra security. So typically speaking for me, my personal rule is that I never really put anything on MetaMask that's over around 2000 US dollars worth. After that point, I will really say I want the extra security of a hardware wallet. Now, how do you add your Ledger to the MetaMask account? Well, first you just log in and then go into your Ethereum app. Once it says this application is ready, click on the top left-hand corner, your little circle, connect a hardware wallet. You'll have options on Windows. It's a little bit slow. All right. So you can see connect. You can connect your Ledger and you can select between two types of accounts. So one is your Mew, myEtherWallet and myCrypto version. This is the old one. This is the one that we've been using for the longest amount of time. And then the other is a LedgerLive. Typically speaking, I always go for the Mew slash myCrypto version because you get extra abilities and extra features that's not on the LedgerLive app. But I'm going to click this account, unlock, and I'm good to go. I can see this wallet appear on my MetaMask over here, and you can just use it as if it's a MetaMask account. Now, there is one drawback of using this though. It is that every time you confirm a transaction, you must both confirm the transaction in MetaMask and then also double confirm it on the device and you must have the device present. But that really means it's much more secure. So if you ever detach the device, no one can ever touch these coins. It's not there anymore. Next tip is all about your contacts. MetaMask can save your frequently used contacts. So the way to do so is to go into setting and you have contacts here and you can add a contact. So say Ledger1, put the address down, and now you've added it as a contact. This is very advantageous. Let's say if I want to send cryptocurrencies, let's say send, I can select that contact right here below the address and it makes it so much easier to navigate. This is also a good way for protecting myself against hackers. Sometimes hackers try to change the addresses in your clipboard. So when you're copying and pasting, they change the address for you. So by saving these contacts on your MetaMask, you prevent these kind of minor hacks that hackers can try to play on your computer and it makes your transaction sending process safer. Lastly, speeding up a transaction. So sometimes transactions can take a very long time, especially if you choose a slow option and maybe just waiting for it to deposit on the exchange is not showing up and you're in a time crunch. So let's say I have a transaction stock. I'm sending myself 0.1 ether and it's just been going and going and going. One of the reasons might be because I selected a very cheap gas price, 12, when the safe low is 38. So yeah, it was a little bit cheap there. Now MetaMask actually gives you the option to speed up this transaction. So I can click speed up here and you can select between the various options available between slow, average and fast. Now I can click the fast button, click save and I'm good to go. You can see it's approved. It's now a new transaction is actually being set up and this is going to be much faster to get sent. All right guys. And that's the tips and tricks for MetaMask. I hope you guys found this useful. If you guys have any additional tips and tricks, leave them down in the comments section below and share that with the rest of us. If you guys liked this video, make sure you click the like button down below. We also have guides on what's happening in the decentralized finance world. I'll put that here and also happening with Ethereum 2.0. There's a lot happening to increase the speed of Ethereum. So eventually these transactions will be cheaper once Ethereum 2.0 gets live. So make sure you know about that here. And with that guys, make sure you hit the like and subscribe button. See you in the next video.