How to Add Bitcoin Network to MetaMask Wallet
Unfortunately, users cannot add the Bitcoin Network to their MetaMask Wallet because the BTC Blockchain does not support smart contracts and the Ethereum Virtual Machine (EVM) chain. If BTC holders are looking for a secure web wallet alternative to hold their assets, we recommend Wallet of Satoshi that supports the Lightning Network.
Can Hold Bitcoin on a MetaMask Wallet?
The only Bitcoin you can hold is a wrapped version that is represented by a token on the Ethereum Blockchain. It is called WBTC (Wrapped Bitcoin) and is pegged 1:1 to Bitcoin with tokens being redeemable for BTC. Adding WBTC to your MetaMask Wallet is possible because it is an ERC-20 token like ETH, USDC, USDT and other assets.
What can I do with WBTC On-Chain?
One of the biggest advantages to WBTC over BTC is that it offers a load of DeFi yield farming opportunities across major networks like Ethereum, Polygon, Avalanche and more. By using large decentralized finance protocols, users can earn up 10% APY in interest from DeFi money market deposits, liquidity provision and other strategies.
We recommend checking out Defillama to find the safest and highest yielding opportunities for WBTC.
Is Wrapped Bitcoin (WBTC) Safe?
Wrapped Bitcoin is the largest and most liquid BTC collateralized token on Ethereum and other Layer 1 & Layer 2 blockchains. It is considered safe to use because it is held in a secure multi-signature wallet that requires 3 signatures in order for funds to be moved. The tokens are also 100% redeemable and backed 1:1 with Bitcoin, so users can always exchange their WBTC for BTC at any time.
That said, there are always risks involved with wrapped tokens , so it’s important to do your research. We recommend reading the WBTC whitepaper and researching third-party audits before making any decisions.
Although you can’t add Bitcoin Network to your MetaMask Wallet, you can use the Wrapped Bitcoin (WBTC) token to take advantage of DeFi yield farming opportunities across major networks like Ethereum, Polygon and Avalanche. WBTC is 100% backed 1:1 to Bitcoin, so users can always redeem their tokens for BTC at any time. We recommend doing your research before getting involved with any wrapped tokens.