Brave Wallet: How does it work?

Brave Wallet is a crypto wallet for the open source Brave web browser. Unlike Google Chrome, Brave prioritizes the security and privacy of its users. Google Chrome is certainly a very powerful browser, but Brave is definitely the frontrunner when it comes to progressive web browsing (PWA).

Launched in November 2021, Brave Wallet is already taking market share from the biggest crypto wallets, including MetaMask. Some users even consider it the best crypto wallet in the world.

What is Brave Wallet? How does this work? Can MetaMask really be dethroned? Without further ado, let’s get to the point.

Contents

  • Brave: a browser like no other
  • Bold Wallet: What’s It Really About?
  • Key features of Brave Wallet
    • Its strengths
    • His weak points
  • How to use Brave Wallet?
  • Brave Wallet or MetaMask: which one to choose?
  • Is Brave Wallet right for everyone?
  • Frequently Asked Questions (FAQ)

Brave: a browser like no other

Ads and trackers are blocked by default in the Brave browserthis means users don’t need to try a thousand browser extensions to get rid of intrusive ads.

If you agree to view ads, Brave will reward you with BAT (Basic Attention Token) cryptocurrency. Since January 2022, more than 8 million users have earned BAT tokens by viewing ads in browsers. Mark it too you can trade verses or use them to advise content creators.

BAT Crypto

Basic Attention Token (BAT) is a native token of the Brave browser. This is an ERC-20 token (based on Ethereum) uses blockchain technology to reward users for agreeing to view ads.

The BAT cryptocurrency was launched through an ICO (Initial coin offering) this allowed the project to raise $35 million in less than 30 seconds.

You can buy BAT cryptocurrency in several cryptocurrency exchanges, but you can also earn it in three different ways, namely:

  • View ads in the Brave browser;
  • Earn BAT rewards by completing certain tasks;
  • Join Brave’s Content Creator Program.

If you have BAT cryptocurrency, you can either store it in your crypto wallet, exchange it for fiat currencies or cryptocurrencies, or offer it as a tip to your favorite content creators.

Brave Wallet

Brave Wallet is a self-protecting wallet built into the Brave browser. You can use it to store your BAT tokens, but you can also use it to buy non-tradable tokens (NFTs) or other cryptocurrencies. Unlike most of its competitors, Brave wallet allows you to buy cryptocurrency with your credit/debit card.

Bold Wallet: What’s It Really About?

As explained above, Brave Wallet is a self-protecting crypto wallet launched in November 2021. In other words, it allows you to follow the evolution of the cryptocurrency market, send and receive NFT, buy, save and trade tokens among others. Best of all, Brave is more energy efficient than its counterparts, meaning it can run flawlessly on most devices.

It should also be noted that Brave’s first crypto wallet was a fork of MetaMask. Later, the project developers realized that it was not possible to achieve a high level of security and privacy by extending the wallet. The reason why they started developing Brave Wallet.

You can download and use Brave Wallet for free. However, if you want to use the token/coin trading and exchange feature, you will have to pay a transaction fee. Also note that the wallet is available in desktop and mobile versions (Android and iOS).

Key features of Brave Wallet

Brave Wallet

A non-exhaustive list of the most interesting features of Brave Wallet:

  • Price comparison : the crypto wallet has a price comparator that allows users to buy cryptocurrency at the best possible price and make fast and profitable transactions.
  • Decentralized applications : Brave users can access dApps from any Ethereum Virtual Machine (EVM) enabled network, including Polygon and Avalanche.
  • Importing crypto wallets : Brave Wallet can be synced with Trezor, MetaMask, Ledger as well as other self-protecting crypto wallets.
  • Wide range of crypto assets : On blockchain networks like Ethereum, Solana or Filecoin, users can buy, send, store and exchange thousands of crypto-assets (and NFTs) without any problems.

Its strengths

Along with its innovative features, Brave Wallet offers many advantages, including:

  • You will benefit from optimal security

Phishing attempts are very common in the crypto world because users can access most wallets over the internet. Indeed, phishing attacks targeting cryptocurrency investors have increased by 61% this year.

In a phishing attack, a hacker can redirect a user to a website that perfectly resembles the interface of a crypto wallet. If the user doesn’t take the time to thoroughly check the URL, they can enter their private key or password, which allows a hacker to steal their funds.

Most crypto wallets store user assets on their platform, making them vulnerable to phishing attacks. Brave Wallet, on the other hand, never accesses users’ private keys, making it the best crypto wallet in terms of security.

Using the Brave browser or wallet is completely free (excluding transaction fees). Similarly, Brave is the only web browser that allows users to view ads to earn rewards.

  • You will not face any difficulties

Brave Wallet has a very attractive design. Also, its user interface is intuitive, easy to use and clear. This is even for beginners.

The crypto wallet is also available in several languages, which means it is suitable for a wide audience of users.

His weak points

Although considered one of the best crypto wallets, Brave Wallet also has its drawbacks. Here are a few:

  • You won’t find all dApps there

Several decentralized applications are not available in the Brave crypto wallet. Therefore, it is not suitable for everyone.

  • You will not be able to deposit Bitcoin there

Despite its impressive features, Brave Wallet does not support bitcoin. Considering that 65% of cryptocurrency investors own BTC, Brave’s lack of compatibility with it is a huge disadvantage.

  • You will not be able to redeem your BAT rewards there.

As strange as it may seem, you cannot redeem your BAT rewards in Brave Wallet. Therefore, you will need to go through a third party custodian such as Uphold, Gemini or BitFlyer.

How to use Brave Wallet?

How to use Brave Wallet?

To use Brave Wallet, you must first download the Brave browser. Then press the button “Wallet” (top right). Create your account, then set it up by choosing a new password and saving your private key.

Once your account has been created, you must complete the following steps:

1. Open the Brave browser and click on the wallet logo. Then click on it “More details”.

2. You will then be redirected to the wallet integration page. Click here “Create a new wallet”then read and accept the terms of use.

3. The next step is to set a private key to lock your wallet. After entering your private key, click on it “next”.

4. Make sure to write down your private key and keep it in a safe place. If you forget or lose your device, only your private key will allow you to recover your money.

Finally, click on it “Continue“, then confirm your private key/password.

5. Congratulations, you have created your Brave Wallet account. Click “Done” to finish.

Brave Wallet or MetaMask: which one to choose?

Brave Wallet or MetaMask

Both Brave Wallet and MetaMask are very popular crypto wallets. Their users have access to a wide range of dApps and crypto assets. However, there is a big difference between these two wallets: MetaMask requires the browser extension to be installed, while Brave Wallet is already integrated into the Brave browser.

Recall that MetaMask is a crypto wallet based on the Ethereum blockchain. MetaMask is available in mobile and desktop versions and has a very easy-to-use user interface.

Like Brave, MetaMask offers a service called MetaMask Swaps that allows users to buy cryptocurrency at the best prices and lower transaction fees.

Brave Wallet MetaMask
Establishment To create wallets, users must first install the Brave browser. MetaMask can be installed as an add-on in Google Chrome, Firefox and Edge.
Is it possible to import other wallets? Yes Yes
Is it compatible with Ethereum Virtual Machine (EVM)? Yes Yes
Supported Cryptocurrencies All ERC-20 tokens and cryptocurrencies are compatible with EVM or other Ethereum layer 2 solutions. ERC-20, ERC-721, etc. including any Ethereum-based token.
Is it compatible with Solana? Yes No
Open source? Yes No

Is Brave Wallet right for everyone?

Undoubtedly, Brave Wallet offers innovative and unique features that make everyday life easier for cryptocurrency investors. However, it suffers from some major drawbacks. (eg its incompatibility with Bitcoin) which slows its growth.

Is Brave the crypto wallet for you? Yes, if you are looking for a secure and private wallet and no, if you transact Bitcoin regularly.

Frequently Asked Questions (FAQ)

Yes, Brave Wallet stands out for its simple interface and advanced security.

Brave Wallet is a non-secure cryptocurrency based on the Brave browser, making it one of the most secure wallets on the market.

First you need to install the Brave browser and then follow the steps explained in the guide above.

All ERC-20 tokens and coins compatible with EVM or other Ethereum layer 2 solutions are available in Brave Wallet. The wallet is also compatible with tokens hosted on the Solana blockchain.

According to the official Brave website, you can earn BAT tokens by viewing ads.

Refusal

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information on our site is entirely at his own risk. At Learn, our priority is to provide high-quality information. We take the time to identify, research and create educational content that will be useful to our readers. To maintain this level of quality and continue to create valuable content, our partners may pay us a commission for placement in our articles. However, these commissions do not affect our processes for creating objective, honest and relevant content.

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