Shakepay great way to pay for sub in Canada

[rover1]

I recently opened a Shakepay account upon referral by one of our members.
Shakepay is only for Canadian use.
Accounts and balances are protected under the Federal CDIC program.
It took a bit to get it going but it is great.
I bought Bitcoin with a very small transaction fee.
Put it in my account (wallet)
When it came time to pay for the subs I just transferred the amount of bitcoin needed and I was done.
No transaction fees to make the purchase.

[Ryu1]

cool beans

[six degrees]

I checked this out as I am Canadian and always looking for the best solutions. But I see some problems with this online exchange.
They do not supply you with your own Wallet with your own unique key codes. They do supply Wallets but without that private key code then the Wallet is online and out there for anyone with the 'know how' to hack into and claim the bitcoin from that Wallet. The Exchange itself can do this without any hacking, cause they own the wallet and not you. You are just renting it, so to speak.
I did not proceed as far as depositing funds and buying bitcoin but from what I see on t =e outside the main problem with this site/exchange is the thing about you not owning and have private and secure access thru private keys to your own Wallet.

As the saying goes... If you do not own the Keys then the Wallet is not yours.

Be careful out there rover,, there are those that do not give you the security you'd like to have.
And of course they'd never tell you that

[six degrees]

I should mention to that I can understand that you rover may have spent some time and work to get this all setup for yourself and you might not want to do it again at another online exchange site, so I can tell you as long as you do not store any bitcoin in that Wallet and only use it for immediate transactions like you did, then it should not be any harm in using it just for that, but do not store any bitcoin in that particular wallet, or try not leaving much at all in there.

There are other exchanges that you can get a secure Wallet from. Most of those would need an authorization procedure much more involved then what you experienced at Shakepay thou.
And that is for added security and also so big brother can keep better tabs on you and your transaction values
But that is what it is when using cryptocurrency transactions and online Wallets these days

And once you get a secure wallet, you can use that at any official trusted online exchange, because you have the keys and there s also a secure worded page you must copy and that is an access to transfer your wallet at will, so don't loose that if or when a person decides to acquire a Wallet

[six degrees]

lol..there is one more thing that is very important to know and I kinda messed it up earlier and so its important that I post again and explain it

Hackers do not generally spent any time trying to hack individual private keyed Wallets, that would be time consuming and may not even be possible at some point.
What they do is hack into these exchange sites ( which are the sites that are usually less secure as others). And then once in the site they can access wallets that the site owns, and even that Wallet that you 'rented' , cause well it is the exchange's Wallet and they have the keys, and the Hacker is about to get them there keys.
And that is how hackers can multiple their chances and with less effort.

So moral of story is if the exchange does not give you your own personal private key for your Wallet ... then that exchange should not be trusted and is prolly already on some Hacker's List as best possible outcome for them to gain 'gains'

They could not access a wallet if you are only one with the key, even if they hack the exchange.

Something to think about