Monday, May 31, 2021

Setting up MetaMask as a Canadian

MetaMask is a crypto wallet that you can install on your mobile phone and web browser as a Chrome extension. It's very easy to install and start connecting to different Dapps (Cryptokitties,

That being said, as a Canadian, it was really difficult to buy ETH for my MetaMask wallet. Currently, MetaMask supports sendwyre and direct deposit. This sounds great but it was a horrible experience trying to do a direct deposit. I use one of the biggest banks in Canada and they don't have a great opinion of crypto in general so they keep rejecting the direct deposits.

I grew frustrated because I didn't want to call my bank. I started to look at Canadian-specific solutions on Bitcoin CA Sub-Reddit. I came across Shakepay. Shakepay is both an exchange and a wallet. Their approach to transferring Canadian funds into ETH is interesting: They get users to e-interac transfer to a specific email and enter details about the payment. I thought this was brilliant so I did it and within a few minutes, I had my ETH. Woohoo!

So, now I have ETH in my Shakepay wallet -- I wanted to move that ETH to my MetaMask wallet though. I went into my Shakepay mobile app and tried to transfer it from Shakepay to MetaMask wallet address but it wouldn't allow me because the minimum ETH to transfer is 0.1 (which is about $350 CAD at the time). I ended up putting in the amount that was needed and voila, I had my ETH in my MetaMask wallet within 5 minutes of the transaction.

In retrospect, I think this is a huge problem for the adoption of crypto. I also think there's a huge opportunity here for companies to create better transparency and tools for governments to ensure there isn't illegal activity. The banks have invested in software systems that protect people from scams, fraud, etc. I don't see that going away any time soon. Hope this story helps other Canadians other there that want to get into crypto!