Blockchain and cryptocurrency can change the way you save, withdraw, buy, and even think about money. Knowing crypto is increasingly important to our members, we wanted to make sure you have a safe, convenient way to buy crypto.
Credit Union 1 has partnered with BankSocial to offer our members a crypto exchange. When you buy crypto from BankSocial, the keys to the tokens are yours and you have complete control over your digital assets.
BankSocial believes in your keys, your crypto. When you buy with BankSocial, they send your cryptocurrency directly to your wallet, which means that you own your crypto soon after purchase.
BankSocial maintains the highest level of digital security for all transactions so you can buy with confidence. Transactions are evaluated to make sure that they are legitimate investments.
Cryptocurrency, or crypto, is a digital currency bought and sold via a decentralized ledger system that verifies and maintains records of transactions. There is no central authority, and records cannot be altered to prevent fraud and theft.
To understand cryptocurrency, you have to understand blockchain. Blockchain is a digital ledger, like a database, but different in that it’s not stored on one computer or managed by a single entity. Instead of one master copy of the database, there are many, all with the same data.
Unlike a traditional database, a blockchain cannot be edited. Every transaction is tracked by writing new blocks of information that are permanently attached to older blocks, forming an unbroken (and unbreakable) chain of data.
Each block is stamped with the time, date, transaction information, and the identity of who wrote it. This forms a worldwide “immutable ledger,” which means that information stored cannot be altered. This ensures a high level of security.
Cryptocurrencies are an asset. They are not backed by any government, so they are not “money” in the traditional sense. Cryptocurrencies have a specific value when bought or sold, but that value can change dramatically even in a short amount of time.
Bitcoin is just one of the 20,000 or so cryptocurrencies on the market today. Bitcoin is the oldest and currently has the highest value by market cap.
Credit Union 1’s first and foremost concern is value, convenience, and security for our members. BankSocial’s system ticks all the boxes for crypto transactions: quick, easy, global, and rock-solid security. Most importantly, when you buy crypto from BankSocial, the keys to the tokens are yours. You have complete control over your digital assets.
Now that you understand the basics of what CU1 and BankSocial offer, you can make informed decisions about whether cryptocurrency is right for you and your family.
BankSocial provides you with the keys to your crypto. Without the key, no one can unlock your wallet to withdraw funds. If someone gains access to your key, then your crypto assets are at risk.
You are the only person with access to your cryptocurrency key, or “seed phrase.” Here are a few tips on how to keep your key safe:
Yes, cryptocurrency values can fluctuate over time. Some cryptocurrencies are stable while others can be volatile.
No. Cryptocurrency investments are not insured by the Federal government.
At this time, you do not have the ability to sell your crypto through BankSocial. This feature will be released in the very near future. Customers who wish to sell their crypto may send their crypto to an address at another exchange.