For many, Cryptocurrency (and Bitcoin in particular) is a new financial concept. Here’s a quick FAQs that should help you understand what it is, and how UNIFY can help you take advantage of it.
Q. What is Bitcoin?
A. Bitcoin is an open-source monetary system for storing and transmitting an asset of value and is the world’s largest and most recognized digital asset. Bitcoin is managed by its users and enables financial transactions on a peer-to-peer network basis. Transactions are verified, recorded, and secured on a public ledger called a “blockchain.”
Q. What bitcoin capabilities will UNIFY offer?
A. Members will have the option to buy, sell, and hold Bitcoin through eBanking as well as trade and view their current Bitcoin balance through a user-friendly process.
Q. How secure is Cryptocurrency/Bitcoin?
A. Highly secure…A technology called blockchain (similar to security used for MemberPass is used; blockchain coding makes it nearly impossible to change or hack related information.
Q. Is Bitcoin federally insured?
A. The buying and selling of Bitcoin is not insured.
Q. Does UNIFY plan to offer any other digital currencies than Bitcoin?
A. At this time, Bitcoin is the only cryptocurrency available to buy through UNIFY. Based on future offerings and member interest, other cryptocurrencies might be considered.
Q. How are the prices of Bitcoin determined for buy and sell orders?
A. The price is determined by the current market; UNIFY does not set or determine pricing.
Q. Can I use my Bitcoin purchased through eBanking to transact?
A. Not at this time; to start, you will be able to buy, sell, and hold Bitcoin.
Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York Department of Financial Services to engage in virtual currency business activity. See NYDIG’s Terms and Conditions for details. Bitcoin is not NCUA/NCUSIF or otherwise federally insured and does not constitute guarantees or obligations of the credit union and may involve investment risk including possible loss of principal.
No problem. Just phone our Contact Center at 877.254.9328, available 24/7, and a UNIFY Representative will assist you.