Bitcoin

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Simply log into Digital Banking and click the Buy/Sell Bitcoin tab on the left side and follow the prompts and you'll be enrolled.

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• Bitcoin is the world’s largest and most recognized digital asset.
• It is controlled by its users.
• It is a decentralized network, not controlled by a single person, organization, or government
• Bitcoin enables financial transactions on a peer-to-peer network basis.
   

• The blockchain is a ledger of all transactions across the Bitcoin network
• The blockchain is public and available for anyone to inspect and verify
• Transactions between participants are batched together in blocks, processed simultaneously, and linked chronologically by cryptography
• The identities of participants are not included on the ledger

Currently, you are unable to transfer from other Cryptocurrency accounts.

Yes, you will be charged a 2% fee for each transaction. 

No, Bitcoin and other Cryptocurrencies are similar to investments that take place in the stock market in that these investments can lose significant value.

Yes, you may have tax liability that results from sales of Bitcoin and you will receive tax documentation.

To keep this feature safe and secure, you are not able to use Bitcoin as a form of payment. You will also not be able to receive Bitcoin as a payment in OKCU's Buy/Sell Bitcoin feature.

NYDIG's platform is built to the highest security, regulatory and operational standards.

NYDIG stores end customer private keys in institutional-grade cold storage facilities, which means the private key is never exposed to the internet and thus cyber risks are mitigated. You do not own an individual public address or private key - NYDIG actively maintains a sub-ledger recording all customers’ transactions and provides real time bitcoin balance data to the end-user.

• Scarce: bitcoin supply is capped at 21MM
• ​Digital: bitcoin is easier to transmit across the world
• Decentralized: it cannot be controlled by a single person, organization, or government
• Secure: miners and users are incentivized to maintain the network’s integrity and security

Similar to the stock market, the price of Bitcoin is determined by supply and demand.

No. Each bitcoin is divisible by smaller units called satoshis. One bitcoin can be divided into 100,000,000 satoshis. You can buy as little as $0.01 or as much as the applicable purchase limits.

No, you are not able to recall/cancel a purchase once it's submitted. Additionally, a sale cannot be recalled/canceled. 

Bitcoin is created by a competitive and decentralized process called mining, which is the process of creating new blocks and appending transactions in Bitcoin’s blockchain. New bitcoin issuance will stop completely when the number of bitcoins reaches a total of 21 million in existence.

• Nobody owns the Bitcoin network
• Bitcoin is an open-source collaboration between developers, miners, and users around the world
• It is a decentralized network, not controlled by a single person, organization, or government
• Bitcoin can only work correctly with a consensus among users

• The Bitcoin network operates on a public ledger called the blockchain
• The blockchain stores a record of every transaction processed
• User's computers verify the validity of each transaction

• Bitcoin relies on digital signatures, cryptographic hashing, and mining to ensure that no one entity controls the network and that transactions between users are valid
• Bitcoin has unprecedented security and transparency

• Bitcoin is entirely open source, decentralized, and peer-reviewed cryptography
• No organization or person can control Bitcoin, which makes it trustworthy