Cryptocurrency

Bitcoin doesn’t have to be complicated.

Where innovation meets money, digital assets are expanding our financial universe. Embracing the future, we want you to have access to the digital frontier and still feel secure about your transactions. It’s all becoming possible with Financial Resources FCU.

  • Fast, easy sign-up for Financial Resources FCU members
  • Immediate access to buy and sell Bitcoin
  • Clear account information with no hidden fees
  • Manage your Bitcoin account on our website and/or app
  • Receive automatic transaction documentation for tax time

Bitcoin services you can count on.

NYDIG is FRFCU’s select Bitcoin partner. Its platform is built to the highest security, regulatory, and operational standards.

Open an Account: Need this Link

Bitcoin 101 – New to Crypto?

If “blockchain” and “coin” are still a mystery to you, that’s ok! Our Buy and Sell Bitcoin tool in Digital Banking also features helpful videos to answer those popular questions, like “What is it?” and “How does it work?” Learn more about crypto using the videos below, or read more about it here.

FAQs:

For many, Cryptocurrency (and Bitcoin in particular) is a new financial concept. Here’s are quick FAQs that should help you understand what it is, and how FRFCU can help you take advantage of it.

What is Bitcoin?

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.”

What Bitcoin capabilities will FRFCU offer?

Members will have the option to buy, sell, and hold Bitcoin through Online or Mobile Banking, as well as trade and view their current Bitcoin balance through a user-friendly process.

How secure is Cryptocurrency/Bitcoin?

Highly secure! A technology called blockchain is used; blockchain coding makes it nearly impossible to change or hack related information.

Is Bitcoin federally insured?

The buying and selling of Bitcoin is not insured.

Does FRFCU plan to offer any other digital currencies than Bitcoin?

At this time, Bitcoin is the only cryptocurrency available to buy through FRFCU. Based on future offerings and member interest, other cryptocurrencies might be considered.

How are the prices of Bitcoin determined for buy and sell orders?

The price is determined by the current market; FRFCU does not set or determine pricing.

Can I use my Bitcoin purchased through Online Banking to transact?

Not at this time; to start, you will be able to buy, sell, and hold Bitcoin.

What account information will be available to me to view?

You’ll see your balance and transactions in both Bitcoin (BTC) and U.S. Dollars.  And we show you all transaction fees before you place a trade, so you are never surprised with hidden fees.

Automatic documentation for tax time
You won’t have to request or track down your Bitcoin activity. We’ll provide your transaction receipts and tax documents automatically.

Ironclad platform thanks to NYDIG
NYDIG utilizes cold storage for the safe keeping of Bitcoin, adhering to the highest security, regulatory, and operational standards.

Educational Resources

New York Times – From Barter to Bitcoin: Charting 10,000 Years of Currency Evolution
Where did Bitcoin come from? The same place all money comes from: the need for a tool that lets people store, trade, and count value. Start your Bitcoin education with this interactive tour of the history of money.

TechCrunch – Bitcoin Fundamentals: What to Know Before It’s a Part of Your Everyday Life
Want to understand how Bitcoin is kept secure? The difference between “hot wallets” and “cold storage?” An inside look at the Lightning Network? This article explains some of the most important technologies behind Bitcoin’s success.

Business Insider – How to Explain Bitcoin Like a Boss
Excited about Bitcoin but need a way to explain it to other people? This article gives you easy ways to explain Bitcoin, including as a form of money, a tool that uses energy, and a growing global network.

Bitcoin 201
Go deeper into Bitcoin’s history, development, and design. Learn the terms and technologies behind “Blockchains”, “Proof of Work” and “Hash Functions.”

Bloomberg – Bitcoin Goes Pro: How BTC Fits Into Institutional Portfolios
While consumers were the first to see Bitcoin’s value, large institutions such as pension funds, corporate treasurers, and insurance companies are increasingly making it a part of their investment strategies. Go inside how institutions are thinking about Bitcoin.

Bitcoin services are provided to you solely by NYDIG Execution LLC (“NYDIG”) upon opening an accountwith NYDIG. Bitcoin trading involves risks, including possible loss of value. Not insured by the NCUA or SIPC. See Terms for detail, including eligibility, risks and licenses.