Cryptocurrency has seen a meteoric rise in popularity over the past decade. Once thought to be a fringe technology used only by a small group of enthusiasts, cryptocurrencies have now entered the mainstream and are being adopted by individuals, businesses, and even governments around the world.
While cryptocurrency may still be considered a new and somewhat uncertain investment by some, we believe it is important for our members to have a basic understanding of what it is and how it could potentially impact their financial lives.
So, what is cryptocurrency? Simply put, it is a digital or virtual currency that uses cryptography for secure financial transactions. Unlike traditional currency, cryptocurrency is decentralized, meaning it is not controlled by any government or financial institution. Instead, it is supported by a complex network of computers that work to verify and record transactions.
One of the most well-known examples of cryptocurrency is Bitcoin, but there are now numerous types in circulation. They can be bought and sold online or in person, and can be used to purchase goods and services just like traditional currency.
As a federal credit union, Voyage is committed to staying on top of the latest financial trends and technologies to better serve our members. While we do not currently offer cryptocurrency-related products or services, we feel it is important for our customers to be aware of cryptocurrency and its potential risks and rewards, as it may become more widely accepted in the future.
While the future of cryptocurrency is uncertain, we believe it is a trend worth paying attention to. As always, we are here to help our members make informed financial decisions and to provide them with the best possible service. Please feel free to reach out to us with any questions you may have.