What You Should Know About Virtual Currencies

Staten Island commercial bank cites potential risks of new cash alternative

 

STATEN ISLAND N.Y. – You may have heard about virtual currencies like Bitcoin, XRP, and Dogecoin. You may have heard you can buy them online.

Before getting involved with virtual currencies, Victory State Bank urges you to consider what can go wrong and consider the following information from the federal government’s Consumer Financial Protection Bureau.

In some circumstances, you can send them to other people or use them to pay for goods and services. You may also have heard that some people buy them as speculative investments or that you can “mine” them with your computer.

But what are virtual currencies? And, as a consumer, what risks should you be aware of?

In a nutshell, while virtual currencies offer the potential for innovation, a lot of big issues have yet to be resolved – some of which are critical.

If you are interested in using or buying virtual currencies, you should be aware of the associated risks:

HACKERS

Virtual currencies are targets for highly sophisticated hackers, who have been able to breach advanced security systems.

FEWER PROTECTIONS

If you trust someone else to hold your virtual currencies and something goes wrong, that company may not offer you the kind of help you expect from a bank or debit or credit card provider.

COST

Virtual currencies can cost consumers much more to use than credit cards or even regular cash.

SCAMS

Fraudsters are taking advantage of the hype surrounding virtual currencies to cheat people with fake opportunities. So before you get involved, it’s important to know what can go wrong.

 

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.victorystatebank.com.

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