Celery’s Security: What we do to keep your information and currency safe
One of our biggest focuses as a company is how to keep your information and digital currency safe. Celery has built in security technologies and practices to protect your information and our systems. Here are some of the things we do:
All private keys and personally identifiable information are encrypted. This adds a layer of security to prevent potential hackers from using your information.
Over 90% of all client funds are held in cold storage. This means that your funds are physically secured and detached from the internet, away from prying hackers.
All user data is backed up weekly, so you never have to worry. We are dedicated to never losing your information or funds.
Our bug bounty program invites security researchers to find holes in our security and report them for a reward. Then we fix the vulnerabilities.
All source code will be audited by an independent white-hat security firm. Working together, we ensure that our code is secure.
Servers undergo regular penetration testing. We know that testing is the key to constant security upkeep.
Bank information security
One concern we hear a lot is about using your online banking credentials to buy bitcoin or dogecoin from us. We understand that it’s information you rarely give out - and that’s exactly why we need it. We use your banking credentials for two things: to establish a payment method by securely connecting with your bank account, and to verify that you are the account holder. We need to make sure that you’re the one providing us with your information, and nobody else is pretending to be you.
Once you provide the bank login, a service we use called Yodlee will connect with your account and verify the information you’ve provided. Yodlee is a well known and trusted service, used by major financial companies and banks such as Paypal, Mint.com, Citibank and Bank of America. Your login credentials are never stored, and are never used again after this verification.
To further address these concerns, we are looking into expanding our payment and account verification methods. Currently we are considering implementing micro-deposits for account verification. Micro-deposits requires several days to verify your bank account, as opposed to providing your online banking credentials, which gives you instant account verification. There are pros and cons to any payment option, but we are committed to providing users the ability to choose what they are most comfortable with. Your trust and safety are most important to us.
Pros of being a public company
BTX Trader is a startup. However, we are a wholly-owned subsidiary of a public company. What that means for us is that we get to balance the freedom of startup structure with the regulations of a public company. We are free to innovate as we see fit, and operate independently, but we keep our records transparent. Our financials, like any part of a public company, are disclosed in quarterly reports by our parent company. We are completely open in our actions. Like digital currency itself - it works because the ledger is public. Our financials are made public every quarter.
We are committed to company transparency, and will continue to implement features that enhance this commitment.
We got tons of coverage today!
All of these places covered the Celery launch! It’s incredibly exciting to see the attention our product is getting, and the positive feedback we’ve gotten from the digital currency community. Here’s to a great start and a better future!
Introducing Celery: the fast, easy, low-fee way to buy bitcoin and dogecoin.
Celery is a simple and fast way for U.S. consumers to buy their first digital currency. Many people are interested in joining the digital currency world. However, for those who don’t already own digital currency, buying for the first time can be a confusing, time-consuming and costly task. To address this, we at BTX Trader wanted to build a friendly, easy-to-use tool to help people take their first steps with digital currency.
Celery keeps things simple by reducing the number of steps users have to take to make a digital currency purchase. It’s completely free to sign up for Celery, and we only ask for the information we need to verify your identity, process transactions and comply with law.
Once you sign up with Celery, you can quickly and securely connect your online banking account and start buying Bitcoin or Dogecoin. There are two ways to buy with celery: you can buy currency in pre-packaged amounts for set dollar prices, or, you can type in exactly how much you would like to spend in USD or digital currency, and see the relative conversion. Once you complete your purchase, the digital currency you’ve bought is deposited directly to your Celery account. Celery’s account dashboard lets you monitor your balance, spend with digital currency friendly retailers or send coins anywhere you like.
Growth of Digital Currency - By The Numbers
Bitcoin and digital currency has seen a lot of growth since it’s inception in 2008. The statistics below show just how much the industry has taken off in recent years. Data was sampled from 7/21/13 and 7/20/14. The charts represent 2+ years of data.
The USD price of bitcoin one year ago was $87.78. Today it is $628.38.
The Growth of Digital Currency, 2008 to today
2008 / The Beginning
It all started in 2008, when someone (or perhaps a group of people) using the pseudonym Satoshi Nakamoto published a paper describing a new peer-to-peer electronic cash system. By using open source software, this network could protect and authenticate transactions without bank or government involvement. This system became Bitcoin, and digital currency was born.
2009 / First Transactions
Though the first bitcoins were mined in 2009, it took several years for the currency to gain mainstream traction. In January of 2009, the first bitcoin interaction took place between Satoshi and a developer named Hal Finney. It wasn’t until October of ‘09 that a USD/BTC exchange rate was established. At that point, $1 was worth 1,309.3 bitcoin. This value was based on the cost of the electricity that computers used to mine bitcoins.
2010 / First Exchange & Use
In February 2010, the first bitcoin exchange was created, called The Bitcoin Market. Today, there are four major digital currency exchanges. A few months later, a florida programmer named Laszlo Hanyecz paid 10,000 bitcoin for a pizza on the Bitcoin Forum. At the time, that came out to around $25 USD. With today’s exchange rate, that pizza would’ve cost $6,205,820.52! In July of this year, the now infamous MtGox exchange was established. A few days prior, the price of bitcoin skyrocketed, increasing %1000 from $.008 to $.08/1BTC.
2010 / Growing Market
By November of 2010, the market capitalization of Bitcoin surpassed 1 million USD. While most users still came from tech communities, financial regulatory organizations had already begun to take notice of digital currencies.
2011 / Growing Price & New Businesses
2011 was a big year for digital currency. In January, one quarter of all bitcoins had been mined, and a few days later bitcoin had reached the $1 mark. Exchanges opened in England, Brasil, and Poland. In June, Bitpay launched the first bitcoin wallet for smartphones. In January, 1 BTC was worth $0.30. By the end of December, 1 BTC was worth $4.72. This is a %1573 increase.
2011 / New Digital Currencies
2011 also marked the rise of altcoins - digital currencies modeled after the Bitcoin system with unique modifications. On April 18th, the first altcoin, called Namecoin, was released. The people behind Namecoin saw Bitcoin’s peer-to-peer transaction verification system as an information exchange, and felt it could be used for much more than financial transactions. Namecoin used the network to create a digital currency and decentralized domain name system, in order to combat internet censorship. As of today, the market capitalization of Namecoin is over 16.4 million dollars.
After Namecoin came Litecoin, launched in October 2011. Litecoin was created to improve mining capability, market liquidity, and transaction speed. In simpler terms, Litecoin aimed to be easier to mine, simpler to find, and faster to spend. Today, the Litecoin market capitalization is over $258.75 million dollars. This is second only to Bitcoin.
2012 / Investments in Growth
Digital currency is a technology built on community, and its culture grew enormously in 2012. In February, Bitcoin Magazine was launched, and eventually started releasing print editions. Venture capitalist Adam Draper launched BoostVC, a bitcoin startup incubator, in July of that year. The Bitcoin Foundation also started in 2012. All these developments focused on industrial growth, not only through technological improvements but community encouragement and advancement. On January 1st, 2012, 1 BTC was worth $4.72. A year later, 1 BTC was worth $13.30.
2013 / Merchant Adoption & FinCEN Guidance
In January of 2013, Bitpay passed 10,000 transactions. This only set the tone for 2013, which saw the value of bitcoin skyrocket. Businesses began accepting bitcoin left and right. Charity initiatives began as well, such as Sean’s Outpost, a Pensacola based homeless shelter. The Financial Crimes Enforcement Network (FinCEN), part of the US Treasury, acknowledged the growing impact of digital currency by releasing it’s official position on the industry. The value of bitcoin continued to increase, and its market cap passed 1 billion dollars in March. Two months later, the first bitcoin ATM debuted in San Diego, California, allowing people to buy bitcoins in person. Documentaries and web hosting sites launched, as the community and commercial force gained considerable momentum. In July, the Winklevoss twins filed with the SEC to create the Bitcoin Trust as an ETF, allowing for more mainstream investors and financially savvy individuals to get involved with the digital currency world at low personal risk. Weeks later, digital currencies recieved another hat-tip from the financial world in the form of a Bloomberg BTC price ticker. The day the price ticker went up, 1 BTC was worth $93.36.
2013 / Price Increase & US Senate Hearings
October, November, and December of 2013 saw the most dramatic rise in price in bitcoin’s history. On October 2nd, 1 BTC was worth $99.81. On December 4th, 1 BTC was worth almost $1,200. In these months, the US Senate conducted a hearing on Bitcoin and a Cyprus university, Virgin Galactic, and Shopify all integrated bitcoin payments.
2013 / Dogecoin
On December 8th, another major altcoin was announced. Dogecoin, based on the shiba inu “doge” meme, started producing massive amounts of coins. The frontloaded production schedule was intended to increase market liquidity and spending rates. What started as a fun little joke is now a major player in the digital currency world, with applications for micropayments and content support. Dogecoin is often used to “tip” friends and creators to show appreciation for insightful or creative content. The Dogecoin community has also spearheaded major fundraising initiatives, enabling the Jamacian Bobsled Team to attend the 2014 olympics and charity:water to build a well in Kenya. Dogecoin has also sponsored a NASCAR driver. As of today, the market capitalization for Dogecoin is $20,966,236.
2014 / Positive Future
This year has been a time of stabilization within digital currency. While the end of 2013 and early 2014 saw enormous price inflations across most currencies, spring and summer of 2014 registered a depreciation and regulation of exchange values. While prices have come down from their peak values, the relative exchange rate stability could indicate a strengthening market and increased adoption.
In the six years since Satoshi published this groundbreaking paper, digital currency has exploded. We at BTX Trader are excited about the future of digital currency, and we are dedicated to creating products that further the growth of this groundbreaking industry.