(Easy question)What am I doing wrong making my cross hair transparent?

I'm making a crosshair using Javascript to assign the picture to the center of the screen. This how ever isnt the issue, the picture sets an empty gameobject (which is the thing called 'crosshair' to the center of the screen. All I have to do is copy a picture of a crosshair into the object. I've done this, but now the parts of the picture which are supposed to be transparent are showing up as white. I foolded around by adding a mesh to the object then selecting the material to be transparant. What am I doing wrong? (picture below) P.S - 'Crosshair' = the empty object. And I do know I will need to re-size the picture later.