Cryptocurrencies has been on the rise the last couple of years and with it has followed the demand for practical usability.
Very few shops are accepting payments in Bitcoin, which is a shame seeing that the purpose of Bitcoin was to have easy transactions with each other. With Bitcoin unable to fill that void, companies like Tokencard and Monaco Visa Card are trying to capitalize on rising demand for real payment solutions that can rival the likes of MasterCard and Visa. The competition among these companies are fierce, which saw Monaco speed up their planned ICO with at least a month.
TenX is also trying to get a market share of what could potentially be a billion Dollar industry, and it’s a huge step in the right direction that their PAY token is now being adopted for trade on Bittrex which is one of the largest crypto exchanges in the world today July 7th 2017 at 4 p.m. UTC.
TenX’s ICO sold out in just five minutes, and it is estimated that about 30.000 people were left disappointed and had to wait for the token to hit the exchanges. That could result in a huge demand and surge in price for the token when the markets open later today, so be careful of the price volatility if you are considering buying some PAY tokens.
I think TenX is an interesting concept and they seem to have a little lead on the completion which could prove very valuable to them in the long run seeing that first movers often gets the most success.
I have never bought a token on it’s first day on an exchange, but today might be the day :)
Some info:
• TenX is a company that provide payment services through use of the TenX Card, which is a debit card for cryptocurrency.
• The TenX Card is funded by a TenX wallet. The wallet can hold Bitcoin, Ether or Dash,and is currently being developed to hold loads more cryptocurrencies in the future.
• TenX is currently in an insurance partnership with MasterCard and Visa, which ensures that the TenX Card can be used in almost 200 countries at over 36 million points of acceptance.
• Users of the TenX Card can transfer crypto funds between them without any third-party involvement.
• The founder of The Ethereum Foundation Vitalik Buterin has actively invested in TenX which could indicate that it’s a good investment.
Here’s a video showing how easy it is to use the TenX Card
https://www.tenx.tech/whitepaper/tenx_whitepaper_final.pdf
https://bittrex.com/
https://www.tenx.tech/
https://tokencard.io/
https://www.mona.co/tokensale.html
Do you intend to buy some PAY tokens, and what are your thoughts on TenX, Monaco and Tokencard?
Leave a comment below.
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I saw some math that said you would need about $40 billion in transactions for an annual return equal to the current value of tokens. Formula: (Annual worldwide spend * .5%) / total tokens (200 MM) * # of tokens held. So if you have 1000 tokens, the formula might look like this:
40 billion * .5% = 200 million --> 200 million / 200 million = 1. So, $1 per token held. The current price is ~$1.
In 2014, Americans spent $5 TRILLION on credit cards. If the crypto cap continues to grow (currently ~$100B), $40 billion in transactions a year is not infeasible.
Thank you @superskillz for this very elaborate answer.
The math looks solid and its very helpful :)
It looks like it could take some time to reach 40 billion though, so it might not be the best value investment at this moment.
There is also the volatility of the markets to take into account when using these debit cards.
When buying something (lets say a cup of coffee) the card will withdraw a certain amount of lets say BTC. This debit transaction will happen immediately and in real time. Which means that you end up paying the going exchange rate of BTC, that could mean huge uncertainties as to the actual price of the cup of coffee.
I am waiting for legalization of cryptocurrency in india. Hope it will be done soon.
Why not use a VPN and make your pc look like it is in the UK or USA?
That's a good suggestion @waykiwayki :)
Very Good Post. Your knowledge in cryptocurrency is very vast. I UpVote and followed. I hope you do the same.
Thank you very much :)
Thanks for this article. I have finally found a place...right here... to learn more about cryptocurrency. Thanks so much! :)
That's great!
Thanks for your support, it's much appreciated :)
Nice information, thank you! :)
You are welcome, glad you liked it my friend : )
I may be interested to get a CC; Do you know what other cards are on the market and how this one compares to the others? What is the best card in your view?
There is also Mycelium, Plutus, Monaco, TokenCard.
I would go with the TenX Card, it seems like they are the furthest in the development atm and their crowdsale showed that they are very popular :)
Ten X is a Singaporean startup..with the spending and card-rewards centric mindset of my generation in SG, I see potential in this coin in terms of public usage of the technology in Asia. Did you get some, Dan?
I hadn't noticed they were from Singapore, that's nice :)
I also se a huge market potential for these kinds of cards, and I guess it's only a matter of time before they really start to get adopted. Much like we a beginning to see with the hardware wallets.
Luckily I waited it out and didn't buy any.
It has dropped 93 % since yesterday !!!
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Great post! :) if you want to multiply your crypto-change will see my profile ;)
https://steemit.com/@hugoh64
Is this available for india also?
great article. Thanks for the news... Followed, upvoted and resteemed. Feel free to do the same.
I was checking out this app earlier, the extra info you've just provided has helped a great deal.
Thanks and praise.
Apologies for not catching your post on the community sooner so that I could get you paid.
I've just thought of a solution to this actually that will make it so everything operates as it should.
Thank you for the inspiration, I know for sure it would've been a while before I came to this conclusion had your words not subconsciously sparked the flame beneath my synapses.
Thanks and praise.
You're on the @abusereports naughty list! Bad Steemian!