What's the biggest reason why cryptocurrencies haven't gone mainstream by now?
It's the usability! It is simply not convenient enough to use your crypto assets as real-life payment methods.
Not many retailers accept it yet, and even if they do, it can be quite the hassle to scan a QR code, wait until the transaction has been confirmed etc.
If cryptocurrency really wants to achieve mainstream adaption, we need to make it EASY and quick for people to use it.
Introducing TenX: Making "any cryptocurrency as usable as a dollar bill in your pocket" with Visa Cards!
What is TenX ?
TenX graduated from PayPal's startup incubation program earlier this year and is a singapore-based company featuring a mostly Austrian team.
It aims to solve the liquidity problem by creating cryptocurrency visa cards that make it very easy and convenient to spend your crypto-assets in real life.
These visa cards would be accepted almost anywhere in the world (over 36 million points of acceptance), and TenX offers no processing fees for any online or offline payments.
Apart from the visa card, TenX also offers its users a cryptocurrency wallet where the tokens are stored until the customer actually wants to spend them - then, the funds get exchanged to fiat for the best possible rate.
How does it work?
So how exactly can you spend your cryptocurrencies in real life now?
First, users need to download the free TenX app. Then they setup a wallet for the tokens they'd like to use, and transfer some funds over to the wallet so that they're ready to spend it.
Next, users need to order a virtual or physical visa card - and with that, they can start spending their crypto assets at over 36 million points of acceptance in the world.
Anywhere where visa is accepted, you can use TenX to pay via cryptocurrency!
Take a look at how the TenX team buys a coffee at Starbucks in Singapore, using the TenX card and Ethereum funds:
Cryptocurrency Details
The native cryptocurrency of TenX is the PAY Token, which is built as an ERC20 token on the Ethereum Blockchain..
Users can exchange funds in their wallet for Bitcoin, Litecoin, Dash, Ethereum, and all ERC20 tokens like BAT, EOS, GNO, ANT and many more.
Rewards
TenX offers revolutionary rewards for its users - everytime they buy something with the TenX app or card, they will benefit from it!
For token holders, TenX enables 0.5% rewards (ETH) for every transaction and for TenX card holders, there 0.1% rewards (PAY) for every transaction.
This offers an incentive for both card holders and token holders and is a game-changer in the niche market for cryptocurrency debit/credit cards.
TenX Card compared to other cryptocurrency cards
TenX is not the first company to come up with the idea of cryptocurrency debit/credit cards - but it offers its users some unique benefits.
When compared to the popular alternatives Monaco Card or TokenCard, you will immediately notice the difference:
TenX is the only one that offers a wide variety of different currencies, NO domestic or foreign transaction fees, and also the only one who offers any user incentives.
Conclusion
TenX is a promising fintech startup that aims to make it much more convenient to spend cryptocurrency in real life.
They have created the first debit card that offers multiple cryptocurrencies, no transaction fees, and user incentives all in one.
There is also a TenX wallet app where you can exchange your tokens.
The TenX ICO concluded in June this year. Currently, it is trading on spot #4 on the asset market cap ranking and the TenX cards will be released in 2018.
© Sirwinchester
Great service!
I'm excited for companies like this making crypto more usable and mainstream. I think it's a great innovation
i think so to @sirwinchester!
Already has a usable interface. Great Coin!
Yes! I think it has a lot of potential.
I love their tech and their vision, i always follow their vlogs and livestreams and the CEO is a smart guy.
This is a very good long term hold and its a easy way to spend cryptos
Exactly. it's a solid idea with a dedicated team, and I think we will hear a lot more about TenX in the future.
What is their business model? How do they make money?
Good informative post ! I use bitwala to do the samething but unfortunately, it doesn't support any other coin than bitcoin. Good news is its out there and available though there are and always will be fees to exchange it to fiat. I hope to see this working with widely used cryptos then I'll join :)
Great post. Can't wait to try it!
This will NOT Ship to the USA. Just in case anyone is getting too excited too quickly. Also, with the price volatility of so many of these coins, why would you want to use them as fiat? That would be like using your APPL stock to pay for your Starbucks drinks...
It's a cool idea, and having a "global currency" is a utopian ideal, but I just don't see the reality setting in anytime soon?
Thanks for sharing an interesting concept!
Yeah, I found out the USA was shut out -- for now. Yet another case of our tax laws messing up international finance.
It's more of the Anti-Money Laundering guidelines where "financial institutions" are required to collect lots of personal information in order to "know their customers", which doesn't exactly jive with the Crypto landscape.
Agreed. Still allows Big Brother to watch and track your spending and or trading. We need a new paradigm away from the fiat system, which will take innovation and time.
Exactly so. Some platforms have tiers for traders -- the more money (fiat, that is) you want to move around, the more authentication you have to provide.
As usual, the governments inconvenience honest people to capture the small minority who are crooks and cheaters.
To be fair, if you're truly an honest person, the minor inconvenience for preventing the financing of terrorism shouldn't really concern you.
I see both sides, as a person who doesn't want to share all of my personal information on the internet, and as a person who agrees that institutions have a responsibility to prevent financing of terrorism where possible.
It's unfortunate that we live in a world where so many crooks and cheaters thrive, and the innocent are the ones who frequently suffer the most.
Oh, I agree! But the more you spread your ID around, the more chances it can be stolen or misused.
No USA! So not fair!
I think this is a great idea. You keep your cyrpto until you need it. If coins are rising, you leave your money in and reap. Not so good when they are falling though.
More and more solutions like this is coming out to solve how we can use are cryptocurrencies in our daily lives People that believe we can't spend our crypto-money on things we need are wrong and the more they deny cryptocurrencies, the more opportunities they will miss out on new innovations such as this TenX card. Nice post
@sirwinchester
release in 2018? So the one showing in video is REAL or dummy? It's kind of pain to wait for such long to have one. Keep us posted if any changes to the card release date.
Thank you for your support
Good luck @sirwinchester!
Very good info I didn't know how handy tenx was
This really looks cool. Thanks for sharing.
That's awesome.keep it goin.
Excellent article, casually is one of the platforms I'm investing
Nice, i like it the your post, thanks. Resteem please help
So great info. didn't know that cards existed in this way mixing the crypto. Where do I sign?
This looks like a great potential service!
upvoted, followed and re-steemed ; more people need to see this !
It's like you have your own bank! You can spend with no credit limit as long as you have fund in your wallet. Sky is the limit!
Thanks for the information, maybe later I will try to use it...
Looks like dash took too long! lol
cant wait a release!
reading it was excited. And the the best benefit - big amounts of cryptos - awesome. Especially in2018. I think there will much more different crypto currencies.
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Can't find the TenX App or do we need to wait until 2018 ?
Can't wait to get mine. Only one problem - won't this just help get money OUT of crypto and back into fiat? If every crypto holder uses this it will effectively sell crypto, buying fiat <img src="
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where can I order the card I cant find it on their site.