A few months ago I took the leap of ordering a Tenx card. It cost $15 and this includes the shipping and administration. I then had to wait around 3 months till the card finally showed up. With this card I was now able to use bitcoin to make purchases wherever Visa is accepted. Like most things in crypto I was a bit sceptical but for a mere $15 I was willing to take a chance.
Two weeks ago I finally received my card and I was excited at the prospect at what I could now purchase. Unfortunately being middle aged and mundane groceries flashed through my mind. My thought process was that if I could use bitcoin to purchase weekly groceries then I would potentially purchase more groceries when the price rises. If the price dips too much I will use regular fiat . Regular use of the card is beneficial as you are rewarded in Tenx pay tokens which are trade able on Bittrex and can be stored on Ethereum wallets such as MyEtherWallet. I am not to sure how this are created and how they appear on your card or wallet so cannot provide much information at the moment. I do plan to update you as I proceed with my Tenx journey.
It was with much interpretation that I headed to the local supermarket and made a purchase of groceries. I inserted the card into the self service machine (too shy to experience awkwardness while at the counter, if the payment doesn't work), typed in the pin (its not contactless) and then it flashed up "payment successful". I resisted the urge to click my heels together and jig out of the shop but instead started thinking about how I can use BTC to be expressed as a basket of goods. Please see photographic proof.
Governments use a basket of goods to measure the rate of inflation. They will look at the price of different goods to see if prices have gone up. However we as citizens are not fully aware of what they leave out and if they use certain goods to make their economic policies look good. Therefore I decided to express my own shopping and therefore show how BTC has risen or fallen and express it in terms of whether I cannot buy certain goods when it drops and extra goods when it rises.
I plan to do this once a week and show via a time stamp how the price has risen or fallen. In addition to this I will add or subtract goods to my shopping list.
Hope you still with me, please see chart below
Thanks for the update stickchumpion! I've been following the tenx project since the start and have been holding some pay tokens, never really had any intentions to use crypto to spend but plan on ordering my own tenx card today. You pulled me through :-)
So for as far as I understand it, you load your tenx wallet with crypto and they are used when you pay in the shop without any extra crazy costs that come along with bitcoin these days.
I'm looking forward to the next updates
I'm glad I pulled you through don't hunt me down if it all goes wrong hehehe. I think its always good to keep in mind what you can use crypto for ? I find I hodled for months and it was only a small amount and didnt know what I was doing. I find that by having a plan to spend you get to understand trading and crypto better. I am waiting to see how long this alt bull run lasts then im cashing out to pay off the football tickets I bought. Merry Christmas to me.
Yes, I totally can get behind the mindset of testing things out to see how they work and learn from it. This is exactly why I started using steemit which I'm glad I did. About the tenx, the site says they support both Bitcoin andEthereum, but the app only allows for bitcoin. Is there a way to pay for the card with something other than bitcoin as those transaction fees have really been ridicoulous lately whan sending these minor amounts.
Yea I saw that as well . I have seen in videos and read where people have used ETH but its doesnt seem to work on the android app . I might dl the wallet onto my laptop and see if I can do it from there. On another note I will be posting next week about my trip to watch Chelsea play Everton away which I am sure you will like as a football fan.
My understanding is that ETH and other coins are only available to testers at present and will be available to all soon. They have been saying this for a while, so I don't know how soon "soon" is, lol. I think it is a great project and have been a PAY hodler since just after the ico.
Yea when you look on the android settings it has the option but it says coming soon. Thanks for the comments !!
You had me at "click my heels together and jig out" 😛 This is pretty crazy yet awesome though. I'm interestedddd. Wonderful post brilliant man
Very cool. I was telling my wife about this last night. Like you @stickchumpion, will be buying bi-focals and prep-H with BTC in no time.
Yup it will be good to use it practically
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This is really interesting. I have been looking at a card called UQUID, but I haven't ordered any. The thing is that is will not work in Sweden, I guess. But on many online stores that aren't Swedish.
Still I believe this is part of the future and it's really great to take part of your story.
I think you can use TenX in Sweden ? I would use Tenx if I was you . Thanks for the comment
I will definitely check it out. Can you deposit other cryptos to the card as well?
At the moment it is only BTC but I think ETH and he tokens will be able to be used soon.
Great stuff. Absolutely can't wait for the TenX card to be available here in the States.
Thanks for the heads up on Tenx. I'm waiting for the card to arrive, and will have a play with this as well (of course, might wait until the bitcoin price stops freaking out). I think Tenx is a good idea which fits a needed problem people had with crypto, i.e. how can I easily convert my crypto back to fiat?