TenX Explained Simple - Daily Deals: #63

[timclore]

TenX is a Cryptocurrency Spending Card Project that aims to make digital currency spendable anytime, anywhere. Comment on what you think of this video and give it a Thumbs up!

I am not a financial/crypto expert so please do your own research before making your decisions. I am not responsible for any actions that you take.

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Comments

[vaporhaze]

Questions:

• Why is this coin not opensourced, (why is there no code sources listed on github like valid coins/tokens, like bitcoin for example?) What are they hiding?
• If fiat is the outdated, oversold currency, and cryptocurrency holds and stores value better, why wouldn't someone just hold your cryptocurrency and just buy whatever in fiat?
• Many credit cards offer percentages of cash back (fiat) with purchases. How does this change anything?
• If the whole idea of cryptocurrency is decentralization, why partner with major credit cards? Why not be open sourced?

[timclore]

I'll try my best to answer your questions.

• The coin is not open sourced because TenX doesn't want their competitors to copy their sources and have the same features as they have. This is coming from their co-founder Julian but I hear that their comit network is going to be open-sourced.
• I never said that fiat is outdated or oversold. Cryptocurrency is people's currency and I think it has potential to grow. As for your question, that is looking at crypto as a store of value. I think TenX is trying to make crypto into a medium of exchange where you can spend crypto at a stable rate. Currently, Bitcoin serves as a store of value but I think this can change with stability and low volatility.
• Some credit cards do offer better cashback. But I think the incentive with TenX is rewards with tokens and cashback. You get cashback for spending and you get rewards for every transaction that happens throughout the globe for your token holdings. I don't know any banks that offer that.
• Decentralization is the key but we need to bridge the gap. TenX can use a open source to distribute cards and use them but which store would implement that? On the other hand, Visa and Mastercard already has millions of stores that accept and TenX can partner with them to connect crypto to fiat. Maybe in the future, we'll see mass adoption of open-sourced payment system but now is not the time.

I hope that answered your questions. If not, you can check out TenX site and ask the team.