TenX: Multiple Assets, Cross-Chain Transactions, Rewards & Zero Fees

6 days ago
71 in cryptocurrency

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If you’re wondering what makes Tenx different from the other crypto debit card options, it’s got to be the fact that they allow you to spend a number of different cryptos. Right now they have made Bitcoin, Ethereum, a few ERC20 tokens, and Dash available for you to load and spend using their card.

Tenx is also working to accomplish off-chain and cross-chain transactions to help with scalability.

They’ve been working to achieve this with their open source protocol called COMIT. which stands for Cryptographically-secure Off-chain Multi-asset Instant Transaction network.

This protocol links blockchains together and it removes the need for a third party to transact between blockchains. It’s still in the works but if this proves successful it certainly has the potential to change the game for cryptos.

If you’re like me and the thought of understanding cross-chain transactions is almost enough to make your head burst, the co-founder of TenX, Julian Hosp gives a superb explanation during his interview with a fellow crypto Youtuber and Steemian, Boxmining. Check the link down below to view this interview and get a better grasp of cross-chain transactions.

Tenx offers a 1% reward paid in their PAY token for just being a card holder and also a 5% reward paid in Ether for holding the PAY token. Also if you chose to make a purchase using the PAY token, you’ll get a reduced transaction fee.

You need to download the Tenx wallet before using your card.

The App is only compatible with Android so far, the web app will be available to everyone in the next week or so, and the same can be said for the IOS app.
If you order a card right now, you’ll be added to the waiting list. It can be anywhere from a couple weeks to a couple months until you receive it.

The reason for the waitlist has to do with the large number of people using Tenx, and they need the time to properly update their API, exchanging, and banking systems so they don’t collapse from the rapid increase of activity.

Although Tenx is available in many different countries, it is not yet available to citizens of the U.S. This has to do with their recent ICO. They are waiting until 90 days have passed to see if the SEC regulations will have any affect before releasing to the U.S. They are planning to add the U.S. to the list sometime in Q4 of this year.
You can check out the link down below to see the list of available/unavailable countries.

As with every crypto debit card, the card limits are set based on how much information you supply.

Without any verification or information whatsoever, you can gain access to their wallet and use it as just that, a wallet. If you want to get a card you’ll need to submit your full name, shipping address and date of birth, with this you’ll get a $2,500 lifetime limit on your card
Once you submit your passport and proof of address you will get unlimited use of your Tenx card.

Now let’s tackle the tricks behind transaction fees and exchange rates.

The thing that is important for you to pay attention to is the fact that many cards that give you 0 transaction fees often get reimbursed other ways, like by using poor exchange rates. Since I’m a U.S. citizen that uses the IOS operating system, I can’t see for myself just yet whether or not the Tenx app shows you the exchange rate that it give you when using their card. If they do then that’s great and it’s a good sign that they are being transparent. However if they don’t it’s likely this might be how they are able to offer zero transaction fees.
In the interview that I mentioned earlier, Julian explains that when converting to fiat Tenx uses the Interbank exchange rate, which is the best rate available, so this is a great start at least.

The near future plans for Tenx are as follows:

End of 2017 they will aim to ease the process of accessing cryptos with fiat.
They also have future plans to address the volatility of crypto prices, they seem to hold back on the details about this to keep a leg up on their competition, but these updates are planned for around Q2 of 2018.

Additional Reading/ Sources:

Boxmining Interviews Julian Hosp
Live Q&A with Julian Hosp
Tenx Website
Tenx Fees, Limits & Country Availability
COMIT Network
Coinmarketcap- PAY token

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Sort Order:  trending
53
  ·  6 days ago

Thanks for sharing this information :) I love TenX and the project. Julian Hosp is working very hard in the German community to get more people involved in cryptos. Love it!

47
  ·  6 days ago

TenX to the moon! Let's all get rich and meet up somewhere exotic and party.

37
  ·  6 days ago

Thanks your tips are helpful. While condition permit can you also do a quick 360 view of the nice location you are at.

46
  ·  4 days ago

The real question is.. Will it last ? Will someone else with a better design and concept come into play. Crypto is advancing faster than tech tbh @heiditravels

53
  ·  6 days ago

Hello my dear friend ❤️
I am following your account every day { 🙏🤝 }
@haji

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30
  ·  6 days ago

Haji i think i will join Following such good Posts very informative.

48
  ·  6 days ago

Thanks for the update! The United States SUCKS

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25
  ·  5 days ago

Take a look at https://www.clevvermail.com and you can forward your card to your US address from an address in another country.

45
  ·  6 days ago

one of the most efficient tools ive seen, i just hope the fees go down a bit. i liked your post in Vietnam!

36
  ·  6 days ago

Tenx is awesome for all and i like to use
Tenx and its so easy for everyone who like to do transactions your information is so helpful for everyone and you showed the easiest tricks
In the future of tenx is highly great.
Thanks for your information @heiditravels .

64
  ·  6 days ago

Excited for more updates to come and I can't wait to see more people following suit.

The simple fact they have competition tells me there is immense value in what the world is just not catching onto.

Thanks for the update as always.

~ @Timbo

45
  ·  6 days ago

This seems to bit a great service.

Let's keep an eye on this, it would be great if you can this one card for all cryptos and fiat.

Thank you very much for alerting us to this.

40
  ·  6 days ago

Follow :)

34
  ·  6 days ago

Omg, Tenx go up to the SKY!

25
  ·  3 days ago

I really like TenX and more people will hop on the train once they see that the pay token generates passive income...massive potential!

43
  ·  6 days ago

Great results! Thanks for sharing

44
  ·  6 days ago

It will be interesting to see if TenX can achieve what people are thinking is possible.

68
  ·  6 days ago

Excellent review.

38
  ·  6 days ago

cool video about TENx - can look forward to see more cards like this in the future --- its amazing why the US cant get it yet...

46
  ·  6 days ago

I'm confused. What is the purpose of the TenX coin itself? It seems as if the coin is not required.

The TenX card sure sounds great.

Thank you for this post Heidi!

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45
  ·  6 days ago

If you hold TenX PAY token you will get a share of all transaction fees. Watch some videos of julian hosp on youtube, he can explain it way better than me.

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45
  ·  6 days ago

the tenx coin is given as rewards for holding & using the card

49
  ·  6 days ago

Wow Nice post, I followed you, hope you do the same please :D.

35
  ·  6 days ago

Awesome vid @heiditravels. Can't wait to try this card. :)

57
  ·  6 days ago

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36
  ·  5 days ago

what we really need to do is force sellers to accept cryptos. Reward companies that accept cryptos with your business. Accept cryptos yourself and advertise that fact, etc. We don't need a bankster card that requires handing over your papers to register for surveillence and/or possible prosecution! Nothing really against tenx. maybe it's fine short term, but by no means is this situation OK long term. Also, if we don't fund what we want for the long term, now, we'll never have it.

25
  ·  5 days ago

Is Americans can't get anything right now :/

25
  ·  5 days ago

If you want to get a TenX card but live in the United States you can setup an address in Canada or another country and then have the card forwarded to your US address. https://www.clevvermail.com has a free 6 month trial and you only pay for each piece of mail that is forwarded. Just an idea for those that cannot wait like me :).

47
  ·  6 days ago

Looks great. However, with offers from chase like 50,000 pt bonus and 2% cashback, thats much better than this .1% reward or .5% ether reward. Its a start, but will need to be better for MASS adoption. Maybe they aim a different niche.

46
  ·  4 days ago

Looking forward to payday so I can buy some

44
  ·  6 days ago

Interesting, the concept it is like ShapeShift or doing atomic swap between two blockchains?