TenX - Shopping with digital money goes mainstream?

Big partnerships with VISA and Mastercard opens entire new markets for cryptocurrencies. TenX has started to build the necessary bridges between digital currency and the real world to make it useable for everyone.

picture by
Lotus Head from Johannesburg, Gauteng, South Africa, Credit-cards, CC BY-SA 3.0

What are the main purposes of cryptocurrencies today? To be honest i'm relatively new to the field but what i've learned so far is that there are some typical intentions for people to buy, hold and use digital money:

1. like gold (Bitcoin) and silver (Ethereum) as save haven to fiat money

2. like a stock for short term speculation or long term investing (ICO pump and dumps, arbitrage between the same currency or different, expected value increase over time because of shortage of tokens and the acceptance of currency or asset)

3. simply use it as fuel for different applications like steemit for example or to pay for transactions between wallets and exchanges

4. to spend it in the real world for physical products like we do with Euro or USD

To look at the last point, currently the most accepted digital currency without a doubt is Bitcoin. One indicator ist the growth of ATM's to exchange Bitcoins

KryptoNatasha, Bitcoin ATM, CC BY-SA 4.0

picture by coinatmradar.com

I we set this in perspective: 1.400 Bitcoin ATM's is nothing compared to 3,6 Millions bank ATM's worldwide.

Government says Yes! to Bitcoin

With the legalization in Japan as legal money Bitcoin has jumped in price in the first half of 2017 from around $1.000 to $3.000 and surprisingly fluctuates around this value without a crash like in the past since two months from May to July now. In 2015 only 900 merchants accepted Bitcoin, in 2016 up to 4200 (+366%) and now there is a market potential of 260.000 shops (+6.090%) in Japan alone! Australia is another example and recently the announcement of South Korea a country with tech friendly enviroment should fast integrate Bitcoin in financial services.

Such steps by the government is a huge step forward into mainstream adoption and signals a possible worldwide trend for the whole cryptoworld. But if we look to europe the EZB chief Mario Draghi recently announced that digital currencies have no significant impact on the economy.

No significant means the EZB is constantly watching and i think is concerned about the movement. That tells me Bitcoin and Co. has now a significant footprint and it will even much bigger in 2018. Bitcoin has grown and now a deep market penetration and there are strong satellites like Litecoin which is also spendable in Online-Shops today.

How can i spend Augur?!

But there are many many more, thousands of cryptocurrencies today and here lies the problem. If you ever wanted to pay in a local shop or online with currencies like Augur, Golem, Nxt or Metal it's simply impossible because it's not accepted digital money. To use it for buying products you first have go to your wallet or many digital wallets and find an exchange to get Bitcoin for your Altcoin (Bitcoin alternative) and then go to your favored shop. To do so you have many time consuming steps to do until you get your product and you're charged with high fees especially with Bitcoin because the miners must be greedy to provide even more computing power for the exponentially growing difficuilty in the blockchain. It is said today Bitcoin CO2 consumption is equivalent to Cyprus and will rise to the the consumption of germany and the fees will be even much bigger.

TenX adressing that issue and will make any digital currency spendable in the future anytime and anywhere so the plan. Currently they have a running product. You can get your TenX debit card and instantly can spend 8 different currencies today including Bitcoin, Ether, DASH, Augur.

video by TenX

TenX claims there is just a 2% company cut and an exchange fee of 0.15 to 0.2% and no hidden fees.

And that's just the beginning. TenX works toward a banking license to provide many more services and applications in the future.

What does that mean for the whole crypto market?

I think that's a necessary breakthrough to become mainstream and to forget all the complicated processes today you've to do as owner of digital currencies. If digital money can be used (stored, saved, invested and spended) as any fiat money than the doubts and fears of today are over for regular people.

Future plans

TenX plans to rollout his product in Q4 in the US market, afterwards it will introduce COMIT network to connect different blockchains and to abandon BitGo service you have to trust today, two big steps i'm curious about. Julian Hosp (CVO TenX) is the always connecting to investors and customers via Vlogs, Facebook and other social media. He gives also his views on investing in cryptocurrency and i've learned many things from him about the whole crypto scene. From time to time there are also live Webinars.

What do you think of the future prospects of TenX?

Please comment and upvote me! Thank you!

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