TenX | Some important things to know about it

bait002 (72)in #tenx • 6 years ago (edited)

Good afternoon friend, today I will be doing a quick review of the TenX mobile app for iPhone and Android users. I actually ran a little bit ahead of myself yesterday based on my curiosity to see how the wallet actually works so I did a motion graphic video showing how to get in the app and set up your wallet.

One major issue potential investors have when it comes to dealing cryptocurrency lies in the question of “ how do I get my funds out?” more than it depends on the question “why should I put my money in?” from what I have gathered so far.

Investors are becoming more skeptical as conversion of cryptos to appears to be a little more expensive than necessary and too uncomfortable for one to spare what one would bleed in the name of transaction charges while trying to move funds from one exchange to the other just to get to fiat. Sometimes one would have move funds to various exchanges before one finally get to use cryptocurrencies. For example, I had to buy another token yesterday with some Ethereum and before I got the funds to the final destination over 10% was already lost.

One would not want to opt into such financial system classified with unfair costs and great volatility. Here earned profits could be swallowed up through such excessive charges. There is now a need for a system that serves as a gateway to fiat and that helps owners of cryptocurrency use cryptos just like they would use fiat, whenever and where ever they want to.

It is an attempt to solve this problem which I believe all crypto holders face an initiative like TenX was made necessary. TenX is a debit card service for cryptocurrency holders. What it does basically is that it helps crypto holders spend their cryptos anywhere in the world (the truth remains that the cards aren’t available yet in some countries take Nigeria for example) at any point in time. With TenX, you can literally credit your cards with cryptocurrencies and spend them just the way you would use the cards issued by your banks.

In my opinion an initiative like this is a success when we take a look at it from the point of view of usability of cryptocurrencies. We can’t have digital currencies be a perfect substitute for fiat if it can’t do everything that fiat does. A layman wouldn’t consider this money if it can’t perform the basic functions of money he/she expects cryptos to perform. TenX is giving more value to cryptocurrencies in general; showing that it is now possible to buy and exchange cryptocurrencies for tangible commodities.

The TenX model is built on the provision of two commodities to users. And it is with these two commodities that TenX provides a quality and cheap service to its users. The two commodities here are;

A TenX debit card
A TenX wallet app for iPhone and Android.

TenX card

The TenX card is in the face of a highly complicated situation at the moment. Their initial card issuer was Wave Crest Holdings Limited; in late August last year, they stopped issuing cards to users outside Europe. The last video update on the progress of the card issuance is somewhat obscure and the last video from the team regarding that is below;

From my experience while setting up my wallet, I also got the message that the card isn’t available for users in my country (Nigeria). Coupled with the fact that their website says what you see below;

source

For the sake of this disruption, we can conclude that TenX cards are not available at the moment and the team is working round the clock to bring them to you as soon as possible.

source

The TenX Wallet

The TenX wallet is currently available on Android devices and iPhones and you can download them from the links you will find below this post. The app is easy to use and navigate through. I think it’s also user-friendly. Currently, they only have BTC, Litecoin and Ethereum working with the app with more to come in the future. This means to use TenX, you would have to convert your tokens to any of these three except if they are already in that form. The signup process is straightforward and they have a two-factor authentication in place. I would recommend you use the Google Authenticator app. This makes your funds even safer while they are in the TenX wallet app.

I think that will be all for now guys on the TenX project. The application is available and you can download them straightaway. I also made a graphic motion video on what it looks like in my last post on the project but the link is here;

I hope the information in this post is helpful and gives you more insight about the TenX project. Thanks for reading this post of mine; this is Bait and I am bringing you words from the Offline Minnow School.