TenX | Some Facts and Criticism

Good morning guys, in this post, I would like to do a review of some features of TenX and their charges on transactions and card issuance.

TenX is creating an opportunity for cryptocurrencies to be more tangible. I like to say this whenever I talk about the utility of cryptos as against the fiat counterpart;

Cryptocurrencies will never be a perfect alternative to fiat if it isn’t capable of doing what fiat does.

It is on this note that I refer to TenX as one of the most important projects built for blockchain consumption. Having a project that puts cryptocurrencies on debit cards is revolutionary and that is what TenX is bringing to us.

With such an innovative instrument and monetary innovation, I strongly believe we will have a higher utility for cryptocurrency. Initially, cryptocurrencies were largely known as trading instruments; having no actual use for exchange purposes in terms of tangible commodities. TenX is making cryptocurrencies more tangible as it opens the door to a use-case for buying of goods and services to cryptocurrency holders.

To access the services of TenX, one would only need a physical or virtual debit card and then a wallet app; currently available on iPhones and Android devices.

TenX has a pending banking license and this is a major condition that affects their ability to issue virtual and physical cards. The sole aim of this is to get the daily payment system mainstream. In spite of the fact that TenX is building a highly advanced technology, they didn’t really raise a lot of money during the ICO of their PAY token. They were only able to raise a total of $80 million and will be needing more in order to provide the highest quality of service that will enhance user experience and achieve the objective of making cryptos more tangible.

Their PAY token had a great market price when it started out around the $0.83-$1 mark, which in my opinion was a strong start. During the end of December last year, the PAY token hit an all-time high or $5.26.

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As TenX is taking a step to integrate cryptocurrencies into our daily lives for a more effective usage and also increase its advantage over its fiat counterpart. However, it is important to understand the presence of hodlers that will never sell in the cryptocurrency ecosystem. This means that such will never sell and therefore will not embrace this monetary innovation. As for those who would like to spend their cryptos, TenX has provided a means to make that possible while leveraging on a debit card technology within the blockchain sphere. This is in alignment with the famous TenX motto: At TenX we work on making any Blockchain assets (i.e. cryptos) spendable instantly.

However, for the people who do want to spend crypto TenX provides that service via a debit card and an app. TenX’s motto is:

“At TenX we work on making any Blockchain asset spendable instantly.”

Tenx will also work hand in hand with the COMIT network (I recently made a blog post talking about the TenX COMIT - Cryptographically secure Off-chain Multi-asset Instant Transaction integration) to bring about a real-time transaction experience. COMIT also provides the payment that allows for a quicker transaction interval.

At the moment, TenX supports a couple of cryptocurrencies such as;

• Bitcoin
• Dash
• Ether

However, there is still a long list of blockchain assets to be included in the future trading. This is because the technology that TenX have put in place has what it takes to take their TenX PAY token to the moon; as we exchange other cryptos to obtain it.

Getting a TenX physical card costs $15 to order while the virtual card (which is also not available for now) costs $1.50 to get it active. After which you pay a sum of $10 as an annual fee for each type of card, but this is changes if you spend over $1000 during the year. Also, there’s a transaction fee charged on every transaction you initiate; the withdrawal fee is always shown on the confirmation screen of the TenX app. TenX has no conversion charges for every time you spend using their card. However, some users have expressed how displeased they are about the nature of these charges and I got a lot of such on sites like Reddit. Personally, I don’t have anything to say for or against TenX since the cards are not even available for my consumption yet. Although, for some reasons, I do agree with some of those users; who at some point, experienced the TenX cryptocurrency withdrawal services.

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It is also important to know that, there have been no complaints so far on the service delivery promises. Even if there is any, I am sure it would be on rare occasions. Regarding the complaints on fees, I hope that the TenX team will be able to provide some explanations to this; having raised less than $100 thousand during their ICO, I think they have their first justification. This is a cutting-edge technology and of course, will require a high level of maintenance and funding. Coupled with the fact that TenX uses the services of banking and card issuing partners that must also be paid. I would like to know your thoughts on this in the comment session below.

Thank you for reading this friends; your time spent here is appreciated. I also hope to see your opinion and thoughts about the utility that TenX is giving to cryptocurrencies in general. For me, I think this is revolutionary and everyone should get at least one of their cards as soon as they (TenX) make them available. I am Bait and I am bringing words from the Offline Minnow School.