TenX (PAY) Review – Crypto Coin Judge
The TenX altcoin, has all the potential to become a successful coin against Bitcoin. Recently it got itself a smartphone compatible App and now, its users are finding it more usable and a worthy choice. Ever since TenX was launched, it has grabbed a lot of attention and made good progress in the crypto coin markets.
This is a payment company, providing mobile wallet and services as well as debit cards powered by cryptocurrency to the world. Over the years, it has partnered with MasterCard and Visa – the world’s major debit card and credit card companies. TenX wallets are currently used in close to 200 countries with over 36 million places of receipt.
A short history
The company originated and is headquartered in Singapore, with stout support from within the industry. The company won first-place at the DBS blockchain hackathon under the label OmniChain, followed by a successful graduation from PayPal’s debut program. Having a market cap of total $483,308,137 USD as of 5th January, 2018, it is predicted to go even higher by the first quarter. This company trades with the cryptocoin named PAY. For the financial folks, who know a little about the company, this is a platform powered by cryptocurrency and which provides smart wallets, ATM access, and debit cards to cryptocoin holders.
Until recently Cryptocoin Apps were only available in the market and only allowed you to exchange Bitcoins. Not long ago, there was a significant change. With the launch of TenX, cryptocoin holders are now allowed do business with altcoins including DASH, ETH etc. It is a fully-fledged smartphone App, presently accessible only through Android’s Google Play Store and anticipated to be launched on iOS too, such as Apple Store.
TenX: Innovations that are solving many problems
When people usually think of TenX, they picture a card with its name on it. Their debit card is built out of multiple blockchains, linked to the mobile wallet. Holding its debit card, you can spend your crypto assets anywhere and everywhere, both online and offline. It does not incur any costs using its proprietary debit card or any foreign exchange fees while making transactions.
1 – Being a full-sized payment platform for blockchain assets, this allows users to connect their blockchain-enabled businesses and assets to the practical market, but on a completely decentralized mode.
2 – Developers of web content and products can leverage the smart contract modules while developing.
3 – Companies can also connect their individual groups of customers to real-market payments.
This platform is powered by the Comit Network. It helps connect multiple blockchains on a single network. TenX is enabled to perform this by leveraging on the COMIT network, which further includes cross-chain payment channels and COMIT routing protocol. Both of these mechanisms operate on a prompt, trustless, and affordable manner.
1 – TenX’s end-users are offered cards, debit and credit cards, along with its smartphone compatible wallet.
2 – Unlike all other wallets you have used so far, this wallet allows you to deal with not only Bitcoin, but whatever altcoin/cryptocurrency assets you are holding. For example – ETH, BTC, DASH.
3 – Joining the platform and using its wallet, you can make payments with both physical and virtual debit cards.
4 – This organization even has card insurance partnerships with leading credit card companies.
That’s not all. Businesses and users are allowed to make exchanges with their blockchain assets, but the bonus is that the process between users is seamless and completely decentralized. This, as a result, removes all the risk factors which are typically found with centralized banking solutions.
How TenX is better than other solutions?
The only problem with cryptocurrency, which is still relevant despite a growing user-base, is that it is yet to be accepted by the majority as a mainstream payment method. For example, if you wish to pay your bill at Starbucks or Subway with Bitcoin or Ethereum, it’s not possible. While the online acceptance of cryptocurrency is increasing (from Overstock to Newegg to Amazon), when it comes to the real world, hardly anyone even tries to know how crypto markets roll. It’s easy to upgrade online business payment modes, but difficult to change the entire system in the practical world. In the real world, all payments are done in a centralized manner, which means third party bank’s involvement is integral and obligatory. There is therefore a huge need for time, employee investment, plus infrastructure investment.
Results and discussion
As the crypto markets have been a hit over the years, megacorporations like Walmart have moved closer to accepting cryptocurrency, but then again, there is buzz that it might be further delayed. TenX is playing a role in all this. Be it the gradual growth of crypto market or lack of acceptance in the real-world, TenX has definitely brought some changes into the system. This platform came with a beautiful and relatable slogan – ‘Use what is there.’ They actually tried to solve the real-world cryptocurrency implementation problem.
Leveraging on PoS system, which is found in almost every brick and mortar store, shop and swap finally got to meet in the real world. Retailers will be using the same Visa Card terminals, which accept fiat currencies today, and they will be accepting cryptocurrencies in a similar manner. This will bring change and make things more profitable for both the customers and the retailers. Once it is implemented successfully, you can go and pay for a large Latte with Bitcoin or Ethereum or whatever digital currency you are holding.
Solutions that are evident
TenX is making debit cards and credit cards available for cryptocurrency holders. By issuing debit cards, TenX is allowing its users to exchange not only Bitcoins, but all types of altcoins through the TenX wallet. It is as simple as that. This, as a result, bridges the gap between our new world and old world.
Just for example – Let’s assume you have 1 DASH stored on your TenX wallet, which means $1,198.02 (as of 5th January, 2018). Through this wallet, you can now use this virtual asset to pay for a service, or keep it deposited through a single terminal. Eventually, you make a touchless checkout, hence no plastic debit or credit slab required. Moreover, with this platform, you don’t have to rely on the platform admin. You are the user and you are the manager of your own bank. The entire platform is designed on smart contracts as it automates the cryptocurrency transaction procedure to your card. In short, the smart contract escrows the currency and discharges it to the ecosystem as required. As a result, the conversion into the desired fiat currencies happens as you pay.
In old convention, you pay the company that provides you the debit card, but in this case, TenX rewards you for using its card. In the old banking system, the high-street banks would request tellers to transfer the balance to your account, so that you can spend them at the stores. After the ATM was invented and debit/credit card were launched into the mainstream banking system, tellers were nowhere to be seen and you paid your utilities using cards.
Proving through analogy
Here, TenX has come to flip that system, but how? This platform has emerged as disruptive to the prevailing industry and it is because it cuts costs. When a bunch of institutions’ money is being saved, this money can be used for something more beneficial to both the parties. Take the example of Uber versus Taxi service. Just as Uber has got the industry rid of all the infrastructure and massive management cost, TenX has proposed a similar option by excising transaction processing costs for payment merchants and high-street banks. By cutting Visa’s cost drastically, the platform leverages on Visa’s wide acceptance at almost all nearby stores. PAY Visa card charges a little or no fees, but delivers a much better user experience.
How to buy and store TenX PAY to the wallet?
Finding a way to earn and spend digital money has become easier than ever with the introduction of so many blockchain-enabled platforms. They are bridging the gap between real-world and cryptocurrency payment methods and one of those is TenX. It allows you to buy either Ethereum or Bitcoin and then swap them for any exchange.
Why is it better to invest in PAY than in Bitcoin at this stage?
Some valid points:
- You don’t have to choose one over the other.
- It is open to everyone and easy to use.
- Imagine if you could pay all your utilities with debit and credit cards powered by any cryptocurrencies or altcoins.
- You will have Visa cards that will be linked to your crypto wallets.
- Your smartphone is useful for another essential of life – just tap and pay your bills with any cryptocurrency you are holding.
- As of today, this platform is of immense use or you can say of a better use as it allows you to use Bitcoins, ERC20, DASH and Ethereum. They have already started planning to add more cryptocurrency acceptance options to the platform and make it more useful than ever.
- The payment method is efficient to use as TenX has little or no fees.
- Its blockchain is built on top blockchain technology named COMIT.
- COMIT is more secure as it is run by cryptography and is enabled with multi-asset instant transaction mechanism.
Story in a nutshell
TenX seems to have all the potential to become the easiest and most efficient platform for cryptocurrency use. One can transfer any digital asset into any home-country currency. Moreover, be it DASH, Ethereum, Bitcoin or any other virtual currencies, each price is always surging up in the market, which suggests that you should keep your earnings in Ethereum rather than in your home-country currency and there is no other better platform than TenX.
So, let’s hold onto your cryptocurrency; TenX is there to walk you through.