Last year was the year of the ICO and everyone got excited about this including myself. In my previous article, I wrote about some of the things to look for when investing in ICOs. One of these strategies is to look for real world applications. Whenever I talk about cryptocurrencies to people they always retort but you can’t actually use them can you. This identifies one of these major issues, that is, making crypto ready to use at your local store.
This is where TenX comes in. It is one of the first of its kind, creating the bridge from cryptocurrencies to real world. Essentially TenX has created a wallet which holds multiple cryptocurrencies in the one app and linked to the TenX card. The card can be used anywhere in the world and will convert to the local currency automatically. This makes your cryptocurrency usable anywhere in the world.
If you have ever owned crypto or even simply travelled overseas you will know that many people will make a living from your hard earned money. At best, you’ll only be charged one currency conversion fee of 2-5%. In worst case, you’ll be slugged 2-3 times at least, each taking up to 10% of your total balance you want to convert. Can you imagine buying a laptop overseas for $2000 and being stung for 5% conversion fee, plus 3% Card transaction fees, plus 5% crypto conversion fee. This means you are paying $260 just in fees?! Talk about daylight robbery. Even at the lowest fees this will be at least $40-100.
This is what TenX has capitalized on. They do not charge any conversion fee. They do charge a send/receive fee of 0.001ETH/0.0005BTC. At the current rate this is $0.86 in ETH or $5.7 in BTC. You will also be charged a one off card fee of $15 and no annual fee assuming you spend more than $1000 per year. Now, take the $2000 laptop purchase from earlier. Instead of worst case paying $260, you will pay worst case with TenX $20.7. Instead of best case $40-100, you will pay $15.87 with every other purchase only costing $0.87!
The other benefit of this process is that you can keep your earnings in crypto until the minute you need to pay, maximising your investing time and minimizing processing time. TenX have kept their product simple and clear. If I told you I can give you a travel card you never need to load different currencies on it and you will only ever get charged a fixed one off fee whenever you load up would you go for it? Of course you would. This not only appeals to crypto users, but to everyone that travels, which is basically everyone.
TenX can currently be traded on multiple exchanges including Bittrex, Huobi, OKEx and Upbit. It is trading $1.87USD, 0.000163BTC and 0.00216ETH. ICO price was approximately $0.95.
Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading.