Welcome to the Wide World of Crypto. In this article I will cover the fundamentals of a hidden little gem called Token Card. Please do yourself a favor and strap yourself in and leave your bias at the door because if this project is successful, it will be an excellent buying opportunity and bridge the world of fiat money and crypto-currency.
Buying & Spending Crypto
For those of your who do know, buying crypto can be one of the biggest barriers for mass adoption. For example, in order to buy any crypto, new users often have to spend hours looking on the internet researching different ways to buy and store crypto.
The non-TKN process of Buying Crypto:
User Signs up for Exchange > User Registers Credit Card/Account > Buys BTC/ETH > Signs up for an exchange > Sends crypto to the exchange > Exchanges Crypto on the exchange > Sends Crypto to Wallet
The TKN way of Buying Crypto:
Purchase through app and is automatically put into a decentralized wallet
The non-TKN way of spending Crypto:
Convert to BTC/ETH if not ETH (through Exchange) > Send to exchange (like coinbase) > Sell crypto > Deposit Fiat into Bank Account
The TKN way of spending Crypto:
Use the Token Card (like a debit card)
The Value to Users - Choice
For many of you who know of other crypto cards out there like TenX, Monaco, Centra... you may wonder why Token Card is so special. Well my answer to you is variety. If you haven't realized, there are hundred's of Ethereum Assets and will eventually be 1000's and although the companies listed above may do some Ethereum Assets, Token Card will do them all. See below of the current list (9.28.17) of Ethereum Assets listed on coinmarketcap.com.
The Value to Users - Asset Value
For those trying to get into many tokens but do not know which one to buy, Token Card is the obvious choice. See the list of coins above(many, if not all that will be eventually added as a payment method for Token Card). Whenever a user swipes there card, the user will be charged a small 1% fee (I believe) that will be sent to an asset contract. Over time, the value of the asset contract will grow and grow as coins that were once worth very little surge in value.
Now you may be wondering why does the value of the asset contract matter? Quite simply, the creators of Token are in the process of implementing a revolutionary system called "Cash & Burn". What does this do you may ask? See below for a simple explanation listed in the white paper.
For those of you who are wondering what is so good about the above diagram, it is a beautiful sight for a token holder. Say the value of the asset contract is 1 billion and one of the tokens in the contract goes up 1000% in one day. Instead of holding the token, a user can destroy one of their tokens to get a percentage of the pot. Because the token is destroyed, there is less supply pushing the price up; as well as giving other users a bigger percentage of the asset contract as there is now 1 less token to share with.
The release of the card was pushed back a few months as they User Interface wasn't as user friendly as they wanted (meaning they want it polished)
Until a card is released, the price of TKN has yet to be stable as there are rapid price swings
There are multiple competitors that have working pro-types. In many cases this is both a good and bad thing as they do not have it setup to be decentralized, meaning that storing your crypto in their wallet isn't the safest thing
Community updates are far and few, but that is a both good and bad thing. It is good as it means they are working on the card, but bad as they aren't interacting with the community as much as they should
I do not give investment advice. This article is just one persons opinion and you should do your own research before buying anything.
