Tenx is making inroads. A simple but powerful proposition:
This combines two wishes and makes for a powerful product. The product - a mobile wallet, a physical card - is easy to use and instantly recognisable, also for non-tech users. TenX connects the world of cryptocurrencies to the 'normal' financial world (embedded in fiat currency).
For diehards, this will not be 'the solution', but for the rest of the cryptocurrency enthusiast, TenX presents a bridge between the new and the existing, creating an excellent opportunity for growing use of cryptocurrencies in regular day-to-day business. Read on the way TenX will change the way you pay in this article of Daniel Jeffries.
The Token. Please forget about it for now:
To clarify:
So if TenX becomes the gold standard of crypto card payment, each token will pay annually $1. The current price of TenX is $4. So TenX tokens have an annual yield of 25% under the most rosy scenario. Not bad in a near zero interest rate environment.
But in a less rosy scenario (let's say, 10% of the rosy scenario) which is not unlikely given competition and friction in reaching audiences worldwide, the yield of TenX tokens would be 2,5% at current price ($0.10 / $4 * 100%). With the risks associated to cryptocurrencies, not a price for which you would sell your house, your wife and kids for an enormous bag of TenX tokens.
So from my perspective, the fireworks is not in the TenX token (although it could and probably will be pumped to 10-100 times price perfection).
The TenX Play is about something else. And that is the meteoric rise of cryptocurrencies and the genuine expectation that cryptocurrencies will continue to rise for some time to come. Yes, there will be crashes along the way. Yes, there will be periods of slow action or even bear periods. But yes, you can play this game and use it in your advantage to bring down those weekly groceries expenses.
Install the mobile wallet. currently only available on Android but the iOS app is expected soon.
Move some cryptocurrency into the TenX wallet (currently only BTC is supported, other coins will be added to the wallet soon).
Order a card via the mobile wallet. Delivery of the card costs $15 so make sure that you have sufficient balance in your wallet through step 2.
One point of warning: there is a backlog in delivering cards. You will most probably be put on a waiting list (the app will inform you of this before finalising the order). Information on current delivery list is low. I suspect it could take up to 2 months to get the card issue up to (sufficient) speed. So unfortunately it is a bit of a waiting game on this point. This should be resolved in the next few months.
This step takes the most of your brains. The idea is to make use of the premise that cryptocurrency will go up in the long run (at least the next few years). This gives the opportunity to make maximum use of the fact that you can hold cryptocurrency in a wallet but spend it instantly in any store.
So load up the wallet each month with a small amount. Something between $50-200. Spend it when doing regular shopping. This further builds the TenX network, establishes a regular flow in cryptocurrencies and makes more people acquainted with cryptocurrency. Because the amount used each time is low and the period between buying cryptocurrency to fund the wallet and using it to pay for groceries (or any other day-to-day purchases), the risk of an extreme downside is limited. Any increases in price of cryptocurrencies held in your wallet, give you the opportunity to get more for your regular fiat counter balance. So in fact you pay less for your groceries because your regular fiat account is strained less or you can buy more stuff that month. You could also save some extra fiat as a result thereof.
This is the small TenX Play.
The big TenX Play deals with market 'crashes'. Those big fat price declines that haunt the markets about 3-5 times each year. Boy, that makes good Steemit days but also pose excellent moments to make a big TenX Play.
Consider the following 3-day price graph of Bitcoin:
I marked all major dips in price with red circles. The major dips are recognisable by a major dip in the indicator and the price breaching below the relevant moving average line indicator.
At such moment, have the balls to buy a lot more Bitcoin (or other cryptocurrency if the chart you use relates to another cryptocurrency) from your monthly household budget to be held in your TenX wallet. Wait some time (about 1-2 months) and enjoy a remarkable rise in your TenX wallet balance, free to spend right away as you deem fit.
Whether this big play is for you, of course depends on your ability to (i) fund part of the household budget in advance for converting into crypto while maintaining your regular expense pattern, (ii) bear risk (price could also go further down and for longer than expected) and (iii) lose everything. I note that the TenX wallet does not seem to have a backup function yet.
Despite the risks, I intent to explore it to the fullest extend possible. Can't wait to get the card in my hands.
TenX is great.
And most of all, have fun discussing cryptocurrencies with other people. Spread the word.
For more information on TenX, visit the following links:
Official website: https://www.tenx.tech/
Bitcointalk: https://bitcointalk.org/index.php?topic=1953612.0
Reddit: https://www.reddit.com/r/TenX/
Coinmarketcap: https://coinmarketcap.com/assets/tenx/
