Image source: TenX
Although cryptocurrencies have become popular in the last couple of months, they are still useless. You can use Bitcoin to buy hosting for a website, a graphics card, even a trip. But when we come to everyday necessities, we come to the problem. TenX card is a project that should become a bridge between the world of "ordinary" finances and cryptocurrencies.
In January 2017, the first information about the TenX card appeared. It's a card that would allow you to spend Bitcoin, Ethereum, Litecoin, ... in any store that receives a card, ie has a POS (Point of Sale) device.
WHAT EXACTLY IS TenX?
Image Source: TenX
TenX is the name for a debit VISA card. It can be used at any location that accepts a VISA card. It looks like a regular chip card with all the features - 16 digit numbers, expiration date, and security 3 digit code on the back of the card (CVV number). The card is associated with a mobile app. With your mobile app, you control access to your finances. When you open a TenX application, you can choose the cryptocurrency that you want to use. You can also limit the maximum daily cost by using the app and lock the card in case of theft / loss.
The card works according to the PIN number principle. Within the app you can find your PIN, which you type when you pay for a store or during an online purchase.
When you pay with a card, the current exchange rate is used, conversion is performed at the current rate, and the transaction is immediately visible within the app. TenX does not charge a commission, so you pay the actual price of the product without any additional costs directly with desired cryptocurrency.
You can also use the card at ATMs, with a daily $1000 withdrawal limit. Also, ATMs charge different commissions, so costs vary depending on the ATM used.
HOW DOES TenX WORK?
The average time to implement a Bitcoin transaction varies from 10 minutes to a few hours. It is clear that this is unacceptable for real implementation where immediate implementation is needed. Here we come to the basics that enable TenX - COMIT (Cryptographically-Secure Off-Chain Multi-asset Instant Transaction Network.) This is a combination of lightning networks and smart deals. Also, this is a cross-chain payment protocol, which can link different cryptocurrencies, i.e. blockchains. When making payments using a TenX card, different payments are collected into one major transaction then connected to the main chain within the blockchain of the cryptocurrency used. Such a principle allows for the actual execution of transactions.
HOW DO I ORDER THE CARD?
Unfortunately, here we have a problem. Cards were issued in the last quarter of 2017 and could be used all around the world without any problems. But on January 6, 2018, most debit cards that functioned with cryptocurrencies ceased to work, including TenX cards.
VISA terminated its cooperation with a WaveCrest debit card provider, which mostly used almost all debit cards that enabled the use of a cryptocurrencies for card payment transactions. This move, not related to the fight against cryptocurrencies, has already been made because WaveCrest has violated some VISA rules.
Currently, new cards are pending, as long as no new publisher is signed. TenX company argue that the deal with the new card publisher will be ready by the end of March 2018, and card issuance will then start on geographic regions. TenX is a company located in Singapore, so we expect new cards to be released in Asia first.
Cards are currently unavailable, but since TenX has a ready-made application and essentially a finished product, as well as experience in this kind of business, I would definitely recommend that you monitor the development of this situation and re-issue the card!
