TenX is among the latest Cryptocurrency platforms in the market today. It is crafted on the premise of helping more people shift from the conventional currencies in a manner that allows them to carry all daily transactions from a card. Call it bringing cryptos to daily utility debit cards. Here is everything you need to know about TenX.
A closer look at TenX
TenX is a Cryptocurrency payment platform available for users in different formats including physical debit card, online wallet, ATM access, and bank account among others. While other cryptocurrencies targeted keeping users and transactions as private and hidden as possible, they forgot that people operate in the real world. They need to spend in the malls, hotels, transport and even holiday among others.
TenX was founded in 2015 by a team of computing experts Toby Hoenisch, Michael Sperk, Paul Kitti, and Julian Hosp to help cut the lengthy procedures to convert their coins to usable cash. TenX is, therefore, used to bring cryptocoins into the real world.
By mid-June, TenX had hit its presale token targets. They had set a target of $39 million within 36 hours. The platform is designed on the Comit Network model, a unique online payment method that makes it possible to facilitate transactions at the lowest possible fees.
How Tenx Operates
Accessing the TenX platform and its diverse applications
One of the core benefits of TenX is that it allows users to spend and exchange for free. However, people using virtual and physical cards are charged a fee. It also has spending caps for its users to control the flow of cash within the system.
For users to access and use the TenX platform, they are required to download the TenX wallet from TenX.com or mobile Play Store. The platform, as well as the TenX wallet is engineered to support assets in different blockchains. For example, TenX supports Dash, Bitcoin, and Ethereum. The company indicates it will keep adding more cryptocurrencies to make it extra valuable to users.
It is important to point the decentralized nature of the TenX that operates on the basis of Smart Contracts. After downloading and installing the TenX platform in your system, you become the DSS key holder that gives you absolute control of personal funds in the system. Every user is free to fine tune security settings using the contracts to control portfolio spending, daily limits, withdrawal settings, and more.
If you have installed the wallet in your computer, it is time to start interacting with the real world services and products. To provide all the services, TenX uses the Comit Network.
The support from Comit Network
Unlike other cryptocurrencies such as Bitcoin that mainly use their own developed platforms, TenX decided to outsource some of the services from Comit Networks. This is a cryptographically off-chain multi-asset assistant type of network.
TenX preferred to work with Comit Network because it provides elegant financial solutions all over the world in a more frictionless and cheaper way. Besides, the network eliminates the limitations that are mainly attached to other blockchains.
As a platform that targets bringing cryptoworld to the reality, TenX was more focused on utilizing the Comit Network system of wallets, Bank, ATM, debit cards, and online wallets all over the world. Therefore, it is correct to say that TenX is in reality built on the extensive Comit Network.
The main features of TenX Network
- The PAY Tokens: The Pay Tokens have the potential to help users make a lot of returns. In every transaction, the token holder gets rewarded with Ethereum 0.5 of the entire transaction. Besides, Token holders also get 0.1 cash back in rewards from the pay. Note that the token value is driven by transaction volume as opposed to Token usage.
- TenX Fees: TenX is perhaps the most straightforward and cheap platforms in the world. For example, virtual card issuing only costs $ 1.50 while the Physical issuing is charged $15. Note that there are limits on how much that one can spend on every service.
Pros of using TenX
- It has the lowest fees for using common services such as sending and receiving cash
- It allows users to use their Cryptocurrency in the real world
- The system is relatively easy to use compared to other cryptocurrencies such as Ethereum
- It is one of the fastest growing platforms and, therefore, one is sure making good cash after joining it.
Cons of joining TenX
Like other cryptocurrencies, TenX is still faced with the risk of becoming a preferred mode of operation by cybercriminals. Some can convert them from other cryptocurrencies and then use TenX to access fraudulently acquired cash via TenX.
There is a high risk of individual TenX users getting targeted by cybercriminals. This is compounded by the fact that TenX does not own the core services framework.
TenX has already landed into problems with some governments such as the US because of its operations. As a market leader, there is a likelihood that other states are likely to follow suit and prevent TenX operating from their jurisdictions.
Where to Buy and Sell TenX in Australia?
Crypto Currency for Fun recommends buying TenX at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including TenX and they offer Instant Delivery or your coins right into your account.
While TenX is not as old and big as other Cryptocurrencies such as Bitcoin, the ability to bridge the Crypto-world with reality has made it draw a lot of attention. For example, they hit their target of $39 million USD in just 36 hours. It is, therefore, one of the most outstanding platforms expected to grow rapidly in every part of the world.