Introducing TenX: an easy way to spend cryptocurrencies for our everyday purchases

Every person involved in the cryptocurrency industry will understand that a key aspect for the mainstream adoption of this technology, is the possibility for the general and non-technical public, to find a way to give real-world usage to their different crypto holdings.

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It doesn’t make much sense to hold a particular cryptocurrency if people can’t buy products or services with it, even though there are a lot of investors and speculators that buy large quantities of tokens waiting for the next bull market to sell them and earn a profit, the only way for this industry to be sustainable in the long term, is if they can bring actual value to people’s lives as a properly functional currency that is useful to make transactions with no complications.

The potential for cryptocurrencies to increase people’s individual freedom regarding how they handle their personal finances is incredibly big, and fortunately, there are teams of highly specialized people researching for the best possible way to develop and implement new solutions that can facilitate the usage of these cryptocurrencies in their everyday transactions, one of these projects is called TenX, and in this article I am sharing my personal overview of this project.

What is TenX and what are its features?

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TenX is a blockchain project from Singapore, they are offering a solution for people to easily spend their cryptocurrencies in several stores all over the world. Basically, TenX has 2 elements that complement each other, the TenX wallet for mobile devices (iOS & Android) that people can download from the corresponding Apple App Store or Google Play Store, and the TenX debit card that allows users to easily spend their holdings in several physical stores all over the world.

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As of now, the TenX platform works with Bitcoin, Ethereum and Litecoin which are 3 of the most reputable and used cryptocurrencies in the industry, and there is the possibility of adding more in the future, but in my opinion, having those 3 currencies is enough for a successful start as most people involved in the crypto sphere will probably hold or use at least one of them.

The process to use the TenX platform is quite easy to understand, users need to first download their wallet to their iOS or Android device, create an account following the instructions inside the app (which can also be found here) and once the wallet is up and running, users can send any of the 3 officially supported cryptocurrencies mentioned before to the corresponding new address, this way they can have available funds ready to be spent on any purchase they might need.

Since people will have part of their money stored in the wallet, and it will also be used for financial transactions, the team at TenX implemented very strict security measures to provide maximum protection to people’s funds.

First of all, the app uses the common 2-factor authentication as a security measure, for those of you who don’t know what this is, it consists in “a security process in which the user provides two different authentication factors to verify themselves to better protect both the user's credentials and the resources the user can access”, ^Source but on top of that, people can also use their fingerprint to secure the access to their wallet if their smartphone or tablet has a fingerprint sensor, this is probably one of the best methods out there to completely secure important information in our mobile devices.

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Nevertheless, since Apple instead of using a fingerprint sensor in their latest iPhone models, they are now using what they call Face ID, which consists in scanning the person’s face in real time before allowing access to the phone and other important things, it would be interesting to know if the TenX wallet app will support this new way of authentication, when researching about this particular Face ID issue, all I could find was an official information about the version 3.5.2 released on April 22, 2018 that said the “- Face ID compatibility issues for iPhone X users using iOS 11.3” ^Source were fixed, this makes me think Face ID is supported as a method to secure the wallet despite not being mentioned on the website nor on the whitepaper.

Another important security aspect is that if a particular user suddenly loses his TenX card, he can quickly and easily disable it using his wallet app, this is very important to stop potential robbers from using stolen cards, besides this functionality, there is also a notification system in place that alerts the person every time his card has been used, this way, if there is a transaction they didn’t do, they can go to the transaction history inside the wallet app and fix any issue there might be.

Regarding the TenX card, they are going to be available again in the coming months, and they will allow users to pay for products and services in “36 million points of acceptance online and offline in close to 200 countries” ^Source with more business and stored being added constantly.

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TenX fees

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It is important for anyone who decides to use this payment platform, that there are some fees users need to pay if they want to continue enjoying TenX valuable services, the fees however, are very affordable especially if we realize how important is the service they are providing to their users, and the necessity of having this type of platform for the overall health of the cryptocurrency industry. Below I added information about the fees:

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• 15 USD for issuing the physical TenX debit card
• 1.5 USD for activating the virtual card once it becomes available
• 10 USD annual fee for each card, except if the user spends more than 1,000 USD on that year.
• There is also the Withdrawal/Send fee which can vary depending on several conditions.
• Eventually, there will also be an ATM fee but it will depend on the card issuer, more information about the fees can be found on this official answer.

Potential impact of the TenX platform in people from countries with no economic freedom

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There are countries like Venezuela where people can’t have access to credit cards for international purchases, and they cannot freely exchange their local currency for well-known currencies like the American dollar or euro because it is illegal in most cases, the consequences of this violation to the individual economic freedom of the people in a context where the inflation is the highest of the world, is an unavoidable impoverishment of the general population and a constant deterioration in the quality of life, this wouldn’t happen if the people weren’t treated like economic prisoners.

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A platform such as TenX would be of great help for people living in these circumstances because it will allow them to freely receive and spend their money with no complications, and enjoy a level of economic freedom that was taken away from them.

TenX can be the epitome of individual economic liberation for anyone who doesn’t like the financial system in which they are living.