Coin of the Week #2

heff (42)in #blog • 7 years ago

Welcome back to the second segment of Coin of the Week.

The coin I would like to speak about this week is possibly a bit more of a controversial one at the moment, and that is TenX (PAY).

What is TenX?

TenX is a multi-blockchain wallet and card that aims to solve one of the biggest problems with cryptocurrency - that is actually spending your currency absolutely anywhere that accepts card payments; for example on their website they show a video of a man purchasing McDonald's using Dash. See video below.

They have transparent and real-time rates and charge a 0% spending/conversion fee, this can also be extremely convenient for people who are abroad.
Currently TenX supports Bitcoin and Ethereum wallets and are in the BETA stages of a Dash wallet while also in the ALPHA stages of ERC20 wallets.

Current Controversy

The reason this may be seen as a controversial pick right now is due to the recent news (on January 5) released by Visa that it was locking down certain crypto Visa cards. This news saw price plummets across all of the debit card cryptocurrencies, however the only providers that have had their cards locked down currently are: BitPay, CryptoPay and Bitwala. VISA released the following statement: “We can confirm that WaveCrest’s Visa membership is being terminated due to non-compliance with our operating rules. All WaveCrest-issued Visa card programmes will be closed as a result.

“The termination of WaveCrest’s Visa membership does not affect other Visa issuers’ card programmes, including those using fiat funds converted from cryptocurrency."

“Visa is committed to the security of its ecosystem and compliance with Visa’s operating rules is critical for ensuring the safety and integrity of the Visa payment system. Our issuers’ card programmes must comply with our membership regulations, as well as all applicable laws.”

Despite a minor dip in price at the time of the news, TenX has since steadied in price and their roadmap and current operations have continued as normal.

Developers

TenX has four co-founders:

Toby Hoenisch: CEO
Julian Hosp: President
Michael Sperk: CTO
Paul Kitti: CPO

One of their greatest strengths at TenX seems to be their extremely high levels of activity across their socials. They post and interact with the community very regularly across the following mediums: Facebook, Twitter, YouTube, Reddit, BitcoinTalk, TenX chat and TenX blog.

Price

Currently TenX sits at approximately $3.66USD (according to CoinMarketCap) with a market cap of $382,791,415 USD, a circulating supply of 104,661,310 PAY and a total Supply 205,218,256 PAY. This seems quite cheap at the current time given everything I have spoken about so far, obviously there are also many other blockchain-based companies trying to do the exact same thing - however TenX is currently the only one with a working product.
One reason that TenX currently sits so low is due to the developers not wanting it to become another 'hype coin' and hence they haven't over-marketed the coin, creating a very genuine value for the coin.
According to their roadmap TenX have planned a strategic market expansion during the first quarter of 2018, this is something that could definitely start to see price hikes in their tokens. Moving further down the timeline, they plan on implementing ERC20 tokens and various other cryptocurrencies during the second quarter of this year; this will mean very big things for TenX to come.
Jumping right to the bottom of their roadmap, TenX plan to have a blockchain Banking Licence, connecting everyone on blockchain ecosystem from traditional banking system. Obviously this is a while away, however it is certainly something that should not be overlooked - this would be astronomical for cryptocurrency.

My personal opinion is that TenX will be a very strong long term hold, and I know that I will be keeping some in my portfolio.