What is TenX (PAY)
TenX (PAY) is a cryptocurrency payment platform that aims to make it easier for people to spend their cryptocurrencies in everyday life.
The platform provides real-time spending notifications, transaction history, and other features to help users manage their digital assets.
Overall, TenX is focused on providing a seamless, convenient, and secure way for people to use their cryptocurrencies for everyday purchases, without the limitations and challenges typically associated with digital currencies.
The history of TenX (PAY)
TenX (PAY) was founded in 2015 by Julian Hosp and Toby Hoenisch. The company’s mission was to provide a platform that would allow people to use cryptocurrencies for everyday purchases, such as buying coffee or groceries, just as they would use traditional currencies.
In 2017, TenX held an initial coin offering (ICO) and raised over $80 million, making it one of the largest ICOs at the time. The company used the funds to develop its platform and launch its mobile wallet and physical debit card.
In mid-2017, TenX launched its card in Singapore, followed by several other countries in Asia and Europe.
However, in early 2018, TenX faced some regulatory challenges in Europe, which led to the suspension of its card services in that region. The company has since been working on obtaining the necessary licenses to resume its services in Europe.
In 2019, TenX underwent a significant restructuring, which included the departure of its co-founder and former president, Julian Hosp. The company also shifted its focus to developing its own blockchain, called the TenX Chain, which is designed to provide fast and scalable payments for its users.
Today, TenX continues to offer its mobile wallet and physical debit card services in several countries, with plans to expand further in the future. The company also continues to work on the development of its TenX Chain and other blockchain-related products and services.
How TenX (PAY) works
TenX (PAY) is a cryptocurrency payment platform. Here’s how it works:
- Mobile Wallet: Users can download the TenX mobile wallet app and create an account. The app allows users to store various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, among others.
- Debit Card: TenX issues a physical debit card, which users can link to their mobile wallet.
- Cryptocurrency Conversion: When a user makes a purchase with the TenX card, the platform automatically converts the user’s chosen cryptocurrency to the local fiat currency in real-time, using a process called “dynamic conversion”. This ensures that the user can make purchases in any currency, anywhere in the world, without having to worry about exchange rates or currency conversions.
- Smart Contracts: The conversion process is facilitated by smart contracts.
- Rewards: TenX also offers rewards to users who hold and use the TenX card. Users can earn PAY tokens, the native cryptocurrency of the TenX platform, as a reward for spending their cryptocurrencies.
Overall, TenX is focused on providing a seamless and convenient way for people to use their cryptocurrencies for everyday purchases, without having to worry about the limitations and challenges typically associated with digital currencies.
Does TenX (PAY) charge a fee
Yes, TenX (PAY) charges fees for its services, including its mobile wallet and physical debit card. Here are some of the fees associated with using TenX:
- There is a one-time card issuance fee of €10 (or equivalent in other currencies) for the physical TenX debit card.
- Annual Fee: There is an annual fee of €10 (or equivalent in other currencies) for the physical TenX debit card.
- Cryptocurrency Conversion Fee: TenX charges a conversion fee when a user spends their cryptocurrency using the TenX card. The fee varies depending on the cryptocurrency and the transaction amount.
- Transaction Fee: TenX charges a transaction fee for each transaction made with the TenX card. The fee varies depending on the currency used and the transaction amount.
- ATM Withdrawal Fee: TenX charges a fee for cash withdrawals made using the TenX card at ATMs. The fee varies depending on the currency used and the location of the ATM.
- Inactivity Fee: TenX charges an inactivity fee if the TenX card is not used for a certain period of time. The fee varies depending on the currency used and the length of inactivity.
It’s worth noting that the specific fees associated with using TenX may vary depending on the user’s location and the currency used. Additionally, TenX may offer discounts or waive certain fees for its users under certain circumstances, such as for high-volume users or during promotional periods.
How to use TenX (PAY)
Here are the general steps to use TenX (PAY):
- The first step to using TenX is to download the mobile wallet app, which is available for free.
- After setting up your account, you can add various cryptocurrencies to your TenX wallet.
- Then you can order a physical TenX debit card, which will allow you to spend your cryptocurrencies at merchants that accept Visa or Mastercard.
- Before you can use the TenX card, you need to load funds onto it.
- Once you have loaded funds onto your TenX card, you can use it to make purchases at any merchant that accepts Visa or Mastercard.
- Platform offers rewards to users who hold and use the TenX card. You can earn PAY tokens, the native cryptocurrency of the TenX platform, as a reward for spending your cryptocurrencies.