TenX Debit Card Review
TENx has emerged as one of the most hyped options for a cryptocurrency debit card. With a huge market cap and a platform that integrates various blockchain architectures, TENx has a low fee structure. It also waives yearly fees for those who use the card often. There are many things to be excited about when it comes to the TENx debit card, but there have also been numerous negative reports posted online about the service. Here are the important things you need to know before getting involved with this Bitcoin debit card.
About TenX - https://tenx.tech
TENx was created to solve a pressing problem: how does one spend cryptocurrency? The service functions as the combination of a digital wallet and plastic card. In theory this allows users to make purchases at any online or offline retailer that accepts debit cards. We say this is theoretical because the TENx developers have only promised a debit card is coming. They have yet to release the actual product. For now, users must content themselves with setting up the TENx wallet.
To understand the methodology behind the platform one has to evaluate its stated goals. According to the TENx website, the platform was created to provide an instantly spendable framework for cryptocurrency. In other words, the developers envision users spending digital tokens as easily as one would spend cash in an online or physical store. This concept is not exclusive to this card. Many Bitcoin debit card providers are trying to accomplish the same thing, and they already have cards in production.
TENx uses something known as the COMIT Network as a foundation of its service. COMIT stands for Cryptographically-secure Off-chain Multi-asset Instant Transaction. It sounds complicated but the idea is simple. COMIT makes it possible for individuals to access several different types of cryptocurrency with one debit card. Once the TENx wallet is created, it can accommodate different tokens. The card will then be linked to the wallet so that instant purchases can be made. A unique routing protocol is used by the platform that can easily integrate new blockchains as they appear. This would mean that the concept can evolve and grow to include almost every new token that is released.
The company has its headquarters in Singapore. It is led by a team of developers that includes Toby Hoenisch and Dr. Julian Hosp. Also involved on a minor scale is Vitalik Buterin, a noted cryptocurrency investor. The presence of these individuals does lend some credibility to the endeavor. TENx has also launched its own token and released a whitepaper that describes the COMIT network in detail.
Getting a TENx Debit Card
At the time of this writing (Aug 2018) the TENx debit card is still in the development stage. It is not possible to receive a card at this time. Those who are interested in the card may join a waiting list by visiting the official website. They will then be notified when the cards are in production and ready to be shipped. Nevertheless, there are some things which are known about the card at the present time.
It is believed that the card will carry the VISA logo. It is also expected to carry a chip which would make for easier use at offline retailers. Presumably the card will also allow individuals to set up a pin code that can be used at ATM machines to make cash withdrawals. In all ways the card will function like a standard bank-issued debit card.
There is no timetable yet for the official release of the card. When one visits the website they are told that the card is a “work in progress” and asked to join an email waiting list. This has prompted some people to leave reviews online that are questioning the integrity of the platform. Some have concerns that the delay may be caused by the reluctance of VISA or MasterCard to brand the TENx card for use.
Loading a TENx Debit Card
The key to loading a TENx debit card is the platform’s wallet and the COMIT protocol. Both of these will work together to allow users to access many different tokens with the card. Even though the card is not available at this time, individuals can still set up a wallet now in preparation. The wallet currently supports Bitcoin, Ethereum, and Litecoin. The developers are working to add more altcoins and hope to expand the wallet’s capabilities before the card is launched.
One of the attractive things about the TENx wallet is that it is available as an app for Android and iOS devices. From the app one has complete control over their wallet. Users can send, receive, and make purchases with the card once it is available. The wallet does a good job of letting users track all of their transactions. The app will also provide users with a real-time notification whenever the card is used to make a purchase.
On some mobile devices the app has a fingerprint identification system. To open the wallet, the user must provide a fingerprint. This feature is only available on certain devices which have biometric technology enabled. All users are required to perform two-factor authentication in order to use the wallet. The app also allows users to lock their account and disable the chip in their card.
TENx Fees and Limits
All information regarding fees and limits for the TENx card is either speculation at this point or based on information provided by the developers. Take the following information with a grain of salt until the actual card is made available to the public.
The cost of the TENx debit card is going to be $15 for a plastic card and $1.50 for a virtual option. Those who spend $1,000 or more per year with their debit card will not be charged an annual fee. Otherwise the charge is $10. One could also expect a $2.50 ATM fee for domestic withdrawals, but no specific information has been released on this yet.
The developers have also announced a type of reward system for card holders. Users can qualify for rewards in two ways. They can hold the PAY token and they can also get rewarded for using the card. Those who hold PAY tokens will receive a share of Ethereum for every transaction that is carried out on the network during the month. It is believed the amount will be 0.5% of all transactions split among those who hold token. For using the card there will be 0.1% reward for each use. This reward is paid in PAY tokens which then qualifies you for sharing in the token rewards.
No specific information has been released at this time regarding limits that will be placed on use of the card.
TenX Service and Support
At the present time users may contact TENx support by completing a contact form on the official website.
TENx is also available on social media with accounts at the following addresses:
Our View of TenX
The concept behind TENx is attractive, but until the debit card is actually released there is no way to form a definite opinion about how useful it will be. We will update the review when the card is available.
In the meantime, the wallet does seem to be a good platform. It has some convenient features tied into the mobile apps that many users will appreciate.
COMIT protocol makes multiple blockchains accessible
Rewards for users
No firm release date
Limited user support