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Another special feature is that the system is to work with a large number of crypto currencies in the future. The user therefore does not need a separate card for each currency - which would be extremely impractical in the long run. Instead, they can use their smartphone app to choose which tokens they want to use for payment.
These are then exchanged into the respective national currency at the current market price. So far, however, the TenX credit card only works with Bitcoin, Ethereum and your own cryptographic currency. The so-called ERC20 tokens - i.e. currencies based on the Ethereum network - should also be technically relatively easy to integrate. In the long term, the developers then aim to make all relevant cryptographic currencies usable via the credit card.
The advantage for users lies in the low transaction costs and the security of the blockchain. In this context, TenX pursues a very transparent pricing policy: The issue of the physical credit card costs a one-time fee of 15 dollars. Subsequently, fees are only due if the card is not used often enough.
The limit for this is 1,000 dollars a year - fees for the individual payments and the exchange of currencies, on the other hand, do not apply. However, most accounts have a spending limit. In the standard version, only 2,500 euros can be spent per day. Under certain circumstances, however, this limit can also be increased in order to allow further use of the Crypto credit card.
The TenX Coin processes payments via the Comit Network.
From a purely technical point of view, the processing of the numerous transactions poses a major challenge. TenX relies on a payment platform called Comit Network. The network is also based on blockchain technology and promises to enable transactions around the world almost in real time. TenX thus operates the customers' e-wallets and accounts and issues the credit cards.
However, the Comit Network is responsible for processing the individual payments. So far, this division of labour has worked very well. However, it remains to be seen to what extent scalability is guaranteed. This is because comparatively few customers use the TenX credit card to date. However, this may change in the near future, which could pose completely new problems for the infrastructure.
The owners of the tokens should participate in the turnover.
The company's own crypto currency was primarily brought onto the market in order to collect money with the TenX coin to finance the company. In fact, the ICO was able to collect around 80 million dollars in a very short period of time. However, the owners of the tokens will also be remunerated in the future: This is because 0.1 percent of the sales achieved with the credit cards are distributed to the owners of the TenX token.
Anyone who owns a credit card and token can even look forward to 0.5 percent. So far, however, only in theory. Because not all official approvals have been obtained yet, this cashback system has not yet been finally implemented. It is planned that 80 percent of the tokens will be sold and 20 percent will remain with the company.
The TenX Token and the price development
The first hype around the TenX Coin started much earlier than with many other crypto currencies: In August 2017, the price rose by more than 400 percent and reached a record value of more than four euros per token. However, the euphoria then levelled off noticeably and the previous gains in value were almost completely lost again.
The same game then repeated itself in the course of the general crypto euphoria around the turn of the year. These strong fluctuations are not unusual for crypto currencies. At TenX, however, they are somewhat astonished - after all, the company already has a concrete product on the market. So it doesn't live from announcements and ideas alone. A token is currently quoted at just under 1.50 euros. The 105 million coins thus have a market capitalization of just under 150 million euros.