TenX (PAY) Requires No Mining
TenX (PAY) is a cryptocurrency that was released in 2017. Roughly 205 million PAY were created in the genesis block, and no more PAY will ever be produced. There is no mining or staking on this crypto’s network; and, it is an ERC-20 token which was created with a smart contract and uses the highly secure Ethereum blockchain. There was an initial coin offering (ICO) where 51% of coins were distributed to investors, 29% of coins are reserved for community incentives and will eventually be distributed to the public, and 20% were given to the founders and developers of TenX.
There are 109 million total coins in circulation at this time, meaning 96 million are held by developers. This makes it a risky cryptocurrency investment, since the developers will be selling their coins and applying downward pressure to the market for the foreseeable future. Despite this ,daily trading volume is millions of dollars, so PAY is a very active cryptocurrency and important to know about.
Making Cryptocurrencies Easy To Spend
The goal of TenX is to make digital currencies easily spendable for the purchase of goods and services. The developers of TenX have created a debit card where users can deposit Bitcoin, Ethereum, and DASH. Cryptocurrency is held intact until the time the user makes a purchase, at which point the cryptocurrency is sold at market rate.
This technology is a major leap forward for cryptocurrency, since up till now, in order to get cryptocurrency funds onto a debit card you would have to sell your coins on an exchange like Coinbase and wait at least a day for the money to get to your bank. During that time, the cryptocurrency price changes, which can result in a loss of money versus an instant payment platform like TenX where you can buy goods with your card at the optimal time, when market price per coin is at its highest.
More Incentives for Using TenX
Users receive 0.1% cashback in the form of PAY coins, which they can use on future purchases. TenX integrates the cryptographically-secure off-chain multi asset instant transaction network (COMIT) when processing transactions, which connects blockchains of different cryptocurrencies for instant transactions.
There are some downsides to this platform’s debit card, however. The debit card removes the anonymity of cryptocurrency, since money spent with debit cards is easily traceable. In many countries, TenX is required to record the identification information of debit card holders. Also, when using the debit card, you are trusting your money to the platform’s developers, and the banks that work with them. Because of this, it is possible that your money could be frozen or seized at any time for any reason.
Users who hold the PAY token will collectively receive 0.5% of the payment volume spent through TenX debit cards. This dividend will be paid in Ethereum, which is integrated into the platform’s wallet. This is an interesting way to make money, and worth looking into. I expect this crypto to become quite popular globally since it provides a convenient way to spend cryptocurrency on goods and services, and is accepted by every merchant that uses credit/debit cards.
This is not advice. Advice should be accepted by your chosen legal counsel only and financial advice should come from a licensed or certified financial professional. As always – do your homework and make decisions based on your own education. Seek information and look into projects before adding to or diversifying your portfolios.