A Beginner´s Guide to Buying, Selling, Using, and Mining TenX:
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Have you ever needed to withdraw money from your bank account, but you were unable because the bank was closed? Or maybe you tried to go on your lunch break but the line was too long? Or your branch wasnt nearby? These are problems that we have all had. While we might own our money, banks can control it, even in simple matters like what time they open and close.
Debit and credit cards went a long way in giving more of that control back to the people. Now with a debit card, you have access to spend your funds from just about anywhere. It brought money into the digital world. But is that enough? What about debit cards in the new cryptocurrency age in which we live?
Thats where TenX (PAY) comes in. TenX is a cryptocurrency that allows you to spend your cryptocurrency in a real world setting. A cryptocurrency is a digital token representing a monetary value on a global, peer-to-peer network and are built on blockchain technology. The blockchain acts as the ledger or account book which records all of the transactions for that currency. Websites like Reddit can be a great place to get a good definition of the coin.
TenX is a unique cryptocurrency to define, because it is a cryptocurrency to help you spend your other cryptocurrencies - meaning it allows you to spend coins like Bitcoin, Ethereum and Dash on everyday, real world items like coffee or McDonalds or even TenX poker. TenX combines a debit card and a mobile phone app that allows you to swipe your cryptocurrency like youd swipe your credit card. After swiping your card, the balance of the cryptocurrency you just spent is immediate reflected in your TenX wallet phone app.
Its pretty simple to buy some TenX. First, youll need a cryptocurrency like Bitcoin or Ethereum that youll exchange into TenX. Both Bitcoin and Ethereum can be bought with cash or with credit card on sites like Allcoin. Once you have your cryptocurrency, youll need to exchange it into TenX.
Exchanging the currency into TenX only requires a few simple steps, which can be done on Coinswitch. First, youll need to download the TenX (PAY) wallet. Then, on the coin transfer site of your choice, select TenX as the currency youd like to transfer your Bitcoin into. Finally, provide your PAY wallet address, in order for the coins to be transferred to your PAY wallet.
Ready to cashout on your TenX tokens? This process is just as easy as buying TenX tokens to begin with, only its accomplished in the reverse order. There are many transfer sites like Bittrex that allow you to sell your coins. Choose the altcoin youd like to convert your TenX into, like Ethereum or Bitcoin.
Once you are able to turn your TenX into another coin like Ethereum, it is easy to transfer that coin into the fiat currency of your choosing, like USD. Now that the money is in your fiat currency, a quick trip to the ATM will allow you to withdraw that money into cash.
The ways to use TenX are endless, making it one of the most versatile altcoins on the market. The main way to use TenX is as a debit card. This makes it possible to purchase everyday items like a burger and a beer with a cryptocurrency instead of a fiat currency. There are currently a limited number of cryptocurrencies that TenX supports, though the goal is to add more in the future. In the meantime, TenX supports Bitcoin, Ethereum and Dash. Since these are some of the most popular altcoins on the market, it makes TenX easy to use. TenX doesnt charge a transaction fee, however you will need to pay attention to the current value of the coin you will be purchasing with in order to get the best exchange rate for your coin. As soon as you purchase the real world item with your cryptocurrency, your digital wallet will be updated with your new token total. Now you can use your cryptocurrency on anything you currently purchase with your credit card. Even TenX poker is an option.
Another way to use TenX is to buy the coin and store it for investing. This is how many use cryptocurrencies, especially as the price continues to rise. One way to invest in TenX is to make purchases with the TenX card, as each transaction delivers a reward of Ethereum. Also, PAY token holders receive .1% cash back in the form of PAY tokens.
At this time, TenX PAY tokens are not available for mining. Generally, miners use calculators to mine for blocks of transactions that will be added to a blockchain. Once the block is formed, the chain continues and the miners start again. TenX, however, does not allow users to mine, and rather has a fixed number of PAY tokens already on the market since its inception.
TenX cannot be mined in a traditional way like Bitcoin or Ethereum. Rather, TenX can only be purchased via cryptocurrency exchange sites like Bittrex or Bitfinex.
The growth of TenX and the number of transactions it can handle, otherwise known as scaling, should be pretty straight forward. Also, as the coins TenX supports (Bitcoin, Ethereum, Dash, etc.) grow in their ability process transactions, so will TenX. Its safe to say that since TenX is bringing cryptocurrency into the real world, processing transactions will be high on the priority list. This was shown to be especially true when the TenX debit cards were issued a couple of months ago. Its easy to see when the cards were issued because you can see the sharp increase in the price chart. By looking at the chart in months to come, well be able to see the importance developers will place on scaling.
TenX is a revolutionary coin because it is bringing cryptocurrencies to the mainstream market. Coins like this one might be just what the general public needs in order to push them over the edge into investing in some cryptocurrencies, considering theyll be able to order a cup of coffee with their new investment.