A beginner’s guide to TenX (PAY) and how you can buy and sell this cryptocurrency.
TenX offers a cryptocurrency debit card that aims to make it possible to spend multiple cryptocurrencies whenever and wherever you want. This multi-blockchain card is tied to a mobile-friendly wallet and allows you to spend cryptocurrencies online or offline, and without incurring any foreign exchange or transaction fees.
TenX also provides the PAY token, the value of which is driven by the amount of transactions on the TenX network. Let’s take a closer look at how TenX works, what the PAY token is and how you can buy PAY in India.
Where to buy TenX
TenX is available to buy on a wide range of global cryptocurrency exchanges, including:
A step-by-step guide to buying TenX
If you want to buy TenX PAY tokens in India, here’s an example of how you can do it:
Step 1. Create an account with an exchange
Register with an exchange that allows you to trade for PAY. You may not be able to trade Indian Rupees (INR) directly for PAY. You might have to trade a popular cryptocurrency like bitcoin (BTC) or Ethereum (ETH) for PAY. Before you can buy, you’ll need to sign up for an account by entering your email address and creating a password. You’ll also likely be asked to verify your account by providing your full name, contact information and proof of ID before you can make a deposit.
We also recommend that you enable two-factor authentication to provide an extra level of security for your account.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges don’t allow you to swap fiat currency, such as INR, for cryptocurrencies. This means that you’ll often need to acquire a cryptocurrency that’s available in a pairing with PAY, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for PAY.
To deposit funds, login to your account and click on the “Deposit” link. Enter the amount you want to deposit and generate a wallet address to transfer your chosen crypto from another exchange or your own wallet into your account.
Step 3. Buy TenX
Once the funds have arrived in your account, click on the “Buy/Sell” link at the top of the screen and search for “PAY”. You may have to buy bitcoin (BTC) or Ethereum (ETH) and then trade it for PAY. Once you have acquired one of these cryptocurrencies, you can search for PAY. This will display the current price of PAY tokens and you can then click on the “Buy PAY” button.
If you’re happy to proceed, click “Buy” to confirm and finalise your purchase.
How to sell TenX
If you want to sell your TenX PAY tokens, the process you’ll need to follow is more or less the same as the steps outlined above. However, you’ll obviously need to look for the link “Sell PAY” and then follow the prompts to trade your tokens for whatever cryptocurrency is available in a PAY pairing. However, remember that it may not be possible to directly exchange PAY for the currency of your choice in just one transaction.
Which wallets can I use to hold PAY?
You can download an official TenX wallet from the TenX website. However, this wallet does not yet support ERC20 tokens, so PAY tokens can also be held in any ERC20 enabled wallet, such as:
The three wallets listed above provide native support for the PAY token and don’t require you to perform any extra configuration tasks.
What is TenX and how does it work?
Founded in Singapore in 2015, TenX aims to make cryptocurrencies spendable in the real world. Despite crypto’s rapid rise to prominence in recent times, using bitcoin, Ethereum or some other digital cryptocurrency to pay for your morning coffee or weekly groceries still seems a long way off.
TenX offers a prepaid Visa debit card that allows users to spend major cryptocurrencies anywhere Visa is accepted, with no transaction or foreign exchange fees charged. At the time of writing in January 2018, the TenX card supports two cryptocurrencies:
- bitcoin (BTC)
- Ethereum (ETH)
However, currencies on the roadmap to be added and in closed-beta for some users are:
- ERC20 tokens with a high trading volume
- Dash (DASH)
TenX is also developing COMIT, the Cryptographically-secure Off-chain Multi-asset Instant Transaction network, an off-chain transaction protocol designed to connect blockchains and allow for faster transaction processing.
What to consider when buying TenX
Buying any cryptocurrency is a complicated and speculative investment that comes with a variety of associated risks attached. You’ll need to make sure you’re fully aware of those risks before deciding whether or not to buy cryptocurrency.
If you’re weighing up the pros and cons of TenX, remember to consider the following factors:
- Supply. According to CoinMarketCap, at the time of writing on 18 January 2018, there was a circulating supply of 104,661,310 PAY tokens, out of a total supply of 205,218,256.
- Value. The value of PAY tokens is determined by the transaction volume TenX processes; the more transactions TenX processes, the more valuable the token is. The value of the token depends on the number of TenX card users and the average spend per user.
- Demand. A critical factor that will determine the success of TenX is whether or not cryptocurrency can become commonly used for daily spending. You’ll need to consider whether there is sufficient demand for the products and services TenX offers to make buying PAY tokens a good idea.
- Competition. Next, you’ll need to consider the market competition TenX faces from other companies offering similar products. For example, Xapo did offer a recently-cancelled bitcoin Visa debit card, while Coinbase offers a Shift Card backed by the Visa network. There are a few other companies operating in the same market sector.
- Existing payment platforms. It’s also worth considering the competition that companies like TenX will face from existing payment providers like Mastercard, Visa and PayPal, all of which are working on their own blockchain-based payment technology.
- Rewards. TenX offers card users a 0.1% reward (paid in PAY tokens) every time they use their TenX card, and there are also plans to reward token holders with 0.5% of all aggregate transaction volume paid out monthly (in Ethereum). However, at the time of writing there, was no date scheduled for the first distribution of these 0.5% rewards.
- Roadmap. You’ll also need to consider what future developments TenX has planned to get an idea of its potential growth and popularity. You’ll find plenty of useful information in the Roadmap section on the company’s website.