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What are P2P Cryptocurrency Exchanges?
P2P is a decentralized exchange of cryptocurrency directly between users. All logistics are carried out by special software, so no third parties are required. On the contrary, ordinary exchangers are companies that act as intermediaries between users, receiving remuneration for this.
How to trade through P2P?
The software automatically connects users with the same terms of sale and purchase of currencies. Let’s start with a description of the work of ordinary exchangers. To sell bitcoins, you need to specify their quantity and price, place the so-called. order.
To get rid of the need for a third party, P2P finds people who have placed matching orders. P2P connects the seller and the buyer, which allows them to make a deal without difficulty. Of course, arbitrators may be required, but in standard conditions, third parties are not involved and everything happens decentralized.
What are the advantages of P2P?
The absence of a weak link, on which exchange efficiency depends, is the main advantage of decentralization. Of course, a single center ensures the speed of transfers, but any vulnerability threatens the whole system. Resistance to state control. The staff of ordinary exchangers is subject to pressure from the state, which seeks to introduce favorable rules for the cryptocurrency.
On the other hand, P2P is almost invulnerable to government intervention, since there is no central organization that the state could regulate. This advantage led to an increase in the popularity of Local Bitcoins, one of the largest P2P exchangers, just after the actions of the Bank of China.
What are the disadvantages?
For a long time on transactions, a less intuitive process, lower liquidity does not allow P2P to be superior to conventional exchangers in all respects.
Most of the disadvantages of P2P occur due to the novelty of the technology. So, Bitsquare, one of the oldest P2P, has existed for only 3 years, including the development period. Since P2P is focused on a small group of enthusiasts, there was no need to attract new users and improve service. This results in small volumes of transactions.
For a long time waiting, most likely, it will not be possible to overcome because bitcoin and fiat currency transfers must pass. Together with reduced liquidity, this means that P2P is not so in demand by professional traders who need fast deals. However, the benefits that P2P offers can be beneficial for some people.
How to prevent fraud?
P2P exchangers use various protection mechanisms. Usually, they use public reputation arbitrators, mandatory buffer contributions for the duration of the transaction, and face-to-face meetings.
Bitcoin translation cannot be cancelled, but fiat currency translation is possible. Fraudsters get bitcoins, and then cancel the transfer, say, dollars. To prevent this, they use mandatory Bitcoin contributions, which participants in the transaction must make before they start to negotiate. If all goes well, the fees will be refunded.
What is a database?
By creating a decentralized encrypted data repository and leaving private keys with the owners, we reduce the probability of attacks to almost zero. But removing central trusted servers requires total encryption and flexible data access control.
Centralized
In this case, all data is recorded in a single array, which is stored on one computer. To get information, you need to connect to the host computer, which is called a server.
Decentralized
What is decentralization for a database? This means that data is stored on computers on the network that anyone can control. A node can join and disconnect from the network at any time and should not affect data availability. Since the nodes are scattered geographically, decentralization makes it possible to resist censorship and always have all the information online.
How do databases work?
Modern applications are usually designed so that the data loaded by users can be processed, aggregated and used in different ways for the application to work. In addition, companies need a flexible mechanism to control access to various data without any difficulties.
Reliability
Since the information is stored on untrusted computers, there should be no way for anyone to read them except the owners of the data themselves. This is achieved by asymmetric encryption when only the owner can decrypt the data. Network computers store data and meta-information, but cannot extract anything valuable from them.
Scalability
The centralized model assumes the connection of all clients to the server. Data is stored only on the server. Therefore, all requests for receiving, changing, adding or deleting information pass through the host computer. However, server resources are limited. Therefore, it can work effectively only with a certain number of network members. If the number of clients is greater, during peak periods, the server load may exceed this limit. Decentralized and distributed models allow you to avoid such problems since the load is distributed between several computers.
Can decentralized databases improve security?
In such bases, there is no centralized storage. This means that all data is distributed between network nodes. If something is added, edited or deleted on any of the computers, it will affect all computers on the network. If authorized changes are made, the new information is distributed over the network to other users. Otherwise, the data will be restored from the backup to ensure that they coincide with other nodes.
Are decentralized databases reputable?
The trend towards decentralization of all walks of life has arisen since the removal of middlemen brings obvious economic prospects. The blockchain avoids manual verification by drawing the entire network to a consensus about each transaction. The data storage and processing markets built using the blockchain can significantly reduce prices by attracting unused computing resources.
How can decentralized databases be used?
Such databases allow you to speed up the interaction between different parts of the production chain. Consider the following example. During the service life, the car goes through different stages – assembling, selling, insurance, and so on, right up to recycling. At each stage, a variety of different documentation and reports are created. If any clarification is needed, requests are sent to the appropriate authorities. It takes a lot of time. Physical location, different working languages, and bureaucracy are just some of the difficulties.
The blockchain technology avoids all these problems. All information about each car can be stored online. This data cannot be deleted or modified without the consent of the participant. And the necessary information is available at any time. This scheme is implemented in practice by the authors of the CarFix project. Based on the idea of smart contracts, they are working to ensure that the entire life path of any vehicle is recorded in a chain of blocks.
How can decentralized databases be used?
The databases accelerate the interaction in between various events in the production line. Areas, language miscommunication, the administration may end up being severe problems. All the details about each car and truck are stored on the network.
What Is The Lightning Network?
Based on official media statements, the development of the original sources belongs to Joseph Poon and Tayj Drage. Whitepaper LN was compiled long before development (it is said in 2015), but the scalability technology received wide publicity only in dark times – when the BTC system processed transactions for almost a week, with extremely high commissions. In general, the Lightning Network has already been dubbed Bitcoin’s “savior and future”, and it came to us when it was most needed for us – when Bitcoin “hung and lagged”.
LN is only alpha.
At the moment, LN is at the alpha version stage, which was launched on January 10, 2017. This indicates that the technology is at the development stage, and is being tested inside the developer company. Alpha versions usually differ by incomplete functionality and a bunch of tests through which the source code of the program is passed. So in the near future, no one will use the Lightning Network for “good reasons”.
How it works
The main task of Lightning Network is to reduce the burden on transaction processing and pressure on the main Bitcoin network. Thus, the Lightning Network improves the processing speed of the network, allowing users to conduct business without immediately registering transactions in the base register. If two traders open a payment channel and start performing several transactions over time, the transactions are not recorded in the base book. However, the opening of the channel is recorded.
We will try not to go deep into the “stuffing” of LN while transferring the main essence of the functioning of the system. In the entire Bitcoin platform, there are no units that connect the sender and the recipient. There is a stack of memory (pool), where all transactions are collected before they are “caught by the miners”, and blind in one block, which then goes into the blockchain. As long as your transaction is not “caught” and not recorded on the blockchain, you will not receive your money.
But even this does not solve the problem of Bitcoin.
And on the contrary, it only creates new ones. Private channels are not ideal. In real life, people will exchange not only with each other but also with those who do not know at all. That is, it will take a lot of channels, and this, in turn, can lead to even more “clogging” of the common chain.
What does all this mean?
This means only one thing – the birth of the payment system of a new generation. In order to send a transaction, the user will search for already open “channels” for transmission. At the same time, the channels themselves will be public, and therefore safe.
If the developers still manage to bring their code out of the “alpha test” phase, and we see the green light opposite “Final, Stable”, Bitcoin, as a payment system, expect changes, and, quite likely, a great future. And we, as traders – new crypto-adventures.
Mining the Litecoin
Speaking as simply as possible, the mining of Lightcoins is the process of performing computational operations on the network of the same name payment system. The essence of these calculations is to generate a new block of transactions. For the creation of the block, a reward is given for each miner whose equipment participated in the process. The amount of payments depends on the specific work done by the machine.
Since today Litecoin mining is rapidly gaining popularity (due to the fact that this cryptocurrency gradually becomes more expensive), more and more people want to join this activity. However, newcomers are faced with two obvious questions: where to start and how, in fact, to get the desired coins. Today we will try to answer them in as much detail as possible.
Understand Crypto Mining Basics
Mining is a relatively similar process for many cryptocurrencies. If we give an analogy with real life, then we can take the harvest as an example. To tear off apricot and cherry tree, you need to stand with a container under it and collect all the berries. But if you can take an apricot immediately for the fruit, then it is advisable to take the cherry by the stem, so as not to crush it.
When approaching Litecoin mining, one must also take into account its features, algorithm and protocol, and mining characteristics.
There is an erroneous opinion that even a 5-year-old child can do mining. Well, if you tell such a child the minimal basics of cryptology, programming, then he can try. But the likelihood that the child will earn on this, scanty. Production efficiency depends not only on iron and minimal knowledge but also on miner’s skills.
Mining Computers
For Litecoin mining, you can use one or two video cards or build a whole farm consisting of 6–10 boards. The second method will bring you much more profit, but you will need to invest a huge amount of money (from 4-5 thousand dollars and more), arrange the wiring in advance and get ready to receive impressive receipts for the light. And given that Lightcoin, like any other cryptocurrency, is volatile, the payback of hardware can take a very long time; in the case of a course collapse, you can stay in the red Although even with such bad hands, you can go to the mining of another currency (the same Bitcoin or Ether).
Mining on processors is much less popular. Nevertheless, we will look at chips that can help you earn your first Lightcoins. At once, when choosing a processor, you need to focus not only on the number of cores and their clock frequency but on the supported number of threads. The more, the better.
Get a wallet
Lightcoin requires a special wallet to store accumulated coins, as well as for ordinary cash. Here, stationary virtual wallets are optimally suited, as well as those that do not require installation, as they work online.
When downloading a wallet there is another important nuance: synchronization. If you decide to do solo mining, then you will need to wait for the full synchronization of the wallet with the blockchain, so that you can search for new blocks. Without it, you can not check all the data, respectively, to extract LTC will not work.
Mining pools
We have already written that individual mining will not be able to provide you with profitability and cover all your costs, therefore it is advisable to use group mining of crypto money. Usually, mining pools take 1% of all generated coins for themselves, the remaining assets are divided between participants proportionally.
Here is a list of pools in which only LTC can be mined:
- Multipool
- HashFaster
You register on the selected resource, carefully read all the conditions of the service and create your own account. After that, you need to create workers (My Workers), the number of which should be equal to the number of graphics professors involved in mining.
Mining Program
Well, the last step to start is to choose a mining program for mining lightcoins. The simplest and most understandable program that will suit even beginners is the Miner Scrypt GUI. It has the support of the Russian language, which will greatly facilitate the process of dating.
GUI Miner Scrypt does not require users of highly specialized knowledge, experience or skills. The program will help to update all the necessary drivers for your graphics devices so that there are no problems with its use.
Recap
Litecoin mining is a very profitable occupation in 2019, directly dependent on the rate of the token. Modern computers have quite a productive capacity, so you can even create work nodes at home. In this article, we looked at the most popular and popular mining options. You can choose the right one according to your needs and financial possibilities.
What are digital currencies?
Digital currency is a general term used to describe all electronic money, including both virtual and cryptocurrency. Digital currencies can be regulated or unregulated.
Such money is available only in digital or electronic form and, unlike bills or coins, are intangible. Digital currencies, which can only be owned and spent with e-wallets or specially created networks, are also often called digital money or cyber-cash. The absence of intermediaries means that transactions usually occur instantly and imply very small commissions (or lack thereof).
What are cryptocurrencies?
The word cryptocurrency unites two different but related words – currency is a well-known thing, and crypto stands for algorithms for encryption and cryptographic technology to used to ensure the security of the network. In such a high level of security, cryptocurrencies are protected from being copied and faking. Cryptocurrencies often involve using decentralized power structure like blockchain technology so three are no need for third parties. It means there are no banks or another kind of financial organizations, the only person to person transaction with the using of two types of keys.
Undoubtedly, the most famous and most common blockchain-based cryptocurrency is Bitcoin. It also has the highest price, which currently stands at about $ 4,000 per coin. However, despite the popularity of Bitcoin, this is not the only cryptocurrency. There are many alternative coins or altcoins, such as Ethereum, Litecoin, Bitcoin cash or Monero. Some of them mimic Bitcoin, others are his forks (new cryptocurrencies, “breakaway” from the existing).
What are the distinctions in between the digital and cryptocurrencies?
Cryptocurrencies allow you to make transfers safely and reliably, eliminating the bureaucratic component, such as registration and restrictions. Anyone can audit all transactions. You do not need to get permission from someone. The same is true for the confirmation of new transactions. Thus, neither to create new transactions nor to confirm them, users of cryptocurrency do not need to go through the identification procedure (KYC).
We should understand that cryptocurrencies are the only digital money that works on decentralized blockchain technology. And all the new emission of such currencies can be released only according to the strict algorithm of the network. And the basic economic rules applied on price building of a coin as demand and supply. Not all types of digital currencies are considered as a cryptocurrency since and even some tokens and altcoins are not cryptocurrencies. Because they are not built on a blockchain technology and can not be referred to as fully independent networks.
Recap
Well, in the end. we can come to the conclusion that digital money or digital currency is a very wide term for any sort of assets kept in digital space. Cryptocurrency is a part of a larger pool of digital currencies since all of them exist on the web.
Cryptocurrencies are digital, as they exist on the Internet, but these are also virtual currencies created using cryptographic algorithms. Thus, although very often the terms “digital”, “virtual” and “cryptocurrency” are put together and combined, it is very important to understand the nuances that exist between these three types and to use them correctly.
The first question that comes to anyone’s mind is why should they accept Bitcoin payments?
The answer is quite simple. More and more customers wish to spend their Bitcoin on routine products and services. Therefore, there is no better time than to strike right now and introduce this new and upcoming mode of payment to achieve a competitive edge.
As an SMB, you are the ideal sized business to adopt Bitcoin payment. Since there are still only a few companies that offer Bitcoin payments, you will be sculpturing a niche for yourself. This will only add to your customer’s lists with little competition to worry about.
Just think about it, it doesn’t even matter whether you run a burger joint or own an e-commerce store, offering Bitcoin payments to customers puts you way ahead of your competition. Besides, the process of setting up this contemporary payment system is incredibly smooth and also free of cost.
If we try to compete Bitcoin transactions with other modes of payments, such as card payments, it is much cheaper in terms of charged fees. However, there are some disadvantages and drawbacks too. For instance, regulatory uncertainty and market fluctuations.
Bitcoin payments. But first, let’s learn how to set up a Bitcoin payments mode.
Steps to Accepting Bitcoin Payments
The benefits clearly outweigh the dangers –making it a suitable and promising prospect for your business. If interested, here are 3 easy steps to its setup.
Action #1 — Opt for a Bitcoin POS system or Bitcoin Wallet
To begin accepting Bitcoin, the first thing that you need to have is a wallet where all the collected Bitcoin will go. It is very easy to get one. Alternatively, you can also opt for a POS system for Bitcoin, in case you own a big store with more foot traffic. A Bitcoin point of sale system will not only assist you with multiple transactions but also help convert Bitcoin into fiat money right away.
Action #2 — Tell your customers you accept Bitcoin payments
Unless you tell your customers you accept Bitcoin payments they are not going to figure it out themselves. Therefore the second step involves informing them. Most stores have stickers and boards that advertise the different payments acceptable in the store. Make sure you add a printed sticker of “Bitcoin payments accepted here” to ensure your customers are well-informed about this supplementary opportunity.
Action #3 — Study Tax Regulations
Before introducing Bitcoin as a new payment mode for customers, you must critically examine the tax regulations surrounding it. The laws can be rather uncertain at times. However, there are many firms dedicated to concentrating on taxes and Bitcoin bookkeeping. It will be in your best interest to align forces with one of these companies and have some assistance with bookkeeping so you stay on the safe side.
Bitcoin Acceptance –The Benefits
Mentioned below are some of the guaranteed benefits you can avail when you start accepting Bitcoin payments.
- There is zero setup cost
- You can benefit from the Bitcoin holder market
- You can brand yourself as a modern-day enterprise
- There are low transaction fees
- There isn’t any risk of chargeback scam
- Potential for greater profit margins as the value of Bitcoin rises
Bitcoin Acceptance –The Dangers
Since no business lacks complete risk, there are also a few dangers when accepting Bitcoin. These include:
- Loss of earnings in case Bitcoin market crashes
- Unclear and lack of a legal structure in general
What is NEO?
Many may be interested in such currency as NEO. Another of its name was “Chinese broadcast.” Note that during the deep correction and the fall in value in 2019, this currency perfectly resisted the downturn in the market and kept its value. At the same time, Bitcoin rapidly collapsed to a cost of 6 thousand dollars.
Naturally, this currency, under the pressure of falling popularity of cryptocurrency, slipped in price, but nevertheless, it can definitely be attributed to promising projects that have quite strong support, both from developers and large investors, who did everything possible to save prices, and they succeeded.
What is NEO cryptocurrency
The main issue when considering the prospects of the currency is its essence. NEO is considered an independent platform for building a decentralized future economy. More simply, it can be said that this is a non-profit project that contributes to the development of a smart economy. The company’s asset management is performed using smart contact technology. In addition, you should definitely mention the fact that the protocol works on the “Proof-of-Work” system, with the principle of “Proof-of-Stake”, which are far from being known to everyone. A more refined name sounds like dBFT (Delegated Byzantine Fault Tolerance).
NEO and GAS Tokens
In order to confirm the transaction in the network, Gas coins become necessary. These tokens are issued on a par with the main cryptocurrency, with the same amount. While the NEO coin itself is a kind of company stock, GAS is a calculated currency, without which it is impossible to make transactions.
Getting this type of token is easy. When you register a wallet and purchase NEO, you automatically start receiving the second type of coins daily. Thus, earnings can be based not only on the appreciation of the currency but also in the passive version of the accrual of GAS coins.
Currency history
The project itself was founded in 2014, with the initial name it had AntShares, and later was renamed. Da Hongfei, a Chinese entrepreneur and part-time head of OnChain, became the founder. His partner in this was the technical director of the organization, Eric Jan.
And since the cryptocurrency is directly connected with the company OnChain, it is worth considering separately and her. The company itself was also founded in 2014, and now it is a large corporation that is developing the project DNA (“Decentralized Network Architecture”), which means “decentralized network architecture”. Another name might look like a private blockchain system.
Why is NEO interesting and why?
The first feature that distinguishes the project from other cryptocurrency services is the creation of the first, and so far the only, independent CoZ community, which has been able to combine the designers, developers, and translators who daily work on developing the project system.
And today there are many ideas for improving the service and the company as a whole. And already now, cryptocurrency has its own personal wallet for injuring NEON coins, as well as Blockchain-explorer.
Where can I buy a cryptocurrency and how to store it
Already, cryptocurrency is available for purchase on almost all well-known exchanges. It is considered a reliable asset that is time-tested and has a promising idea because it is actively added to all the best selling services.
Tokens can be purchased on such exchanges as Binance, Bitfinex, HitBTC. It is on them the largest amount of coins, and you can buy them without any labor. A full list of exchanges with the current value of the currency can be found on the Coinmarketcap service.
Should I invest in NEO in 2019?
Having reviewed the available information about this cryptocurrency, we can conclude that NEO is not just a currency with a good idea and reliable developers, but a whole corporation with a bright future that is tuned, and most importantly, is able to arrange a revolution in the digital market. The plans of the organization to become good competitors for many smart platforms.
Thus, investments in NEO will probably become one of your best investments and will bring in several hundred percent profits for the period of market growth. And if today the company is young and only developing, then with the time of growth of the market its value.
Should you purchase cryptocurrency?
While the people of the “old school” carry their savings to the bank in order to place them on deposit at a meager interest, the more advanced invest their money in the cryptocurrency, since they are well aware that this asset will bring a good income that no other investment asset will provide.
Suffice it to recall 2009, when investors who believed in Bitcoin bought it for a few dollars, or even cheaper. Today they have billions of dollars in their accounts, and the rate of Bitcoin has grown thousands of times compared to its original value.
Many of these cryptocurrencies are much more affordable for purchase than Bitcoin. It is in them worth investing your money, but you should not forget about the risks. After all, some cryptocurrencies have appeared today, and tomorrow they can also simply and quickly disappear, bringing to the investor, albeit minor, but still losses.
Биткоин и долларовые банкноты. Сараево, 27 сентября 2017 года. REUTERS/Dado Ruvic/Illustration
Which cryptocurrency is best to invest in?
You have the means to invest in cryptocurrency. This is great, only now you have to decide which cryptocurrency is worth investing in. After all, it is no secret that investing in cryptocurrency is not only a possible income, but also no less risk. If you are just starting your way to invest, and you have enough money to buy the most popular cryptocurrencies, it is best to focus on digital assets in the top 10 by capitalization.
They are more expensive, but at the same time, more stable, and their price will not collapse as sharply as it can happen with no one known altcoin. Make a choice in favor of the most popular crypto active assets – Bitcoin, Ethereum, Bitcoin cash, Lightcoin, Dash, Ripple.
And investing in cryptocurrency is not too risky?
Any investment activity is risky, and the purchase of cryptocurrency is also no exception. However, even when you place money on a deposit at a bank, no one will give you guarantees that your bank will not go bankrupt tomorrow, and you will not have to take a long line of depositors to receive funds from the deposit guarantee fund, which will take more than one month.
As for the risks of investing in the purchase of cryptocurrency, the investor himself can reduce these risks to a minimum if he does not invest all the money in the purchase of one cryptocurrency, and distribute them among several assets. In addition, he should be able to determine the best time to buy an asset, as well as its sale, and analyze the possible development of the market situation.
Do not assume that having bought a cryptocurrency once, tomorrow you will wake up as a millionaire. You need to keep a hand on the pulse of the market, not to panic at a time when the value of your asset is sharply reduced. Remember – a fall in the value of a cryptocurrency is always replaced by its growth if we are talking about crypto active assets that are in the top 20 by capitalization.
Any other reasons?
The popularity of Bitcoin led to the emergence of other cryptocurrencies. Sometime later, after the appearance of Bitcoin’s, other similar systems began to appear. Nowadays, people who want to invest in non-traditional assets have a large choice in this market, because now you can find a dozen strong and fast-growing Bitcoin competitors on the exchanges.
Especially among Altcoins (as all cryptocurrencies that are different from Bitcoin today are called), I would like to highlight DASH and ETH. For 2016, the courses of this “digital money” increased by 12 and 8 times, respectively. The difference compared with even Bitcoin is huge: probably, not a single asset of the world brought in the past year the same profit as altcoins.
What Is Crypto Margin Trading?
Margin trading is one of the most profitable and at the same time the riskiest strategies for a trader. This tool is designed for professional traders, and therefore inexperienced players who are not aware of the possible risks and intricacies of margin trading can lose all their funds as soon as possible.
Let’s start: What is margin trading?
However, in margin trading by doubling or even tripling of assets you will not surprise anyone, so many give up their previous work for the trade of Bitcoin and other cryptocurrencies – this is really an analogue of the 1849 Gold Rush, but instead of shovels and trays for washing – computers and software. If you haven’t bought Bitcoin yet and haven’t traded it on the exchanges, it may be difficult at first, but just have patience. So, let’s take a look at the basics of cryptocurrency trading, and then consider the advantages and disadvantages of margin trading.
How to trade on exchanges
On any exchange, the process looks about the same (with the exception of Shapeshift, everything is radically simpler there) – there is a book of orders with orders for buying and selling.
Buying a sales order
The simplest strategy is to buy cryptocurrency at the sale price. This means that another trader placed his order in the book and is ready to sell at this price. The price, in this case, is slightly higher than the purchase price, but the order will be executed immediately. Just enter the desired number of bitcoins, see how much they will cost, then click the Buy button and confirm the order. That’s it, now you have bitcoins.
Purchase order placement: If a trader wants to buy coins at a better price, he usually places an order for purchase and waits for someone to sell. This is what most professionals do because patience allows them to buy cheaper. True, this approach does not guarantee a purchase, because your order may not be satisfied – especially if it implies a price that is noticeably lower than in the order book.
Recommendations for margin trading
Risk Management – When trading with margin, it is important to have clear rules for managing risk and not be greedy. You need to know the amount you are willing to risk and consider that it can be completely lost. Set clear levels to close positions, taking profits or cutting losses.
Be careful – Cryptocurrencies are considered extremely volatile assets. Margin cryptocurrency trading doubles the risk. Therefore, try to use the shoulder to open short-term positions. In addition, although daily commissions are negligible, significant amounts can accumulate over a long period.
How to make a trade with leverage profitable strategy
The trader should decide how aggressive the strategy he wants to choose. It should be borne in mind that leverage allows you to earn much more than the use of equity capital, and an investor with good margin trading experience can significantly benefit from successful transactions, writing off losses to bad ones. Is margin trading suitable for you personally? There is only one way to understand this: start small and try to feel where the market is moving.
TenX Review
TenX is the development of Singaporean developers who decided to create a platform for the safe placement and use of cryptocurrencies and cryptoactives. Cryptocurrency owners using this TenX wallet can convert their funds, pay for their purchases or any other services, and receive additional bonuses. This wallet is linked to a regular debit card, which can be used in any terminal or ATM.
TenX plans to issue a physical map in the fall only in the fall, so it wasn’t listed, but this project deserves attention. TenX offers a multi-currency wallet based on several currencies, in particular, Ethereum and altcoins at its base. By attaching a TenX digital wallet to a Visa card, the user can simply and easily pay for goods in local currency, which will be taken from his cryptocurrency account.
How TenX is better?
The demand for cryptocurrencies is growing constantly, but holders of digital money do not have the opportunity to spend them freely. Previously, other projects tried to solve this issue: TokenCard and Monaco, but they did not receive broad support. A completely different situation with cryptocurrency and TenX wallets.
This project is designed to help users spend the available cryptocurrency funds as easy as regular fiat money on the card. To do this, even issued plastic cards.
Blockchain technology will create the most convenient conditions for offline use of cryptocurrency. Now in order to withdraw a cryptocurrency, you need to go to the exchange, exchange it for Bitcoin or Ether, and then withdraw it to your card or e-wallet. TenX PAY wallet will be able to influence the situation and correct it. With the help of a regular debit card, users will be able to pay with cryptocurrency for the services they received: (pizza order, parking payment, etc.).
All actual fees
Currently, TenX performs transactions worth about $100,000 per month, but the startup aims to reach $100 million per month and a million users by 2018. A startup does not add value to the network commission, which is set by the cryptocurrency exchanger, transactions are processed directly. But the card has base prices as for example for issuing a card of $15 and for a yearly maintenance payment of $10.
Review recap
There are all the necessary components for the implementation of the project, and even agreements with VISA and MasterCard, which will allow us to provide our services to users in different parts of the world. It is believed that in the near future the demand for TenX cards will grow, respectively, and the rate of TenX PAY will also rise.
A huge advantage of the project is the ability to use it in the real world. Moreover, holders of cryptocurrency will be able through the TenX card to pay for their purchases, account replenishment, utility bills, that is, use cryptocurrency not only as an investment tool or for trading on the market, but as ordinary physical money.