Everyday Payments With Crypto

Shanif Dhanani
Aug 25, 2017 · 2 min read

There’s a new cool kid on the block in the world of alt-tokens. This one is called TenX, and it seems like they may actually have a decent business idea and an actual prototype.

These guys are trying to make debit cards that allow you to use your cryptocurrencies at existing point-of-sales terminals in brick and mortar stores.

What’s interesting about TenX is that they propose to offer a token and a debit card. The token holder makes a 0.5% return and the card spender gets a 0.1% return on their spendings. Obviously not much, but a lot better than paying Chase or Amex to use one of their cards.

But it does beg the question — are people going to want to pay for stuff with their crypto? Or, like me, do they see it as an appreciating asset that should be held on to and invested in for the long run?

I can’t help but think about that guy that spent 10,000 Bitcoin on 2 pizzas just a few years ago. One could argue that maybe he didn’t know better back then (which I’m not totally convinced of), but we absolutely know better now. I know I don’t want to be looking back in 2050 and lamenting about the fact that I missed out on a few million dollars of fiat currency (if it still exists) because I wanted to buy some food. If everybody has a similar mindset, then the payment system for cryptocurrencies could actually be a small and irrelevant portion of the entire ecosystem.

It seems like the answer to this question will fundamentally determine the way that consumer-focused blockchain companies will operate and grow.

What do you think? Will people start to use crypto for their coffees?

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