The market correction over September has provided cryptocurrency investors with a surplus of good buys. Many of the recently created coins and tokens have at times, fallen to around or even below their ICO price. Speaking from experience, this can become overwhelming as the fear of missing out on the next big mover can lead to buying a “little” of everything. To avoid spreading my investment too thin, I have whittled down what I consider the undervalued cryptocurrancies. The following are my top 5 undervalued cryptocurrencies and #1 may surprise you.
No. 5 - TenX
What is it?
TenX connects your blockchain assets for everyday use by means of a debit card. The TenX card can be shipped to a growing list of over 120 countries and can be used anywhere in the world where a legacy credit card can be used without being charged a foreign exchange fee. Card holders can spend up to $20,000 per day and are limited to $10,000 per transaction. Currently, the card supports Bitcoin, Ethereum, Ethereum ERC20 Tokens and DASH with many more cryptocurrencies planned. As an incentive based program, all token and card holders are entitled to small rewards (0.5% and 0.1% respectively) for every transaction facilitated by the card.
Why is it undervalued?
Currently trading around the $2 mark, the PAY token has undergone a meteoric fall from its August 12th all-time high of $6.21. The spike in price coincided with the anticipated release of the web app and an announcement that the token would be available on exchanges in China. Besides the general correction in the cryptocurrency market over September, TenX has been affected by the rise of Centra Card and OmiseGo who look to compete with TenX in this space. However, the biggest impact on TenX was related to fact that they have not yet obtained a banking license and therefore cannot legally issue cards. To overcome this, TenX partnered with Wave Crest Holdings Limited who would issue the cards. The problem arose in late August when Wave Crest Holdings informed TenX that they would no longer issue cards to cardholders outside of the European territory. That means that current card holders outside of the European territory will not be able to use their cards after October 16th and no new cards will be issued by said company.
What is the potential?
In response to the card issuing failure, TenX has announced that they are in the process of obtaining their banking license, but in the meantime they are onboarding alternative card issuers who can issue cards outside of Europe. They will begin issuing the new cards in November. Despite these recent difficulties and acknowledging that this space will be crowded, TenX has several advantages that should propel them to the top of this space. First, they have an early mover advantage, which if capitalized on would provide a competitive advantage by being one of the first cryptocurrency card providers. Second, their technical team has been described by Clif High as “as solid as they get”, which is key to success in this crowded space. As the TenX cards become functional, it’s only a matter of time before TenX returns to the $5 to $6 dollar range and well beyond if they can put these early obstacles behind them.
To be continued………
No. 4
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