Bitcoin, cryptocurrencies to be more accessible as TenX plans to issue crypto-debit cards

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Bitcoin is likely to reach out to a wider audience as a Singapore based startup plans to offer debit cards to the cryptocurrency users.

The Singapore based startup TenX, according to Bloomberg is issuing a debit card that could convert digital currencies such as the Bitcoin with legally accepted currencies like Dollar, Yen etc.

If the plan is successful, it could be a big boost for cryptocurrencies which have found limited takers due to the lack of awareness and regulations around them.

TenX in a statement reported by the Bloomberg, said that they already received orders for issuing more than 10,000 cards. The company will take a cut of 2 percent per transaction.

While media reports state that at present the transaction limit is capped at $2000 per annum, users are given the option of increasing their limit if they are willing to undergo proper identity verification procedures.

Bitcoin, the world's first cryptocurrency was created in 2009 by an unknown programmer or group of programmers under the pseudo-name Satoshi Nakamoto. The digital currency soon gained acceptance among cypherpunks and soon became a value for transaction of goods.

Some reports suggest that over one lakh merchants and vendors are accepting bitcoin as a mode of payment.

Due to the nature of bitcoin -- being decentralised and deregulated -- governments have found themselves in a tough spot with regards to forming regulations around it.