Telegram, one of the world’s most popular messaging applications, has recently added Bitcoin support to its Wallet bot. This new feature allows users to buy, sell, and send BTC directly from the app, making it more convenient for those who regularly use cryptocurrencies for settling various transactions. The addition of Bitcoin support in the app comes after the integration of the stablecoin Tether, which has already been available on the platform.
The Telegram Wallet Bot and How It Works
The Wallet bot, which is available on Telegram’s web interface, previously only supported TON. TON is a cryptocurrency that was introduced by Telegram itself.
However, with the addition of Bitcoin, users can now access the world’s leading cryptocurrency directly from the app, making it much easier to transact with BTC. This is especially useful for users who are looking for a convenient way to send the cryptocurrency to friends and family, or to buy goods and services online.
To use the Wallet bot, users must first verify their account with a phone number. Once the account is verified, they can buy, sell, and deposit cryptocurrencies directly from the app. The exchange interface has also been upgraded, allowing users to instantly swap BTC, TON, and USDT at favorable rates.
Telegram now has over a billion users worldwide, with a significant number of them already involved in the cryptocurrency world. The addition of Bitcoin support to the Wallet bot will make it easier for these users to transact with BTC, reducing the need to switch to other cryptocurrency exchanges or wallets. This could potentially increase the adoption of the digital currency, especially in countries where traditional banking systems are lacking or unreliable.
Moreover, the updated interface that allows flexibility for users to instantly swap BTC, TON, and USDT at favorable rates can be beneficial for people who want to take advantage of sudden changes in the cryptocurrency market.
However, there are also risks associated with using cryptocurrency on messaging apps. Telegram has already faced regulatory challenges due to its initial coin offering (ICO) in 2018, which was ultimately canceled due to legal issues. The addition of cryptocurrency to its platform could potentially invite further regulatory scrutiny, especially in countries where cryptocurrency regulations are still unclear.
There is also the risk of security breaches, as cryptocurrencies are highly valued and are therefore prime targets for hackers. Telegram has already been targeted by hackers in the past, and the addition of cryptocurrency to its platform could potentially make it an even more attractive target.
The addition of Bitcoin support to the Wallet bot is still a significant development for Telegram and its users. It will make it easier for those who already use the messaging app to transact with BTC, and could potentially increase the adoption of cryptocurrency in general. However, users should still exercise caution and ensure that they follow best practices when it comes to cryptocurrency security. By doing so, they can take full advantage of the new features of Telegram’s Wallet bot without putting their digital assets at risk.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.