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Telegram Wallet : Send and Receive Bitcoins Privately for Free

Telegram Wallet

Overview 

Telegram is an instant messaging app for smartphone, tablet and web users with a focus on security and speed. Though Telegram has not become as big as WhatsApp, it has around 50 million faithful users. Telegram is known for its better privacy, security and encryption. With Telegram, you can send messages, photos, videos and files of any type (doc, zip, mp3, etc). In addition, you could create groups for up to 5000 people or channels for broadcasting to unlimited audiences. Thus telegram is a combination of SMS and email services.

It can take care of all your personal or business messaging needs. Unlike WhatsApp, Telegram is a cloud-based messenger with absolute and harmonious sync. As a result, you are at complete liberty to access your messages from several devices at once, including mobile tablets and PCs, and can share amongst your peers an unlimited number of photos, videos and files up to 1.5 GB each. The API for Telegram is open, and it welcomes developers to create their own Telegram apps. It also has a Bot API, a platform designed for developers that swiftly allows anyone to easily build specialized tools for Telegram.

On the other hand, Coinapult is the largest bitcoin company and marketplace. Using Coinapult users can buy, sell, send, and receive bitcoin – all in one setting.  Ever since the year 2011, the Coinapult team has been quite busy building the so-called Bitcoin technology, hereby providing a very secure and easy method to use the Bitcoin platform for and with everyone – from the newcomer to the seasoned bitcoin veteran.

In 2015, Coinapult integrated business with licensed financial institution, Crypto Capital, in order to bring seamless, bitcoin-friendly banking services to all users and business partners. Security is the top priority at Coinapult, the website is SSL-secured, all wallets are multi signature, and it offers two-factor authentication to all users. Coinapult is headquartered in Panama City, Panama.

Telegram Wallet

The Telegram Bitcoin Wallet is built using the Telegram bot platform, Telebit service and the Coinapult API to securely and cautiously help you control your money and privacy. All your private keys are stored with Coinapult and you will never be asked for your personal details.

Telegram wallet Explained

Telegram wallet is the final product that we get with the seamless integration of the secure Telegram messenger with the Coinapult bitcoin service. With the telegram wallet you can exchange bitcoins over the telegram messenger easily and instantly. This exchange of bitcoins is possible not just between telegram users but also with external bitcoin addresses.

Coinapult plans to leverage the trusted and secure telegram messenger with a big user base growing at a rapid pace to let the users exchange bitcoins simply by texting their requirements. Also with this, if you know the telegram username of the person with whom you want to exchange bitcoins, you do not need to have their bitcoin addresses.

With this integration between CoinapultTelebit and Telegram, the process for exchanging has become very easy to use. Everyone with telegram on their devices can exchange bitcoins instantly. All you need to do is the following:

  • To start this service, search and add “Telebit” on your telegram messenger.
  • Send the message “Wallet” to Telebit.
  • Telebit will send back your Bitcoin address in both an alphanumeric string and also as a machine readable QR code.
  • You will also receive a welcome gift of 0.00025 bitcoins from Telebit.
  • To Send bitcoins to a telegram user, you can simply text the Telebit bot. Sending bitcoins to telegram users is free of charge.

Similarly, to deposit bitcoins to your account, you just need to send a message to the Telebit bot. With a simple text you can also send the bitcoins to an external address, but this is not a free service.

To get a list of complete Telebit commands, you can either go to the telebit website or send the message “Help” to telebit on telegram.

You can also set up an upper limit to the bitcoins that can be held or kept in your telegram wallet and any extra amount will automatically flow to an external bitcoin address as mentioned by the user. I personally like this feature as un-like any other online wallet, the telegram wallet is kept and maintained on the cloud.  It is therefore not recommended that you transfer or store large sums in your wallet. There is another well thought out feature called the “Lock Funds”. Thanks to this feature, any user located anywhere in the world is atcomplete liberty to access the Bitcoin network while protecting against bitcoin price volatility. Remove volatility and lock your bitcoins into USD/EUR/GBP.

The Team 

This possibly disruptive technology is the brainchild of former co-Director of SatoshiPoint, Jonathan Harrison, and Eric Goforth of cexstar.io, have teamed up and developed Telebit, the bitcoin wallet for telegram. Cextar.io is now defunct.

Jonathan Harrison

He is a seasoned social entrepreneur who has devoted his career to building and running social enterprises. Jonathan has domain expertise in small dollar lending, combating payday lending, and workplace financial wellness, and consults on product and program development for financial institutions and financial technology firms.

Eric Goforth

Exceptionally qualified Information Technology professional with strong interpersonal skills and an extensive background in management & systems implementation within the Technology, Communications & Hospitality Industries. He was the founder of cexstar.io and has been working actively on technology related to cryptocurrencies like the bitcoin. He is currently filling up the position of lead developer at Telebit.

Progress and Traction

Telebit has only been in entity for a few weeks and already takes pride in some excellent stats for users. Their total sign up now over steps 5239, the count of active users in the last 15 days is 4352 and their total btc transacted is 29.85904481 (Stats provided by Jonathan Harrison).

The Bottomline 

The Telegram bitcoin wallet has the potential to be a disruptive technology as it makes handling the bitcoin cryptocurrency simple by using a text message. Currently this is available to only to about 60 million telegram users.

But imagine a future and a highly probable situation where this or a similar technology becomes available to the 600 million of WhatsApp, which in turn is owned by Facebook thus eventually becoming integrated with the largest social platform with access to more than a billion people. This has the potential to become game changer in the Fintech and financial services sector by providing access of bitcoin to a billion people and making the transferring and storing of bitcoin or any other cryptocurrency as simple as sending a text message!

We, the members of StartupWhale wholeheartedly wish Telegram Wallet for the tough and promising journey ahead.

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