Telegram: Is it the Best Messaging App for Crypto Enthusiasts?
Telegram, a popular cloud-based encrypted instant messaging service provider, is no longer just for ordinary messages and communications. Thanks to its end-to-end encryption and social networking features, Telegram is fast becoming the choice messaging app for crypto traders and enthusiasts.
A few years ago, Bitcoin, altcoins, cryptos, and the blockchain were only discussed in a few online forums and communities, with a few mentions on popular social media platforms like X (Twitter) and Facebook. Today, these are hot topics for conversations in most tech and trading circles, and they're going mainstream. If you're not reading or hearing it in the news or overhearing some eager techies boast about airdrops and their latest trades, there's a big chance you're sharing it and talking about it with friends on messaging apps.
Well, you're not alone. Crypto traders, speculators, enthusiasts, and those just curious are increasingly using their messaging apps to find news and recommendations or chat about crypto and blockchain technology. But these conversations aren't happening in the world's top messaging platforms like WhatsApp and Facebook Messenger. WeChat, a China-based messaging company, has even cracked down on trading groups as part of the Chinese government's regulations. This increasing chatter on Bitcoin, cryptos, and the blockchain is happening on 'second-tier' messaging platforms that are more eager and aggressive to embrace the technology.
Telegram-Popular choice for secure socializing
Telegram Messenger, or Telegram, is a cloud-based encrypted messaging service founded by Nikolai and Pavel Durov in 2013. It allows users to exchange messages, share media and files, and provide voice and video calls. In addition, it can support optional private chats and boasts social networking features. For example, users can also use the platform to share stories and updates and create large public groups. Finally, Telegram also boasts an open API that supports the creation of custom bots that can perform specific tasks.
Although other popular messaging service platforms are available today, Telegram stands out for using above-average security features. While it can't compete with Signal for its end-to-end encryption and its non-profit structure, Telegram is an attractive option for users looking to connect and build a following or community.
Telegram communities and channels- Emerging options for crypto groups
In addition to encrypted messaging and chats, the platform also supports Telegram groups. These powerful community-building tools can accommodate up to 200,000 members, making them perfect for individuals looking to build their crypto communities.
Traditionally, Telegram groups are used by teams and businesses to coordinate their work assignments, answer customer and investor questions, and keep in touch with investors. Telegram boasts many secure features, making it a popular alternative for crypto traders and enthusiasts. Telegram groups allow replies, mentions, and alerts like most messaging systems. Mention alerts are helpful in most groups since the recipient is notified if he gets new replies or mentions. Also, there's an option for pinned messages, which is helpful for administrators who want to highlight specific messages, updates, or news stories. These Telegram features fit the requirements of crypto groups today that need to remain updated with the latest developments in the market, from price movements to new technologies.
Then, there's the Telegram channel, a helpful tool for broadcasting messages and information to a larger audience. Crypto traders and enthusiasts can use a Telegram channel to reach people directly by sending out notifications for each post. Unlike groups, Telegram channels can have unlimited subscribers, and only administrators can post. There are dozens, if not hundreds, of exciting crypto Telegram channels where individuals can get trading signals and updates on price action and offer real-time news and deep market insights. Channels offering crypto signals provide traders and enthusiasts with real-time insights and tips, saving time and effort. The Bitcoin and crypto market is volatile and unpredictable, and having access to these Telegram groups and channels that bring news, trading symbols, and other information can be a lifesaver.
Telegram, tokens, and its blockchain dream
Telegram is one of the first secure messaging platforms to flirt with the idea of a blockchain and token. In 2018, Telegram announced its plans to launch its own blockchain platform and native token that can support payments on its chat app. The Telegram Open Network (TON) was designed as a third-generation blockchain with superior capabilities. However, Telegram abandoned the blockchain in 2020 after the US Securities and Exchange Commission sued it over its questionable initial coin offering. Soon, a group of open-source developers and enthusiasts founded The Open Network Foundation (TON Foundation), which now supports blockchain development. Although Telegram gave up its control of the project in 2020, its crypto and blockchain connection remains alive.
In September 2023, Telegram announced getting a self-custodial crypto wallet. Experts and crypto observers say Telegram's recent move aims to solidify its presence in the vibrant crypto community and can also help motivate new users to enter the space. The Ton Foundation and Telegram shared the news on the self-custodial wallet called TON Space at Singapore's Token2049 crypto conference.
Based on the announcement, TON Space will be available to Telegram's global users without completing a wallet registration. It's considered an extension to the Telegram wallet, now with over three million users. During the announcement, the platform shared that certain jurisdictions, including the US, have been excluded in response to recent crackdowns on the cryptocurrency industry.
Telegram- A secure and bustling hub for crypto enthusiasts
The introduction of TON Space and Telegram's other features, like groups, channels, and end-to-end encryption, makes it a worthy alternative messaging system for those who are in crypto. Telegram is fast growing into a 'super app', a label popularized by WeChat. However, Telegram tries to differentiate the platform by building and controlling its own payment solution.
Telegram offers a decentralized payment arrangement, allowing developers to create crypto-compatible mini-apps instead of a centralized facility built by its own team. This latest development on the platform benefits not just the company but also the new crypto investors, traders, and enthusiasts. Having a crypto wallet on the platform brings new users, many of which are unbanked.
Other crypto-friendly messaging apps to consider
In addition to Telegram, other competing secure messaging apps can work for the growing crypto community. We're not talking about the popular messaging platforms like Facebook Messenger, WhatsApp, and WeChat. Crypto traders and enthusiasts can consider second-tier messaging apps embracing the crypto industry. For example, there's KakaoTalk from South Korea.
In 2o2o, the Kakao company merged its crypto wallet, Klip, with its messenger app, KakaoTalk. Users can send nearly a dozen cryptocurrencies and NTFs through its platform and crypto wallet. KakaoTalk aims to simplify the process of sending and paying using cryptocurrencies. Instead of the traditional transfers using crypto wallets and public addresses, the users' crypto wallets are linked to their bank accounts. Under this arrangement, crypto users at KakaoTalk can enjoy convenient transfers that are relatively cheaper. Also, the private keys are managed by Kakao's Key Management Service. The aim is to unburden users so they won't worry about managing or losing these keys.
Signal is one of the most popular encrypted messaging service providers. It allows users to send and receive texts, voice notes, images, videos, and other files. Thanks to its end-to-end encryption, it's a popular messaging app for users looking for full security. Also, it's one of the top messaging apps that is determined to integrate crypto into its platform.
Signal's developers want to host crypto transactions that are even 'more secure than the Bitcoin blockchain' by making transactions completely private. The messaging app relies on several security features, including the CryptoNote and the Ring Confidential Transactions that hide transaction amounts. Also, Signal adopts Bulletproof, a mathematical method that verifies transactions without sharing the values. In short, no one will know about the details of the transactions except the sender and recipient.
