Telegram wants to allow users to store and trade cryptocurrencies

For more than a decade we have been hearing about cryptocurrency. It has been hitting the news for all good and bad reasons alike. The concept has been gaining attention across the globe. At the time of writing this article, there are more than 15k+ cryptos traded globally. Additionally, the market volume of cryptos has increased to more than $1 trillion in the past.  Empower your financial journey with the latest insights and updates by visiting – your trusted source for staying informed and making informed decisions in the world of finance.

The market condition of cryptos has not been favorable in the current year. In 2022, the market witnessed a complete run for investor money. Popular tokens including Bitcoin, Ethereum, and Shiba have made a run for their money. Bitcoin which was traded at $60k per token surged to $20k. Many pricey tokens became affordable during this period. Despite red-line trading, many investors have also used this option to buy new tokens. Investors have added tokens to their portfolios leveraging the current economic condition. 

Understanding Telegram and its role in crypto trading

Telegram was launched in the year 2013 as an instant messaging application. Since its launch, the messaging app got widespread attention globally. As we speak, there are more than 500 million users across the globe. The messaging application became an instant hit amongst users for its privacy. The built-in security feature within the application worked as an added advantage. 

By virtue, Telegram is a secure application. However, there are some additional steps that you need to consider before joining. Additionally, companies that allow employees to use Telegram must have added security features. 

Despite its advantage, the question of Telegram’s security is a concern. Compared to other applications in the league, Telegram is considered safe. Let us take a look at various security measures that Telegram offers. 

Make use of the ‘secret chat’ option in Telegram

Telegram does not offer regular security to any messages in the application. The messages are stored in their central server thereby exposing them to users with access. But, Telegram offers a method known as the ‘secret chat’ option. 

Client-to-client encryption

Yes, this might be the first advantage of using Telegram. Users can avail of the client-to-client encryption option. It means your messages are secure and even Telegram employees do not have access. Using this option, only the sender and receiver can see the messages. 

Messages with the self-destructing option

This is an additional advantage of Telegram. Users can avail of the self-destructing option to secure chats. Using this feature, the sender can encrypt photos, videos, and other chats. Telegram will let you destruct these messages after a defined period.

Not saved on the Telegram cloud

Using the secret chat option, Telegram messages create and ends at user devices. The messages do not move to the cloud or any other central server managed by Telegram. This is a new feature that allows users to secure messages. 

Dual authentication feature

Yes, now this is another feature of Telegram. As a default security setting, Telegram allows you to log in only using a message code. As an added security measure, users can also set up additional layers. This includes setting up face ID, and passcode. 

Trading cryptocurrencies using Telegram

As per recent reports, Telegram now allows users to send, receive, and trade cryptos. Telegram users can send crypto tokens like any instant message. Going to reports published by TON, Telegram allows Toncoin transactions. This was indeed an abandoned project of Telegram in 2020. The plan to start this project was initially launched in 2020. The project was abandoned due to challenges from the Securities and Exchange Commission. However, a team of developers kept this project alive until 2022. In November 2022, the project was again launched officially. Now, Telegram users can add their wallet bot to their messages. The attachment menu in the messaging app can do this job for you. Once this job is complete, users can buy crypto using bank cards or any other wallets. 

This is indeed a big step in the crypto industry. Telegram has always been open to crypto trading. 

The official note released by TON also clarifies that there are no transaction fees. Other than Telegram, even Twitter provides a Bitcoin payment option. 

As crypto and instant messaging app users, it is a wait-and-watch situation. Despite negative criticism, the industry is growing. Understand more about Telegram crypto services on Bitcoin Smart.