One of the top-ranked online messaging apps, Telegram has added to the features it provides as it has gone beyond just messaging as users can now exchange cryptocurrencies just as they exchange messages.
Before this, the developers of Telegram @wallet Bot had earlier launched “the wallet Bot” that allows users to buy cryptocurrencies through their bank cards, exchange or through transfers from another wallet. These developers have upgraded this feature as users can buy cryptocurrencies and send them within chats. This upgrade will see the selling and buying of cryptocurrencies between users on the Telegram app with an exchange service acting as a guarantor that oversees the transaction and resolves disputes where necessary.
Although this feature is termed “anonymous p2p deals, users are required to share their verifiable phone numbers with the bot before transactions can commence.
Selling cryptocurrencies through @walletbot attracts a 0.9% commission while buyers do not incur any cost.
Currently, not all cryptocurrencies can be exchanged on the app. Users can purchase Toncoin (TON) and Bitcoin (BTC) but only Telegram’s token, Toncoin can be sent directly through chats after funding their wallets.
How to buy or deposit Crypto on telegram
All these transactions are facilitated by the wallet on Telegram. To get started, the first step is to search for “Wallet” in the search bar. Once this is done, a wallet with a verified tick pops up and you click on it.
Once this has been done, you then proceed to click on “Start” to get started. The next step after this is to click on the “Add to Attachments Menu.” Once you click on it, you also have to confirm the pop-up notification by clicking “Add.”
Still in the Bot chat, the next step is to add Toncoin or BTC to your wallet. This can be done either by depositing from another wallet or by buying Toncoin through payment cards on the telegram app.
To make the deposit, you have to click “Deposit” in the bot chat. This requires you to share your phone number with Telegram. Once this requirement has been fulfilled, you will be issued a unique wallet address that you can use to send funds from other wallets.
NB. You have to select the cryptocurrency you want to deposit and a matching wallet will be generated.
You can also decide on your cryptocurrency through a payment card. To do this, click on the “buy crypto by card option.” You will then be asked for your preferred coin TON or BTC. Once this has been done, you will also have to choose the currency you will love to purchase with.
After this, you will have to select the amount that you will love to buy. To make payments, you will be redirected to a payment portal where you will fill in your card details and complete the verification process. Once this is done, your wallet is then credited.
Sending Crypto on Telegram
This is a simple process that is executed seamlessly in a twinkle of an eye. Once the wallet feature has been added to your attachments, crypto can then be sent to other Telegram users
To access your attachments, click on the paper clip icon beside the chat box in the wallet bot chat then click on “wallet.” Once you click on “wallet,” proceed to click on send. Then you will be required to select the contact to whom you want to send it. Once this is done, you select the amount you want to send and follow the other prompts. This then completes the transaction.
As explained in an interview with Blockworks, a TON Foundation representative explains that this development is targeted at ordinary users to enable them to have an understanding of blockchain. In their words they stated
“It is aimed towards ordinary users and provides a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using,”
With this new feature incorporated into the Telegram app, users get to transact cryptocurrencies among their contacts easily without using another exchange or wallet platform. This can be said to be another way through which Telegram has taken the front seat in the blockchain space among other messaging apps.
