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What Makes Telegram So Attractive to Crypto Users?

Telegram is a messaging platform. It works a lot like WhatsApp, except it is not owned by Facebook, and has additional features that are appealing to the cryptocurrency community. Most cryptocurrency projects have their own dedicated telegram channel or group so that they can keep in contact with their followers. One may ask, “Isn’t that what twitter is for?”. A common theme in the cryptocurrency community, is to adopt platforms that are not yet in the mainstream. Platforms that are built with privacy, and flexibility in mind are often the sort of applications picked up by users of cryptocurrency. Telegram offers both privacy and flexibility to users, and project administrators.

hundreds of telegram logos in a pile

Features of Telegram

All the features of telegram take place within the application. What each user sees is a list of channels, groups, and messages that they are participating in. In order to get a telegram account, you need to sign up with your phone number. This is one way that Telegram is able to reduce spam on their network. One phone number, one account.

Telegram Messaging

Telegram messages take place between one user and another. You may see, and access chats from any device you have hooked up to telegram. So if you’re having a conversation on your phone, you may pick up the chat on your laptop as well.

If the user wants to discuss something in private with another user, then a “secret chat” may be started. A secret chat takes place only on the device that you start it on. So you can’t see the secret chats you started on your phone, on your laptop. The chats are secured with end to end encryption. This means, even if someone was listening in on your conversation, they wouldn’t be able to read it.

Telegram Groups

Groups are chats with more than one person. The owner of the group can establish roles and hierarchies that allow different group members to perform different actions. Actions like pinning messages to the top of the chat or kicking out spam bots and malicious users. Cryptocurrency projects usually have telegram groups filled with the investors of the project. This is a perfect place for investors to ask questions to the group moderator, who is usually a representative of the company. By using telegram, one user asks a question, and the group benefits from the answer. Groups act as a live, and ongoing q/a, or conversation about the project.

Telegram Channels

Telegram Channels are one way feeds, meaning users that join the channel cannot post. Some companies take an approach where they have a group for free discussion, and a channel for updates. Telegram channels are a great way to get just the company messages and alerts, without any of the additional noise. CryptoVantage has a dedicated telegram channel, we post every news article and guide to the channel so you can stay up to date.

You may be invited to groups and channels without your consent. This is a feature of Telegram, and you should take care when joining groups. Only join groups that you want to, and delete the ones that you no longer have any interest in. Telegram Bots will scan channels and groups and mass send invites to other groups. If deleting old groups seems like a hassle, you may just ignore them. You are not obligated to respond to your notifications.

Telegram Bots

Bots serve a variety of purposes, from auto posting, to having full fledged conversations with individuals. Some companies have opted to implement an FAQ bot, while others use them like a call directory. Regardless, bots are very useful for cutting down the amount of time humans spend answering the same question, or repeating the same task. If you’re finding yourself manually posting every one of your blog posts on the telegram channel, there is a bot for that.

Some more advanced bots let people trade from Telegram. This ultimately means the bot can trade on the exchange that you’ve hooked into Telegram. This is handy when you’re on the go. You may set up an alert, receive the alert right to your phone, and then take an action accordingly. There is no limit to the number of bots you may have connected to your accounts. Many developers will open source their bots, allowing you to copy them for your own use.

Beware of chatbots that appear to be humans. Some malicious individuals have implemented bots that approach people and solicit them for a variety of purposes. One common example of a telegram bot scam is when they ask you for help. They may explain to you that they are from a different country, and cannot access their funds on an exchange. Another example is where the bot will send you a promotion for a site that is obviously fraudulent. If the message is telling you that you can double your money overnight, it’s a scam. When in doubt, revert to the timeless saying. “If it seems too good to be true, it probably is.”

Telegram Token

In 2018, Telegram announced that it would be building a blockchain network, complete with its own cryptocurrency. The network would be called the Telegram Open Network (TON) and its core token would be the GRAM. During the ICO, Telegram raised more than a billion dollars to fund the project. The project was formally halted by the SEC in 2020 because the fundraising event was not registered correctly. Telegram must now return the funds back to the users that contributed to the sale. If the network were to launch successfully, Telegram’s user base of 400 million users would suddenly be exposed to cryptocurrency. The only other company that has tried to do something this widespread is Facebook with their Libra project.

The investors in TON were largely disappointed to see a regulator clamp down on Telegram. Especially because from what most people could tell, Telegram had every intention on manifesting their vision. One of the massive problems of the 2017 was ICO scams. There was a large number of eyes, and invested parties in the Telegram ICO. Telegram is not some niche company with a couple of founders that are difficult to hold accountable if anything goes wrong. The SEC going after Telegram is an example of regulators going after the wrong fish.

Loyal User base

The people that make up the Telegram community are loyal to the messaging service. When it comes right down to it, that may because Telegram inhabits many of the values that cryptocurrency in general upholds. Values such as transparency, privacy, and permanence. New cryptocurrencies companies looking to make a name for themselves in the industry can learn from Telegram. If you want to build a loyal user base, implement your product in such a way that it appeals to the core values of the cryptocurrency community.

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About the Author

Keegan Francis

Keegan Francis is a cryptocurrency knowledge expert and consultant. He recognized the opportunity in cryptocurrency early in his career and has been invested in it since 2014. His passion led him to start the Go Full Crypto, a project that documents his journey of totally opting out of traditional financial services. Keegan has been living entirely off of cryptocurrencies since 2019.

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