In November 2023, Telegram introduced its new feature called Telegram Wallet, which allows users to manage their cryptocurrencies right within the messaging app. This feature was announced by Pavel Durov in September and is gradually being rolled out to users worldwide, with plans to make it available to everyone by the end of 2024.
The main purpose of Telegram Wallet is to provide users with a simple way to store and use cryptocurrencies directly within the Telegram app. With Telegram Wallet, users can easily send and receive cryptocurrencies, add money to their accounts using bank cards or other wallets, and even use digital assets to pay for services or purchases. This is especially useful as more people are starting to use cryptocurrencies for different things.
There are several advantages to using Telegram Wallet:
Seamless Integration: Telegram Wallet is built right into the Telegram app, so there’s no need to download any extra apps or services.
Convenience: Users can send money to friends, family, or businesses directly within the messaging platform. And the best part is, there are no fees for transferring money within Telegram.
Security: Telegram Wallet ensures that all transactions are safe and secure, thanks to the encryption used within the app.
Flat Withdrawal Fee: When withdrawing money from the wallet, Telegram charges a flat fee of $2, which can be more cost-effective for larger transfers compared to other platforms that charge a percentage-based fee.
Supported Cryptocurrencies: Telegram Wallet currently supports three major cryptocurrencies – Bitcoin (BTC), TON, and USDT, giving users more options for managing their digital assets.
However, there are also some downsides to using Telegram Wallet:
Account Dependency: If a user loses access to their Telegram account or deletes it, they will lose access to their wallet forever.
Vulnerability to Attacks: If someone gains unauthorized access to a user’s Telegram account, they could transfer all the money out of the wallet, and there’s not much that Telegram can do to help.
Withdrawal Limits: Depending on a user’s account verification status, there may be limits on the amount of money they can withdraw from their wallet at once.
Telegram Wallet offers a convenient and secure way for users to manage their digital assets within the Telegram app. As Telegram continues to improve and expand its wallet feature, it has the potential to change how people manage their cryptocurrencies on messaging platforms.
