Bitcoin Forum

Telegram messaging app users can now purchase, withdraw, and exchange Bitcoin (BTC) through the Wallet bot and its associated services.

This move, announced on April 21, builds upon Telegram’s existing services related to cryptocurrencies, but it is noteworthy that the Wallet bot was created by a third-party developer using Telegram’s open bot API.

The @wallet web interface now enables users to buy Bitcoin using a bank card or the P2P market in the “Buy & Sell” section. Additionally, the platform’s updated “Exchange” feature instantly swaps Bitcoin, Tether (USDT), and Telegram Open Network (TON) with each other.

This development is a significant addition to Telegram’s cryptocurrency services, which are already widely used within the app. Telegram’s open API allows developers to create their own crypto-related bots, which can be used without any direct involvement from Telegram.

My Question; How secured is this project? considering the facts that telegram can be hack with some sophisticated softwares.

What do you mean by hacked?  If you talk to me about how you can log in with another user's number, that doesn't mean hacking the software but simply having made a good catch, while corrupting the software is quite different and it doesn't seem like they've succeeded yet.  Basically it is safe but I prefer to use other methods for my bitcoins.

Not project or platform is perfect in security.

Telegram has different layers of security: Login with your phone number and login code; a security password (if you set it up for your account security). You can recover your security password via email if you forget it. Your email should be secured well with its password and 2FA protection.

I think it is good enough to use but I don't like to trade via Telegram especially if it is on my phone. On computer, the problem is trading volume like we have many centralized exchanges and decentralized exchanges, we have to choose best to use. I am unsure that Telegram trading platform can be attractive enough in trading volume, liquidity etc.

It is advisable to use a non-custodial wallet directly without involving any third party. This is because, if someone else gains access to our wallet information, it could pose a serious long-term threat.

Creating a wallet through the Telegram API is actually risky as we are unaware of who controls the API behind the scenes. Although it may offer convenience, compromising our security is not worth it when it comes to managing our digital financial transactions. Moreover, if you have a significant amount of Bitcoin, it is too risky to store it via a wallet on Telegram.

Ooooh I've heard of this before. Looks like they're offering more service, thanks for the update  :D

As for your question, I'll just treat it the same way I treat centralized and custodial platforms because they're in the same group. In addition, since they're still building up their reputation in the community, I'd also place them lower than already established CEXs.

There will be people who will try to get into your account so I suggest exploring your settings and enable anything that could improve security, particularly the "2fa password".

Securing is a process, and all systems in the world today have potential flaws and can be attacked at any time, which is why Microsoft Bug Hunter exists. We shouldn't worry too much about this.

unfortunately we are always there, if you don't have the wallet keys you are not the owner of your btc. basically telegram is safe, I hope the wallet is too. I personally will use other alternatives!

If you feel unsafe, don't use it and ignore it. If I remember correctly, there was some news before that Telegram was developing an exchange to compete with other exchanges, and this could be their first move. After all, their service is a centralized service no different from the centralized exchanges we already have. Meanwhile, we have plenty of other reputable exchanges on the market, but if you're using one of them, go ahead and skip Telegarm. Furthermore, these exchanges are for trading purposes only, and do not use exchange wallets to store bitcoins or other cryptocurrencies.

I've read of the news before but I'm trying to look for the source of it but having hard time finding it. Anyway...

I'm not too quick to judge it but then knowing that it's on Telegram where everything can be made easy especially by just its users. I wouldn't trade there even if it's going to be an actual project made by the Telegram team.

I'd rather choose those popular exchanges than them because of the impression that it has built over time with those scammers that have been using them as a den.

Ok so I also have doubts about it. Does this mean that apart from buying with the bank card (KYC) you can make P2P trades without KYC? It should be so, I imagine, as Telegram sells itself as being very respectful of privacy. I don't use Telegram much nor do I know how it works, but I welcome it if it is implemented that way.

How secure is it is a question that comes from multiple perspectives.

Are you thinking about the security of your identity and personal information?
Answer: Telegram is known to be unencrypted by default, I would not trust it with personal information or payment information.

Are you thinking about the security from hackers?
Answer: This is determined purely by the security measures that you have taken on your account, such as:
- Having 2FA enabled
- If the phone number linked to the account is personal, or from a phone verification service/temporary phone number
- The strength of your password and 2FA password.
- Whether or not you store the purchased coins in telegram bot wallets (if so, they are vulnerable to being stolen both by the bot or anyone who gains access to your account)

In my opinion, while it seems like a very convenient solution, no one should be using this service or any other centralized service to purchase coins. P2P services are the best way to transact to and from fiat with Bitcoin and other cryptocurrencies.

you can read a source (https://www.crypto-news-flash.com/big-adoption-millions-of-users-can-buy-withdraw-and-exchange-bitcoin-on-telegram-messenger-report/?feed_id=15015&_unique_id=644636bd5537b) where I first read about it before seeing this thread on the forum


I once saw a telegram no KYC bot, and it's normal to say that telegram doesn't require KYC for P2P trades, as their CEO once in his tweet stated that telegram would build and integrate more decentralized projects.

My only concern about this new update is that, telegram is the biggest messenger for crypto scammers, and this new update will only make things easier for such people to carry out their bad attitudes. The wallet bot is a no brainier, anybody can utilize it without difficulty. The UI is friendly, so victims won't hesitate to fall for scammers because no hassle in purchasing bitcoin. Hence, aside that, it's a big adoption for bitcoin, many people on telegram that saw the update or announcement can begin trading with bitcoin and businesses on the messenger will also utilize cryptocurrency as a payment method. As for hacking of wallets, telegram has a feature for users to add password to their numbers before any fresh login. And also users that have their funds stored on telegram wallet can also secure the app with passwords too, to avoid friends or spouse, who can have their phones, from accessing their wallets.

Hum, I heard about it, but I'm not going to trust in it for now. Who knows who these guys are and what are their intentions. I rather to leave that "job" to others and then, when there is feedback, I can eventually try it, but for now, nope, it's too soon and Telegram is a whole filled with stupid scammers if you don't pay attention! There are already a few P2P services to buy and sell Bitcoin that are actually being tested, such as Peach. So, I don't see the need to rush right away into another way of doing the same thing.

I disagree, security is the most important thing these days, as we spend most of our time working and storing assets online. The best way is to stay away from centralized services, the less you depend on them, the more secure you become. I hardly use telegram, so I know about these news and I won't use them either.

So far I do not see any tangible or multivating reason or scene that would encourage me to attempt using telegram to store my coin. Telegram and cex are still the birds of the same feather. If CEX can be hacked irrespective of the security layers involved or activated to protect one's fund's and exchange as well still hackers still get there way in. CEX is better that you have some body to blame for the such scenario if such happens to your telegram account holding your assets, what would you do and who would you hold responsible for the hack.

My conclusion is this if they are willing to take such step, they can be able to come up with an identity and should stop using telegram to front their wallets project.

As far as I am concerned, Telegram is aiming to become an all-in-one app in the future so you could theorically use the wallet with a official bot (developed by some restaurant franchise) so you would be able to order pizza in a chat, pay directly from the wallet and allow the food get send to your location. Among other interesting things, if those things happen in the future, I can see myself depositing a bit USDT on that wallet, not much.

On the other hand, I mostly agree with you. Telegram is not to be trusted with big amounts. It is too risky, perhaps even more than having big money on Binance, at least the they have some previous experience with attacks and cyber security within the crypto world.

Thanks!

Honestly, one cannot avoid using centralized services. We've got Binance, Coinbase and other popular exchanges where most of us will agree that we've used it for one reason, convenience. It's still best to practice in getting used to DEXs.

But in terms of this type of centralized platform and it's known for being a den of scammers, I'll hardly use it and probably will never get into it.

This is just another centralized means of Bitcoin transaction. Telegram uses individuals phone number to be registered, and perhaps if anything goes wrong in the future, any user can just get tracked. Also, in the past, I have had the experience that someone I don't know used my phone number to create a Telegram account, and the person set the account on password, so that even I, the original owner of that phone number, couldn't use the number to log in to Telegram; it was asking for a password, and even when I tried to cancel the password  process, it was not working.

Through that process, it means that a scammer can even use a Telegram account that is created with another person's number to commit a crime, like stealing someone's debit card and using it to purchase coins on the app, and if this is tracked, the phone number used to register the account would lead them to you, who is making use of the phone number, whereas another person committed the crime with telegram account that was created with your phone number.

Well, it's not every platform that conducts buy/sell transactions of Bitcoin that someone is supposed to interact with.

This is a great move and I think it will be a really nice and welcome development for we bitcoiners and I think we shouldn't be so panicked over security because I'm sure that they already know that cryptocurrency actually requires alot of security as many people always want to stay unknown and always requires alot of security, so I believe that security would have been their top priority while considering to announce this bot.

One of the major reasons why I love Bitcoin is the ease to be able to send money across each country and the fact that it still maintains the highest exchange rate internationally and having telegram run an exchange service through a bot, would make sending money much more convenient and faster.

Haven't you heard yet telegram hacking? telegram hacking is not a big deal for hackers. Hacker using malware to hack all your pc including twitter and telegram also. I was also saying this that no one can login to my telegram account until my phone number steal by someone but hacker hacked my account and deleted my big groups without my permission.
I have not hsed Telegram wallet so far but i have one question that what will happen of any transaction failed or any issue happened. whom we would contact if this happens?

Yes, I've heard of it, it's called zarazabot, it's a malware that targets many browsers, the most based on chromium and is able to detect all the credentials saved on the PC and also capture the active browser screens.  So if you got this malware you're pretty much screwed.

I think you are giving your bank card so that is default as KYC as it gets. People can find who you are from your bank card without a doubt, not that you are giving that to anyone, but at the very least the other side is open. So if telegram doesn't share that you used that card to buy, the bank could share that you bought from telegram instead, so the reverse KYC works there.

Remember, the card is tied to a bank, and you can definitely use a debit card you bought from someone so it may not have your name on it, but what are you going to use to buy that? Bitcoin? Using bitcoin to buy anon debit card to use for buying bitcoin doesn't really make sense. Hence, it is obvious that KYC will be out there, you will be giving that info to the bank, even if you are not giving it to telegram.

When I read this news in my news feed, I immediately thought about the safety of such a wallet. Just now, in a neighboring topic, I was arguing about which of the reputable wallets is better. At the same time, having studied the topic well, I realized that partially all of them do not provide complete security. For example, did you know that trust wallet is generally bad with security? but Binance oversees it. So, returning to the topic of the topic: is the telegram bot safe? Of course not, even if the hardware wallets are not safe. Sending money to a bot is the same as giving it to another person.

It is hardly secure. Not really from a technical point of view, but from a social engineering standpoint.

As you probably know, telegram is a haven and congregation point for crypto scammers. So the first place they are going to target now is all of the bitcoins in the internal wallet.

Also, if somebody steals your phone and it has Telegram, they will also try to drain out all the bitcoins from the Telegram wallet.

I guess they can not drain out our bitcoins if they get our phone with a condition that we don't store other layers of protection on that phone.

I don't dig to see how Bitcoin trading and withdrawal on Telegram is or will be but I guess it is similar to withdrawal from centralized exchanges, we will need 2FA code or confirmation code in email in order to complete our withdrawal request.

You are right about that risk. If I have an account on a centralized exchange, I log in it on my phone. On the phone, I also log in my email which was used to register my exchange account. On my phone, I also have my 2FA application. If anyone steal my phone successfully, all my coins will be stolen easily.

Too many bad experiences in the past. Telegram itself can be flawed, its history can be manipulated without a trace even if it claims to run on open source automated (bot) resources. With just a few touches, the bot can change the protocol.
In essence, bitcoin users are strongly discouraged from making deals via telegram, period.

Weaknesses in the system are things that need attention and also need to be worried about because security is the main thing that must be owned by any system that we use, because this is one way to avoid attacks that we don't want on the system that we use every day, so there is no reason not to worry about security.

In essence, for the problem of storing any assets, it remains security that must be of particular concern and main concern. Because storing in random places without seeing how the security level of the devices we use is also very wrong because weaknesses are things that are very vulnerable to attack by irresponsible people.

To be fair, every services has it's pros and cons, and for crypto, it's really a dangerous world for us because even if the project assures that it's all secure and that it can't be hacked, sooner or later hackers are going to find loopholes or any kind of attacks that can give them advantage specially in Telegram.

So for me I will be cautious, even prior, Telegram has history of hacks or at least user accounts been breached. And most likely, we will hear some kind security concerns and hopefully it will not be that bad that everyone's account will be affected with the @web wallet interface.

I come from a country where Telegram is the most popular messenger and something often used instead of social media in general. I use Telegram quite a lot for communications with various friends and colleagues. However, I won't even think of using Telegram for buying/selling cryptos. Telegram isn't very secure, and using bots for something important seems risky to me. Also, a bot may report everything it receives from a user to the bot owner (as I've learned from a friend of mine who is experimenting with bots of his own and gets all the data everyone writes to the bot), which is concerning to me.

It is best to avoid using the Telegram wallet for your Bitcoins but above all I don't understand why I should be interested in doing so when there are dozens of safer possibilities out there.  We are talking about your savings and I would never give anyone the management of mine considering that Bitcoin has really given us the possibility to manage them in total freedom

I did come across a message regarding the Telegram wallet, but I didn't feel compelled to use it or learn more about it. I am unsure whether it is a custodial or non-custodial wallet, as I already use a Ledger Nano X to store my cryptocurrency. I am confident in the security of my current storage method and do not see the need to use any other wallet, even for instant swaps. I have not read the entirety of the message sent by Telegram wallet, as I am simply not interested in it.

Telegram bot itself is not safe to use. These bots can be controlled by hackers and with that your credit card and your detail is not safe there.
Although I didn't try the feature yet, but I think I am not going to try it soon, unless I need to use telegram to make payment or buy something.

Telegram has several levels of security that I know to date, there are several conditions where number verification and even a double standard with Two-Step Verification still exist today so this will be a little better I think because as long as the cellular number is still used and entering the password when going into the new device will make the feeling of security even more guaranteed.

But even so, there must still be a factor of vigilance because clearly this is something very important to have and indeed for this one thing I still haven't traded there maybe even don't really intend to do something like that for now because it's quite comfortable to be on the trading platform with all the features which are of course more adequate than doing that on telegram.

It was around last year when Telegram notify me of 2FA for the security of my Telegram app which I did, I know surely that before releasing any press concerning this they would have tried all things relating to security because they know what is at stake but I would prefer using my old method for purchasing till at least have seen how things worked out for them.

There are already some botss or exchanges that offer the crypto trading service and wallet on Telegram years ago before the recent announcement that was hyped.
My point of vew about the service is, its never to be trusted since telegram is a centralized platform and apart from possible hack of the account can be manipulate, the telegram dev can also delete or ban user account just like how my account was deleted when i pm a crypto tumbler support.

First of all, leave the alarmism, surely you have a wallet that you are using today, so there is danger there too. Telegram has been working with this wallet for some time.

The new news is that it has incorporated bitcoin, it is that simple.

You can do P2P exchanges like in any other wallet, so The Soup or novelty is that it is an addition to the Telegram social network, OP, it is something that some projects have done recently and as others have done in the past.

You have to be as careful as you are with your wallets, but mainly you have to understand if it is dex or cex.

Support or use things that you understand, there is no need to burn projects or burn at the stake for the simple fact of not understanding or repeating things that you read.

If you know that, then you must avoid that online wallet. I don't know why too many online application wallets growing up every day. They sell security and convenience but their application is not safe if we look at glance. Telegram has failed to sell their product long time ago, now they try another way to sell it well which I think will get the same results in the end.

Many are worried about how to store assets in the Telegram wallet that has been provided even though there is security where the owner can improve from passwords and also 2FA but on the other hand fraud on the bigger platform makes us not sure whether this will be safe as far as they use.

Everything is possible, if one day the cellphone is stolen, whatever they do, they can drain the bitcoin wallet and so they still don't use what Telegram has provided.

If there is something more secure specifically for bitcoin wallets why not just choose that, such as non-custodial wallets and also hardware wallets.

This bot was released back in January 2022 and has had no security problems so far. But you should keep in mind that the bot is the responsibility of a third-party developer, just like the TON project. So treat this Wallet bot like any custodial wallet, that is, don’t store a lot of coins there.

Not your keys, not your coins.
Seeing how Bitcoin addresses are generated I am very doubtful about the security of the wallet in Telegram.
We are not given any Seed Pharse and are only given Bitcoin Addresses. there is no other option to request a phrase.
https://i.postimg.cc/nz8DvXM9/Screenshot-84.png

And this is just like CEX, it is centralized and the user does not have full control. 
Some Bitcoin purchase options using P2P markets with credit card payments or payment options via BANK Accounts and of course must deposit the bank account address and real name of the user.
https://i.postimg.cc/JznZmw90/Screenshot-86.pnghttps://i.postimg.cc/0yBmyWsf/Screenshot-87.pnghttps://i.postimg.cc/SNVCwQ1H/Screenshot-89.pnghttps://i.postimg.cc/Dz4GJrfK/Screenshot-85.png

If this is said to be a big adoption, then it needs full control for users so that they don't lose control on the coins they have.
Whether it is safe or not also depends on the user because only the user's cell phone number can access the telegram.
Regarding the hacking problem, it is the security of each one.

I acknowledge the potential for trading Bitcoin on Telegram, as I have previously engaged in trading Ton and Ethereum on the platform. While I did come across the option to trade Bitcoin, I cannot provide a definitive assessment of its security. Additionally, I am uncertain about the platform's readiness for handling larger-scale trading activities

Maybe for convenience purposes, you can try their services. But only for small amount.
But when you start trading significant amount, better deal with actual crypto-exchange.
Because if it fails, do you really think the response will be fast on resolving issues on this platform?
Also, the rates may be high as compared to actual exchanges because you are paying for convenience on this service.
I am also hesitant using this platform when you know that they have a lot of scammers lurking around.

Telegram has recently put forward proposals for increased trading on its platform. However, it is quite puzzling to see the development facing significant delays despite the initial promises made during the bear market.

Both a wise and a stupid move on Telegram's part in my opinion.

It bringing convenience to the table will surely sound well for investors and people who use telegram. There's a huge chunk of its userbase that is dedicated to following cryptocurrency projects as most of them publish updates and sneak-peeks on telegram. So having to pay directly through the messaging app that the whole enterprise works is something that people will treasure.

On the other hand, Telegram is a cesspool full of uackers, scammers, and jots. The very moment you login and join a crypto-related project people and bot accounts will start messaging uou like they were your long lost brothers of something.

I had doubts about using it, but considering that my wallet cannot be linked to the Telegram app, I decided to take the risk. Additionally, I transferred the transaction fee for the trade into the wallets and promptly sent back the value of my Ether to my wallet after completing the trade.

I would definitely not consider providing my personal information such as my credit/debit card information to a bot no matter how much they promise that it's totally safe. Also, why in the first place one would use a bot on a messaging service provider to buy or sell cryptocurrencies when they can easily use that themselves using an exchange?

Even if one doesn't like the centralized exchange structures or doing KYC, it is still better than providing personal information to a bot created by a third-party developer to purchase cryptocurrencies through it.

No hacker can have access to your telegram or any other account unless you made some mistake on your part.There are many scammers on telegram because of all the groups and you clicking on some phising links which injects malware in your system.This is why it's easy target for hackers but you can have more security with 2FA and not joining these groups preventing these scams on your part.

I don't know what you mean by "secure". There are a lot of people who are trying to get rid of this kind of thing, but I'm not sure if they are going to do it. 
 
As far as I know, Telegram is a bit of a pain in the ass to be honest. It's not easy to use, but it's a good way to spread the word about it.

Sounds convenient, but I'd like to see some more details on how they're keeping user data and transactions secure. You can never be too careful when it comes to cryptocurrency.

I think it's such an easy subject to just let it be, and not get hacked. Do not click links in places you are not 100% safe, that's it, and I do not mean like 99% safe, I mean like 100% guaranteed safety without any shred of doubt in your mind. If you do that, then you won't click on any phishing link and you will not get telegram or exchange or any other account of yours ever getting hacked. I am not saying that I can't be hacked, but at least it won't be due to phishing, it will be due to something else.

I keep getting mails like that everyday, I just delete it and move on, there is no reason to trust any of them and click, not worth it. So much so that I bookmark all the websites I use daily, so I rarely even have to google for anything.