Bitcoin Forum

Posting on behalf of @Buryfarmer.

Telebit launches a built in bitcoin wallet for telegram users

Key benefits of telegram are:

No sign up procedure

Free bitcoin

50 million users now have a bitcoin wallet

Instant free transfers

Now live on iOS, android, windows phone, desktop, web etc

700+ users already

Telebit 1.0 is a new service that makes it simple to hold and transfer small amounts of bitcoins between phones without the hassle of having to sign up or think about bitcoin addresses. It enables you to send bitcoin to any of your telegram contacts without needing anything from them. They will get a message from telebit saying you’ve sent to them and they can’t refuse it. They then have a balance that they can send to any bitcoin address in the world without any kind of extra validation or sign up. Telebit is one of a number of recent attempts to merge the popularity of telegram with a bitcoin wallet. Getgems and Sendchat have both taken a different approach of forking the telegram client and making their own app meaning their user base is limited to how many people download their app. Telebit leverages the telegram messenger app itself which is well known, tested and available on pretty much every device. Telebit was created and is run by Eric Goforth who previously worked on cexstar.io and Jonathan Harrison who recently left satoshipoint.co.uk

The system has been live for 2 weeks now and we are now satisfied with its feature set and stability.

Telegram messenger is basically a clone of whatsapp but with better security and open source code, they currently have around 50million users.
You can download it here: telegram.org/dl

The beauty of Telebit is that it already works with over 50 million users and on nearly every device. There is literally no sign up procedure and you’ll get some free satoshis to get started with.  You can ask it what your balance is now and it will reply to you.

You contact Telebit just by searching for it within the telegram app and sending a message to it.

The Telebit wallet is controlled by messaging simple commands to Telebit.

To find out your balance simply message Telebit “BALANCE”

To find out your bitcoin address simply message Telebit “WALLET”

For a full list of available commands simply message “HELP” to Telebit

How to transfer bitcoin to a contact

To send to one of your contacts click on their name mid conversation, then the menu, then share their details with Telebit.   Telebit will then reply to you asking how much bitcoin you wish to send to them.

You and the contact you send to will receive free bitcoin as bonus for introducing them to telebit.

Security

Telebit is for sending small amounts of bitcoin and your balance is ultimately held in a central wallet managed by Telebit. This means that bitcoin transfers to other telebit accounts is off blockchain and therefore instant and free of miners fees. Of course you can send to any bitcoin address in the world with a command but this will incur miners fees.

Telebit allows you to set up a redirect for your balance when it rises above an amount you are comfortable holding with telebit.  For example if your balance exceeds 0.5 btc the excess will overflow to another bitcoin address you control.

Other features that we may implement in the future include basic gambling commands, sponsored messages, free bitcoin faucet in return for viewing ads and the ability to transfer fiat balances aswell as bitcoin.

You can learn more by visiting our website at www.telebit.org

follow us at twitter
@telebitsender
@Ericgoforth
@jonnybitcoin

https://www.facebook.com/telebitsender

Impressive! A potential game changer.

this deserve more attention!

As what I read in the website telebit.org , they are giving away 0.001
But in fact I only got 0.00025

You need to update that.

This is great!

Any information regarding the physical servers when the wallets reside?
Is it open-source?

Wow... this is GREAT!

from their twitter:

We are heavily loaded up at the moment. Processing nearly 300 registrations a minute.. Whoah! Should chill out shortly... #NiceProblem!

300 new members a min, wow.  ;D

Telebit is getting a lot of signups from Russia side.

http://tjournal.ru/paper/telebit

Can this be solved? I guess Telegram understands the problem and how it helps both Telegram and Bitcoin
and will remove the limit for them?

I think they are working on it.

Unfortunately, the text based user interface and the non-intuitive set of actions required on the telegram GUI to initiate btc transfers to other users makes it completely unsuitable for the normal (non-tec-savy) user.

what is needed is to have the BTC wallet built-in to the telegram GUI. unfortunately, this is unlikely to happen, since telebit is not affiliated with telegram.