Developing Telegram bot wallet

[umbrel]

Hey everyone,
I'm currently developing Telegram bot, with wallet functionality + p2p trading (alternative to localbitcoins)

What do you think of this whole thing? Does it worth it?

I've seen Telebit couple years back, how are they doing? Haven't seen much activity there.

[Henkkaa]

Hey everyone,
I'm currently developing Telegram bot, with wallet functionality + p2p trading (alternative to localbitcoins)

What do you think of this whole thing? Does it worth it?

I've seen Telebit couple years back, how are they doing? Haven't seen much activity there.

I checked Telebit's website, and honestly, it looks awesome. The commands seem easy to use even for a newbie. However, I would be concerned with letting a bot have access to my wallet. You should let the user fully control their own wallet, and the bot would just be a sort of middleman.

[umbrel]

Hey everyone,
I'm currently developing Telegram bot, with wallet functionality + p2p trading (alternative to localbitcoins)

What do you think of this whole thing? Does it worth it?

I've seen Telebit couple years back, how are they doing? Haven't seen much activity there.

I checked Telebit's website, and honestly, it looks awesome. The commands seem easy to use even for a newbie. However, I would be concerned with letting a bot have access to my wallet. You should let the user fully control their own wallet, and the bot would just be a sort of middleman.

Yeah, it was ok, but I guess it's dead now, doesn't respond to any commands.
I agree with you, that controlling private keys is important, but I'm aiming for simplicity, so first version will be with private keys on my server. Anyway we're relying on Telegram security here, they can easily run MITM attack.

Building a bot is not my end goal, it's just a way to start with quite limited attack surface and avoiding the need to design things nicely. Once I get robust API it will be easier to proceed with stage 2.

[apercoin]

I like Telegram bots and it is cool idea, but mains issues are private keys and escrow. How are you planning to handle that?

[umbrel]

I like Telegram bots and it is cool idea, but mains issues are private keys and escrow. How are you planning to handle that?

Private keys on the server, same as any other hosted wallet or exchange (using BitGo),
and bot will provide escrow by holding bitcoin deposit until seller confirms receiving deposit. With manual resolution in case of disputes.

I'm open to any suggestions, it's all in very early stage of development, currently running on testnets.

[Emerge]

Making a wallet is a very big deal.. and using telegram to communicate with your API just makes things a whole lot more complicated cuz you're exposing your API..

[umbrel]

Making a wallet is a very big deal.. and using telegram to communicate with your API just makes things a whole lot more complicated cuz you're exposing your API..

Using telegram makes things easier:

• it already has 200 mln users
• I'm not exposing anything, API is authenticated
• I don't need to design website, think about it's security, etc
• There are let's say 10 commands with different arguments, unknown command will just not do anything, known command can be extensively tested with all possible arguments

[BuySomeBitcoins]

telegram bot link ?

[avatar_kiyoshi]

That's good idea at the same time not really good idea. I think the uses only fit for small - decent transaction not recommend to use for big transaction.

I'm interested to p2p trading system. You said above bot become an escrow, how the buyer(who transfer fiat) transfer the amount?

[umbrel]

telegram bot link ?

Sorry, give me another couple weeks to reply to that question. Don't want anyone to interfere just yet, but I'll appreciate help from beta testers when finished with prototype.

[umbrel]

That's good idea at the same time not really good idea. I think the uses only fit for small - decent transaction not recommend to use for big transaction.

I'm interested to p2p trading system. You said above bot become an escrow, how the buyer(who transfer fiat) transfer the amount?

Yes, sending big amounts is not recommended, could be fine for day-to-day cash. Admit it, nobody is using localbitcoins as a wallet too.
Buyer will transfer fiat as agreed with the seller: bank transfer, cash deposit, face-to-face or any other way both sides find reasonable. I will show some warnings for bank transfers and paypal, that transactions are reversible, be cautious and don't trade with strangers.

[avatar_kiyoshi]

That's good idea at the same time not really good idea. I think the uses only fit for small - decent transaction not recommend to use for big transaction.

I'm interested to p2p trading system. You said above bot become an escrow, how the buyer(who transfer fiat) transfer the amount?

Yes, sending big amounts is not recommended, could be fine for day-to-day cash. Admit it, nobody is using localbitcoins as a wallet too.
Buyer will transfer fiat as agreed with the seller: bank transfer, cash deposit, face-to-face or any other way both sides find reasonable. I will show some warnings for bank transfers and paypal, that transactions are reversible, be cautious and don't trade with strangers.

Okay that's good options.
How determine for price rate? It's same as localbitcoin?
How to verify the amount arrive or not? That will be have a notification button?

[apercoin]

Add me as beta tester. I am interested!

[umbrel]

Okay that's good options.
How determine for price rate? It's same as localbitcoin?
How to verify the amount arrive or not? That will be have a notification button?

For simplicity in first version I will just use some market average. Later will add support for formula, whatever you want your price to be, based on different sources

[umbrel]

Add me as beta tester. I am interested!

Thanks, sure, as soon as I'm ready. What country are you based in?

[umbrel]

People pointed to me, that such bot already exists: https://t.me/BTC_CHANGE_BOT

I went through and it looks great, main difference from my implementation, which I noticed so far:
I proxy all messages through the bot, to simplify conflict resolution in case of trouble and to allow some privacy to users who don't want random contacts in their Telegram.
Which way do you think is better? Should I allow direct contact between parties?

[apercoin]

Which way do you think is better? Should I allow direct contact between parties?

Should be a setting. Some people do not want their numbers to get exposed for sure.

[Bit2Easy]

The thing here is, that nobody wants to give a bot access to their private keys. So if I understood correctly, the one with bitcoins sends the coins to the bot wallet. Then seller sends product, and buyer releases coins? Have I misunderstood your bot, or is this how it works?

[umbrel]

The thing here is, that nobody wants to give a bot access to their private keys. So if I understood correctly, the one with bitcoins sends the coins to the bot wallet. Then seller sends product, and buyer releases coins? Have I misunderstood your bot, or is this how it works?

I'm considering that way too, however by default I keep private keys. I know that nobody wants to give access, but 90% do anyway. Coinbase is a good example

Which way do you think is better? Should I allow direct contact between parties?

Should be a setting. Some people do not want their numbers to get exposed for sure.

Too many settings will only hurt, I better go opinionated.

[umbrel]

Which way do you think is better? Should I allow direct contact between parties?

Should be a setting. Some people do not want their numbers to get exposed for sure.

BTW Telegram doesn't share your number with strangers, only nickname.