Bitcoins, Telegram and Security

[Sidra101]

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.

[mendace]

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.

[SquirrelJulietGarden]

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

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.

[bayu7adi]

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.

[Potato Chips]

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

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".

[balotelli]

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.

[Lillominato89]

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

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!

[LittleBitFunny]

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

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.

[livingfree]

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...

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

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.

[Poker Player]

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.

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.

[BenCodie]

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.

[Accardo]

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...

you can read a source where I first read about it before seeing this thread on the forum

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.

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.

[darkv0rt3x]

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.

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.

[Party24*7]

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.

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.

[CryptSafe]

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.

[Hispo]

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.

[livingfree]

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...

you can read a source where I first read about it before seeing this thread on the forum

Thanks!

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.

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.

[Dr.Bitcoin_Strange]

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.

[Obari]

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.

[Gladitorcomeback]

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.

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?