Telegram is nothing new. Many decentralized projects, digital publishing houses and even stock exchanges go into Telegram Messenger and create full-fledged platforms for communication and advertising there. Telegram has been used as the main source of ICO updates, Airdrops, and many more. Almost every blockchain or cryptocurrency project has a Telegram channel including us.
Telegram thus became popular in the world of blockchain and cryptocurrency thanks to the groups and channels created. Telegram-group can connect up to 100 thousand people with the quick and safe sending of messages. But what’s behind the growth model and why is the crypto community all over Telegram?
In this post, we’ll go in-depth on it’s model and use cases.
• Telegram’s positive influence to the Cryptocurrency community is indisputable, in fact, Crypto pundits consider it as one of the main contributors to the community’s rapid growth.
• Telegram’s tight security protocol undoubtedly replaces WhatsApp, Twitter, and Facebook which have been reported to experience from enormous security flaws making it a vibrant meeting platform for the global cryptocurrency community.
• Telegram offers some privacy features loved by the cryptocurrency community which includes server-client encrypted messages, optional end-to-end encryption for voice call along with end-end encryption chats referred to as “secret chats” which automatically self-destructs after a certain period.
• Telegram offers a platform for private communication making it fitting for cryptocurrency companies to open a Telegram group to privately engage with crypto fans in turn advertising their services.
Let’s dive into it!
Telegram, an encrypted messaging app, has been vital in the continued growth of the cryptocurrency attributed to its heavy end-to-end encryption coupled with cloud-based storage that allows its users to access messages from multiple devices enhancing functionality and flexibility.
The cryptocurrency community just like the decentralized blockchain technology have a common interest but are distributed worldwide making it hard for them to meet and share ideas. However, with social media platforms such as Twitter, Slack and
Reddit enables the techno-libertarian community to virtually interact online to discuss issues affecting the vast cryptocurrency sector in addition to sharing dynamic cryptocurrency ideas.
Among the social media platforms used by cryptocurrency enthusiasts, Telegram is undoubtedly the most used platform has captured the minds of this globetrotting generation in the cryptocurrency space.
As of March 2018, Telegram announced that it had over 200 million users, the majority of them being of the cryptocurrency community making it the definitive way of communicating within the cryptocurrency space.
According to Combot, an analytics company, in every top five groups on Telegram, one is a cryptocurrency related group making Telegram a vital resource in the rapidly growing cryptocurrency world.
Telegram is also considered the best platform by ICO startups to create awareness for fund-raising with an aim of developing a certain product or building a better company. Many ICO startups success is significantly influenced by the number of their Telegram account followers since potential investors formulate their investment decisions based on the community count.
But with such immense success in the cryptocurrency space, there is one predominant question, why Telegram?
Telegram’s unique feature of end-to-end encryption coupled with a cloud-based storage making its synonymous with the cryptocurrency community who require enormous privacy attributed to some countries notably China having burned ICOs thanks to a growing fraudulent scheme associated with ICOs.
Telegram was initially developed to test an open security source protocol code name, MTProto which was aimed at enhancing messaging privacy such that even the smartest government organization cannot access the encrypted messages.
Telegram being a messaging platform, combines the features of Twitter and WhatsApp making it anonymous, encrypted and anti-government similar to Bitcoin. This makes it appealing to authority-cynic privacy-based cryptocurrency enthusiasts.
Some of Telegram’s unique features making it identical to the cryptocurrency community include:
1. Accounts and Channels
Telegram’s users are signed up to personal accounts which are tied to their telephone numbers and verified by SMS or phone calls upon signing up. Users have an option of setting up an alias account which enhances privacy by hiding their phone numbers while still being able to send and receiving messages. Telegrams accounts are secured by a single-factor authentication which is SMS-based via the user’s phone number. Additionally, there is an optional two-factor authentication that employs the use of passwords.
Account owners can create or subscribe to channels which are used to broadcast messages to an unlimited subscriber. The channels can either be private or public. A channel can be made public via a permanent URL which users can join without any restrictions. Private channels, on the other hand, can only be joined via an invite link or by a manual addition by the channel’s creator. Users joining a new channel can view the entire message history unlike WhatsApp making it efficient for cryptocurrency enthusiasts who sought-after real-time information relating to the market.
The ability to join or create secure public or private channels with an unlimited number of subscribers makes Telegram suitable for the cryptocurrency community which prefers a more decentralized system of interaction just like the blockchain or Bitcoin architecture.
2. A Platform with End-to-End Encryption Chats, Secret Chats
Telegram offers the ability to create secret chats meaning that messages can be sent with client-client encryption. Messages in secret chat are encrypted with MTProto protocol, therefore, can be accessed using only the device that initiated the secret chat and not on other devices since the secret chat messages are not cloud-based.
Additionally, messages on Secret Chats can self-distract after a set period of time preventing unauthorized access when the device salvaged by a third party in case the device Is lost. The secret chat feature ensures the highest level of secrecy that no man-in-the-middle attack has ever been reported since its launch in December 2014.
Investors in the cryptocurrency space enjoy such high level of privacy offered by Telegram as it provides an ideal piece of mind in the excessively government-monitored cryptocurrency space along with living up to the concept of absolute privacy ideal for the cryptocurrency world.
The high level of secrecy offered by Telegram and loved by crypto fans has been openly criticized by some governments such as Russia and China which have banned the use of Telegram within its borders.
Bots, launched in June 2015 by Telegram offers an opportunity for third-party to develop automated Telegram accounts referred to as Bots which are operated by programs. Bots can automatically respond to subscribers’ messages along with responding to mentions.
Additionally, bots can join Telegram channels, integrated into other applications or websites and accept online payment via credit cards. They, therefore, simplify the sending of automated messages enabling cryptocurrency news sites and companies to efficiently publish their contents across multiple platforms.
Additionally, the Bots feature allows cryptocurrency companies to link their Telegram channels to their official website without the need of having a central channel admin.
This increases efficiency and functionality of their marketing strategy by reaching out to numerous potential investors who use Telegram as their main social media platform.
For instance, Datecoin, a Russian cryptocurrency startup raised over $25million thanks to a large Telegram community gained from intensive awareness both on their official website and their Telegram channel.
In essence, Telegram offers a platform for real-time one on one engagement between a cryptocurrency company and the cryptocurrency community comprising of potential investors.
4. Cloud Storage
Telegram offers cloud storage enabling users to access their accounts on any of their connected devices. Cloud storage enables users to easily store and retrieves files without necessarily using their usual devices.
Cloud storage also allows users to send large files (up to 1.5GB per file) impossible with WhatsApp and other messaging platforms which greatly limits file size. This feature is ideal for the cryptocurrency community who share large files such as market signals, ICO white papers or E-books concerning the cryptocurrency market.
How has Telegram Contributed to Cryptocurrency Rapid Growth
Social media has indeed been very influential in the immense growth of cryptocurrency beginning with the successful launch of in 2009.
Cryptocurrency has massively grown to be a global phenomenon thanks to intense awareness created through various social media platforms. But of all social media platform including Facebook, Twitter Reddit among others, Telegram is predominantly used within the cryptocurrency space thanks to its sophisticated features ensuring absolute privacy. Currently, cryptocurrency company rely on weighty announcements and engage their community via Telegrams channels thereby playing a huge role in passing information to the rapidly growing cryptocurrency community.
Here is how Telegram has contributed to the rapid growth of the cryptocurrency sector.
1. Telegram fills a void within the cryptocurrency space
With the recent ban on ICO advertisement on almost all established social media platform including Facebook and Twitter along with Google attributed to increasing scams associated with ICO, ICO startups suffered a blow due to the lack of an efficient way of creating awareness through advertising.
Nevertheless, Telegram came in handy and filled the void left by other social media platforms. ICO startups can use Telegram to develop a vibrant community along with creating awareness on upcoming ICO sale.
Telegram features such as bots help ICO startups develop a massive following which includes potential investors making it an ideal platform for ICO startups. Several ICO startups such as Datecoin have reported to have raised substantial venture capital from just their Telegram followers.
2. Telegram Ensures Privacy perfect for Cryptocurrency Enthusiasts
Just like the decentralized nature of blockchain and Bitcoin, crypto fans are lovers of privacy. The decentralized nature of the cryptocurrency world is a hot topic under extensive debate with many governments opposing a non-governed financial system.
Therefore, most governments have developed certain means of monitoring the cryptocurrency industry without the consent of the cryptocurrency companies or followers. However, Telegram’s sophisticated privacy features such as the end to end encryption, server-client encryption, and private channels ensure that third-parties cannot access vital information or resources thereby guaranteeing the highest level of privacy good for cryptocurrency growth.
3. Telegram Channels can be Monetized
The ability to monetize Telegram channels has been a great contributor to the growth of the cryptocurrency sector. Cryptocurrency market analysts can create private Telegram channels in which followers would pay a certain amount to be added to such channels and receive daily trading signals.
This feature has significantly developed the cryptocurrency community comprising of traders, market analyst and investors who make a substantial income from Telegram channels.
The Bottom Line
Telegram has indeed played a key role in the growth of the cryptocurrency community. Features offered by Telegram are synonymous with the needs of the cryptocurrency community making it the most used social media platform within the cryptocurrency space.
Today, a majority of ICO startups attribute their success to a vibrant awareness campaign carried out via Telegram. Additionally, a majority of the cryptocurrency companies have an official Telegram channel as they have noted the privacy needs of their followers that can only be achieved by the use of Telegram.
So immense has Telegram involved itself within the cryptocurrency space that it’s planning on launching its own blockchain platform that will be powered by a native cryptocurrency.
The funding will be achieved by an initial coin offering that will run into millions of dollars. However, details of the upcoming ICO sale by Telegram is still scanty and we can only wait.
In essence, Telegram in addition to other social media platforms plays a vital role in developing the extensive cryptocurrency sector by primarily creating awareness on cryptocurrencies to the general public.