According to data from Chainalysis, the crash of FTX won't have a long-term effect on the crypto market despite fear and uncertainty.
While Facebook, Twitter, and even the likes of Snapchat have spurned cryptocurrency advertisements, Telegram has rapidly found a home with cryptocurrency developers, traders, and entrepreneurs.
Given the recent emergence of Telegram groups dedicated to all things cryptocurrency, one might wonder what has made the platform such an attractive offering to investors all around the world. Here, we look at five aspects that have propelled Telegram to blockchain stardom.
Though Telegram’s encryption methods and transparency have been the subject of criticism, the messaging app does enjoy popularity for the fact that it is considered more private than its popular counterparts.
Users who chose to enable Telegram’s end-to-end encryption feature enjoy total anonymity, wherein governments, regulators, or other entities cannot access the contents of private conversations. Given that cryptocurrencies exist in a precarious legal environment in several countries, privacy can be essential if one is participating in trading activity that might invite scrutiny.
For much the same reason, Telegram has proved popular in oppressive or repressive regions of the world, where governments may choose to disrupt the operations of popular messaging apps by prohibiting access through mobile or fixed line networks. Traders in these regions may turn to Telegram in a bid to escape government crackdowns that can otherwise unhinge communications.
Unlike WhatsApp – which requires that a user runs a mobile app in order to make use of WhatsApp for Desktop or WhatsApp Web, Telegram is platform agnostic; meaning that users can enjoy the messaging service regardless of whether their preference lies with mobile device or their laptop or desktop.
Ongoing chats within Telegram can sync to different platforms – meaning that users can begin one conversation on their mobile device, and choose to end it on another medium.
While some platforms rely on users registering the mobile number to create a profile, Telegram instead relies on public usernames, which enables users to quickly add one another for direct messaging without the need to exchange contact information or add their details to an online address book.
Multi-platform availability not only allows users to access their conversations while on-the-go, but the ability to add different accounts within Telegram further enables users to establish different profiles that may be distinct from the presence which they use to connect with their friends or family.
Given that Telegram supports both automated bots and RSS services, several cryptocurrency traders, news sites, and other media have gone on to create broadcast groups that can rapidly share news to Telegram users.
While Telegram supergroups can accommodate up to 100,000 users simultaneously, Telegram Channels can accommodate an unlimited number of users. Additionally, the fact that Telegram Channels allow brands to issue messages and updates in their official capacity – using their title name, rather than that of an ordinary user – makes brand-building an effective exercise in cryptocurrency circles.
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Unlike several other messaging platforms, Telegram has remained committed to the development of bot services on its platform. Interested developers can leverage Telegram’s API and documentation to create bots of their own, with access to third-party libraries.
Several traders have made use of this feature to create price bots, which can automatically feed timeous price updates directly to their conversations. In addition to feeding relevant price information in various cryptocurrencies, Telegram users have also created bots that can post price updates at significant milestones or margins, or have used bots to stay abreast of arbitrage opportunities on different exchanges.
An impending ICO
If you’re handing out kool-aid, you might as well drink some – right?
Telegram is presently underway with what might amount to be the largest ICO of all time.
The social messaging service plans to launch its own blockchain platform dubbed the “Telegram Open Network (TON)”. The platform would debut with the promise of affording citizens of repressive governments with the ability to transfer money through the app, while the platform’s currency would be called the ‘Gram’.
Telegram has reportedly raised $1,7 billion USD in a private pre-sale, and it remains uncertain if the service will proceed to offer a public crowdsale in the near future.