Telegram Wallet avoids self-protection to simplify crypto onboarding, COO says

Telegram Wallet, the flagship Telegram bot that allows users to buy and sell cryptocurrencies such as Bitcoin (BTC), has opted for security over privacy in pursuit of easy onboarding goals, a senior executive said.

In the year In July 2023, it announced the integration of the Guardian crypto wallet so that users can access the crypto-friendly Telegram messenger directly from the messenger settings.

While Telegram has made existing Wallet users see the wallet directly in the messenger, those who have never used the bot are still not seeing it in their wallets.

Halil Mirakmed, CEO of Telegram Wallet, said the full rollout is expected to begin in November, starting with “several African and Latin American countries.” With the planned release, Telegram users in select countries will be able to log into Wallet and buy, sell and trade cryptocurrencies.

“The rollout will continue across MENA, Southeast Asia, Central Asia and Eastern Europe,” Mirakmed told Cointelegraph.

“Once the global rollout is complete, Wallet will be available in Telegram settings worldwide, except in jurisdictions where it doesn't work.”

As mentioned earlier, the Telegram Wallet Bot differs from mainstream wallets like MetaMask. This means that users entrust their coins to a third party and do not own their assets directly. For example, to withdraw Bitcoin from Telegram Wallet, users must have enough BTC to cover Telegram Wallet fees, which can sometimes be more expensive than native fees on the Bitcoin network.

According to Mirakmed, the Wallet bot platform opted for a retention solution rather than self-maintenance, including easy onboarding of new users.

“If you want to introduce as many people to crypto as possible, it's going to be very difficult to sustain yourself,” Mirakmed said.

“If you've never used crypto before and your solution is, let's say, a legitimate wallet on Ether,” he said, stressing that one should sort out how to do so before using a self-sustaining wallet. Whether it's a Chrome extension or an app, store the pedigree and talk to the wallet.

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To exchange Ether (ETH), one must be prepared to pay gas fees, which adds too much complexity for a non-crypto native user, believes the Chief Operating Officer of Telegram Wallet.

Unlike self-protected wallets, Telegram Wallet aims to help users actually start using crypto when they install Wallet in their Telegram settings, Mirakmed said.

“First of all, the ship route is very simple. Second, you have a few chains there. And third, when you want to send any property to someone, you just use a telephone connection. So I can send you money by telegram, not knowing what your address is. It all happens in telegram. .

When it comes to the user's choice between guardian and self-guard wallets, the short is that wallets are more convenient but less secure, but self-retain or non-holder wallets are less convenient but more secure. The biggest concern when using a self-maintenance solution is that it is the user's sole responsibility to keep the private key or lineage secure.

Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.