Telegram Launches Bitcoin Wallet ‘Telebit’ for its 50 Million Users

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Telegram Launches Bitcoin Wallet ‘Telebit’ for its 50 Million Users

In an announcement, instant messaging app Telegram says that it is introducing its 50 million users to Bitcoin with the integration of its new Bitcoin wallet which it calls, ‘Telebit.’ The company came in news when it offered $200,000 to the hacker who can break Telegram. The latest announcement is going to relieve the users who worry about Bitcoin security.

Nonetheless, Telegram, a messaging app with a focus on speed and security, is not just super fast but simple and free as well. There are lots of similarities in Telegram’s messaging service and Whatspp, an app sold to Facebook for $19 billion in 2014. The subscribers can use Telegram on all devices at the same time wherein their messages sync seamlessly.

All subscribers using smart phones, tablets or computers can access Telegram and send messages, photos, videos and files of any type (doc, zip, mp3, etc), as well as create groups for up to 200 people. Nonetheless, the users can also write to their phone contacts and find people by their usernames.

Apart from providing features similar to Whatspp, Telegram also enables users to send SMS and email combined; thus, it can take care of all personal or business messaging needs of the users. Nonetheless, as the app offers better security and privacy than other messaging apps, it is emerging as a prime choice among the users.

The company says that as the app features an open API and protocol and focuses on privacy and security, Telegram and Bitcoin make a perfect pair. With the launch of Telebit which allows Bitcoin to be exchanged through external Bitcoin addresses as well as with other Telegram users, the company claims to grab some space in the Bitcoin wallet market.

Users to Get gift of 0.00025 Bitcoin

Jonathan Harrison and Eric Goforth are the two persons who created Telebit. The users can get the Bitcoin wallet by sending the message “wallet” to Telebit which will then send them a Bitcoin address as well as a gift of 0.00025 Bitcoin. Whereas deposits can be sent directly to the user’s wallet and he can send other Telegram users his Bitcoin by sending a text message through Telebit.

The company informs that Telebit Bitcoin wallets are stored on the cloud just like other online wallets. Interestingly, it says that users should not store large quantities of Bitcoin in their Telebit for security reasons. This might irk the users as this is the same company that offered $200,000 to the hacker who can break Telegram and feels proud of its security.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com