How Telegram became a tool for cryptocurrency trading

Today, in the world of cryptocurrencies, Telegram has become a popular tool for trade communication. Every day there are many bots with which you can make an exchange in a matter of minutes. Later in the article, we will discuss the factors that made this messenger so famous for digital coins.

Telegram began to gain popularity among cryptocurrency users only in 2016. Firstly, because before that, only a limited audience of enthusiastic miners knew about cryptocurrencies. Secondly, in 2015, Telegram had the opportunity to create chatbots, which is a very convenient tool for selling/buying something.

Let’s follow the chronology of events:

2016-2017

  • A gradual rise in the rate of cryptocurrencies. Bitcoin constantly updates historical records, its price per year (from October 2016 to October 2017) grows more than 5 times.
  • Millions of new, inexperienced users come to the cryptocurrency sphere, who need to find relevant information somewhere, communicate and learn how to invest.
  • Popular Telegram channels appear, in which the topic of cryptocurrencies and forecasts on the value of digital coins are covered in more detail.
  • Groups are also created in Telegram, where people can exchange cryptocurrencies and discuss various news in the world of cryptocurrencies. The main advantage of the messenger for crypto-investors is secure communication. Telegrams do not have a permanent office. They do not give out their data to particular services or individual states, and correspondence using secret chats can generally only be read from the devices of the interlocutors. Complete anonymity and security.
  • 2016 – Bitzlato creates the first Telegram bot @BTC_CHANGE_BOT for P2P exchange (What is a P2P exchange?) Of cryptocurrencies with any payment method, where users can buy or sell cryptocurrency directly from each other. The buyer transfers money to the seller’s account, and the seller sends the cryptocurrency through the bot. The only intermediary in P2P exchange is a program that transfers cryptocurrency from the seller’s deposit to the buyer’s wallet.

The exchange process goes like this:

  • the seller creates an offer, he indicates the cryptocurrency for sale, the exchange rate, and the method of payment;
  • the buyer responds to the offer, the seller confirms the deal;
  • the bot blocks the cryptocurrency on the seller’s deposit;
  • the buyer sends money to the seller;
  • the seller approves the payment in the bot;
  • the bot sends cryptocurrency from the seller’s deposit to the buyer’s wallet.

Over time, many bots for exchanging cryptocurrencies appeared in Telegram. They can be for both centralized exchange and P2P exchange. A bot is the most accessible and most convenient way to purchase cryptocurrency. For the speed of exchange, anonymity, various payment methods, and user-friendly interface, users choose Telegram bots. After all, you do not need special trading skills; even a beginner can quickly master any bot. The Telegram bot is the ideal choice for those who need to exchange cryptocurrency here and now, quickly and without difficulties.