Telegram Wallet: A Review and Tutorial (2024)

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Introduction

Telegram, with its massive user base of over 800 million monthly active users, has become a hub for not only messaging but also cryptocurrency activity. The Telegram Wallet, introduced initially in 2022, offers a seamless way to send, receive, and store cryptocurrencies directly within the app. This guide will delve into the features, security aspects, and how to get started with both the custodial and self-custodial (TON Space) versions of Telegram’s wallet.

Number Of Active Telegram Users Over The Years

Source: DemandSage


Understanding the Telegram Wallet

At its core, the Telegram Wallet provides two variations to suit different user needs:

  • Custodial Wallet: The original, beginner-friendly version where Telegram assists in managing your crypto assets. This setup mirrors centralized exchanges, allowing you to recover access through customer support if needed.
  • TON Space (Self-Custodial): This option, launched in 2023, gives you complete control over your private keys and assets. However, seed phrase security becomes your sole responsibility – losing it means losing access to your crypto.

Both wallets are accessible through the convenient @wallet bot in any Telegram chat.


Telegram’s Journey with Crypto and the US Government

Telegram’s path into cryptocurrency hasn’t been without obstacles. In 2020, the US Securities and Exchange Commission (SEC) halted Telegram’s ambitious Telegram Open Network (TON) blockchain project after a massive initial coin offering (ICO). The SEC deemed the ICO an unregistered security sale. As a result, Telegram paid a fine and refunded investors. However, undeterred, Telegram partnered with the TON Foundation (a group of blockchain enthusiasts) in 2023 to launch a self-custodial wallet option – TON Space.


Why Use the Telegram Wallet?

  • Immense Convenience: Manage your crypto portfolio within the same app you use for daily communication.
  • User-Friendliness: The interface is designed to be intuitive, even for those new to cryptocurrencies.
  • Seamless Transactions: Send, receive, buy, and sell crypto easily.
  • TON Ecosystem Access: Interact with NFTs, Jettons, and decentralized applications (dApps) on the TON blockchain.
  • Enhanced Channel Features: Utilize the wallet for contests, payments, or community rewards within Telegram channels.

Telegram Wallet vs. MetaMask

For experienced crypto users, here’s how the Telegram Wallet compares to the popular MetaMask:

  • Messaging Integration: Telegram Wallet offers unparalleled convenience by being directly within your messaging environment.
  • Ease of Use: Telegram’s interface is generally considered more beginner-friendly.
  • Network Flexibility: Work with USDT and TON on different networks without complex setups.

Tutorial: Setting Up & Using Your Telegram Wallet

  1. Find the @wallet bot: Search for it in Telegram and start a chat.
  2. Activate your wallet: Follow the bot’s instructions.
  3. Understand the interface: Take time to learn about the balance, deposit, and asset sections.
  4. TON Space setup (optional): If you want full control over your assets, enable TON Space and carefully follow the seed phrase backup steps.

Using TON Space

  • Deposit TON: Add TON to start using the features within this self-custodial space.
  • Swapping: Exchange TON for other supported assets.
  • NFTs and Jettons: Store, send, receive, or purchase these TON-based assets.

Security First!

With TON Space, you hold the keys to your crypto. Store your seed phrase in multiple secure offline locations. Losing it means losing control of your assets.


Conclusion

The Telegram Wallet, with its continuous evolution, is a compelling tool for anyone interested in cryptocurrencies. Its integration with a widely used messaging app could play a significant role in onboarding new users into the world of crypto. Always remember the golden rule: do your own research and prioritize security, especially when using self-custodial wallets.

Let me know if you’d like any further refinements or additions!

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