Telebit, a new service that enables Telegram users to send bitcoins between phones, is now available to the 50 million users of the popular instant messaging system.

Announced in early February on social media, Telebit operates as a third party that allows Telegram users to hold and transfer small amounts of bitcoins to their contacts without needing to bother with registration, or Bitcoin addresses.

"Telebit is one of a number of recent attempts to merge the popularity of Telegram with a Bitcoin wallet," reads an announcement on BitcoinTalk dated February 19. "GetGems and SendChat have both taken a different approach of forking the Telegram client and making their own app meaning their user base is limited to how many people download their app."

Unlike its competitors, Telebit "leverages the Telegram messenger app itself which is well known, tested and available on pretty much every device," and is using the popularity of the application to reach a 50-million people user base.

The Telebit wallet is controlled by messaging commands to user @Telebit (+1 760-486-2777). The list of commands currently available includes:

  • HELP: The Help Screen
  • SHOW LOVE: Donates 0.001 BTC to TeleBit from your wallet
  • BALANCE: Displays your balance
  • WALLET: Displays your Wallet Address
  • SEND [amt] [bitcoin address]
    • This will send [amt] to [bitcoin address] (0.0001 Fee)
    • Example: send 0.001 abcdefg1233455
  • PRICE: Displays the current BTC to USD Price as reported by BitFinex
  • HISTORY: 5 most recent transactions
  • NEW ADDRESS: Generate additional Deposit Address for your wallet. All previous addresses will remain in affect as well.
  • FORWARD [wallet] [threshold (optional)]:
    • Forward your balance to [wallet] if balance exceeds [threshold]
      • The threshold is optional and if not set, will forward all deposits (minus 0.0001 tx fee).
      • Example: forward abcdefg123455 0.002
 

To transfer bitcoins to a Telegram contact, the user simply needs to share the contact that the user wishes to transfer coins to with Telebit, and then enter the amount the user would like to transfer. 

Security wise, funds are held in a wallet managed by Telebit, and it is recommended that Telebit should be used only to send small amounts of bitcoins.

The application has been active for 3 weeks now and the development team is already looking for ideas for version 2. Suggestions include multisig features, QR codes, display of balances in fiat currencies, as well as aliases for common recipients.

Telebit was created by Eric Goforth and Jonathan Harrison. Goforth, who is currently filling the position of lead developer, previously worked at Cexstar.io, and is an IT specialist with over 20 years of experience in the industry. Harrison is a Bitcoin entrepreneur, former director of Satoshipoint.co.uk. 

Created by the founders of VK, the brothers Nikolai and Pavel Durov, Telegram is a cross-platform IM system that focuses on speed and security. As of December 2014, Telegram claims it was generating over 1 billion messages everyday and attracting 1 million new users every week. 

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