For those who don’t trade or hold any Cryptocurrency, and they interact with the Crypto community, just hearing about a few terms and jargon alone will make the Cryptocurrency space sound like an alien planet. And righteously so. Crypto, and its different regions and areas, has developed its own set of cultures and environment – especially with DeFi.
Throughout the internet’s short, meme-filled lifespan, every topic has always had its own space where it can be discussed comfortably with others who share the same interests. Old people and political nerds have Facebook. Introverts and SJWs have Twitter. Stock market traders have StokTwits. Drug dealers had Silk Road. And us Crypto advocates, we have Telegram. (Oh yeah, and degens have Degen Clinic hehe)
In this article piece, I discuss some of the primary reasons why Telegram is the preferred platform for Cryptocurrencies. (Note: I’ll be referring mostly to DeFi and shitcoins since this is what our website is about.
An Overview of Telegram
Telegram is a free instant messaging software and app that allows you to chat, make voice & video calls and create public or private groups – to list just the basic features (yes, there are tons more.) It was created in 2013 by Nikolai and Pavel Durov, the same Russian brothers who created the popular Russian social network, VK.
Though Telegram has always been fairly popular with Crypto communities, usage has surged in the past few years with due to the launch of Binance Smart Chain in September of 2020. More and more crypto-related groups and channels are being created everyday with thousands and sometimes tens of thousands of members.
So it’s safe to assume that Telegram has become the first choice for all DeFi traders – when compared to competing platforms like Twitter, Reddit, and even Discord. It can sometimes seem like Telegram is just the perfect fit for all things Crypto.
Privacy and Anonymity
“wHy NoT wHaTsApP tho bro?”
For most parts of the world, WhatsApp became the primary app for communicating with family and friends, obliterating MSN and BBM out of the picture. I can call my friend in Toronto for free and can have a video chat with him while he shows me his new cat (true story.) Sure, you can also create groups (only up to 256 people) but it still doesn’t compete with Telegram.
Telegram’s security and privacy permission settings are far more superior. And this is something you need to take seriously. Remember, this isn’t a Call of Duty game server or a BTS fangirl group. It’s Cryptocurrency. Keyword: Currency. Currency = Money. So yes kids, Security should not be overlooked when it comes to money.
Telegram allows users to enable end-to-end encryption so they can choose to remain anonymous. This denies any governments and regulatory bodies from accessing your conversations. And if you’re talking about Cryptocurrency, you probably don’t want the government involved.
You may choose to keep your phone number hidden – which I highly recommend you do if you plan to join any public groups. Alternatively, I recommend you get a disposable phone number via TextPlus or similar apps then sign up for your Telegram account to add an extra layer of security and privacy. (I’m not sure if this is against Telegram’s policy. Please DYOR.)
Large Group Sizes
Currently, the maximum capacity of a Telegram group is 200,000 members. Also keep in mind, this is a chat group. Not a channel, not a social media profile, not a Facebook group. This allows large communities to gather and discuss whatever topics the group is focused on. The ability to have larger scale chat groups also allows for easier communication and conversation between developers/teams and investors.
A community feel
Ask anyone who uses frequently Telegram for Crypto chats and updates. They will confirm that each group has its own community vibe. Whether it’s a DeFi project group, a general discussion group, or a private group, each Telegram group has developed its own community, ethics, rules, and leaderships. Some people wake up and say good morning like they’re neighbours. Some respond to others’ questions. Some send memes. And others are toxic cesspools (trust me, lots.)
This has made Telegram the go-to for Crypto investors. And for those who are active – it’s probably the first app they look at when they open their eyes, and the last thing they see before they sleep. Hint: this is probably unhealthy. But we’ll talk about this later pal.
Ability to ‘Pin’ important information
Telegram group admins and chat mods have the ability to ‘Pin’ important information so they don’t get buried under conversations. Pinning a message keeps it sticky at the very top of the chat. (Sticky refers to a frozen section that’s always there. Look at our site menu head as an example.)
Telegram groups also allow for multiple pins with the ability to browse through them. So if you just joined a project’s Telegram group and you want to catch up with their latest updates, you can simply click the browse pin icon beside and the pinned message and it will allow you to scroll all the way back to the earliest pinned message. You can think of this as the group’s own little Announcement channel.
Announcement Channels
Unlike Telegram groups, which already have a high limit of 200,000 members, announcement channels (also called News channels) allow unlimited subscribers. This is probably as close to a “social media profile” as it gets – more of a monologue than a dialogue.
Similar to pinned messages, News / Announcement channels are used to highlight important information or provide updates about a project. This acts as a feed, and is publicly available even to those without a Telegram account or app.
Even Crypto promotion groups and Crypto community leaders have their own Telegram channels separate from their main group so they can easily provide worthy information. Don’t forget to subscribe to the Degen Clinic Telegram Channel!
Fun fact: The most subscribed Telegram channel is a Hindi Bollywood movies channel with over 3 million subscribers!
Price Bots
With the growth of ETH and BSC chains, more tools are being made available for public usage. You don’t need to do a course on how to make bots with Python to add a chart / price bot to your group. Most groups now have a bot specifically to get updated price and chart information. Bogged, DexTools, and PooCoin now have their own price bots which you can add and simply set the token to whichever you feel (In the case of a specific project group, they would obviously set the price bot to their token address.)
This makes it easier for investors to check the price with a simple command of “/price” or “/chart” which instantly pulls up the updated price and chart information along with a screenshot of the chart. It’s a quicker route to checking as opposed to visiting the web address of the chart and waiting for it to load.
Group chat Commands
In Telegram groups, information can also be provided using a simple command. These are normal preset by the groups’ admins who can configure the chat bot to instantly reply to certain commands with the required information. For example, if project is about to launch in a few days, many people will probably ask for the launch date and time. The group’s admins can configure a bot to automatically reply to these inquires by either setting certain keywords, or setting certain commands (such as /launch or /presale.) This allows easier access to information without waiting to get someone’s attention or for someone’s response.
Voice chat – Now with video!
Telegram’s voice chat (in my honest, irrelevant opinion) competes with Discord and Clubhouse. This is a fairly new feature to Telegram but it’s getting constantly revitalized. The latest release was the multi-video chat which works quite well – though there are still some bugs when many people a voice or video chat.
Projects can use Telegram’s voice chat feature to host AMAs with their potential investors and community members. The feature can be used to by team’s announce the latest updates, answer community questions, or simply have a chat with everyone. Other crypto groups open their voice chats to welcome community members to join and discuss the latest coins and projects they’re interested in.
Stickers & GIFs
Is this a determining factor? Probably not. But it turns out the Japanese schoolgirls aren’t the only ones that loves to use stickers as part of everyday conversations. There are hundred of thousands of sticker packs to choose from.
Projects can also create and upload their own custom sticker packs for their community to use anywhere else on Telegram. This allows for more promotion of the project without any “hard shilling.” Overall, the availability sticker packs adds a bit of fun and entertainment to conversations.
Conclusion
Telegram has become a useful tool and source for the Defi Community, especially anything to do with Binance Smart Chain (BSC) Ethereum (ERC20) And KuCoin (KuCoin). Everyday, hundreds of new projects are being launched with thousands of eager investors joining their groups.
However, with the growth of this space, also comes with a flood of scammers. Navigate Telegram safely and with caution. The platform has lots to offer its users and I have no doubt that you will benefit from joining communities (especially ours!)
If you’re concerned about your privacy and security, and you prefer not to get scammed, check out our upcoming article on How to create safely create a Telegram account.
Join the Degen Clinic Telegram!