Almost everyone with a smartphone now uses a social messaging app. Echo, Telebit, and Octopocket are three newcomers who want to take it a step further by introducing payments and digital currency right into your chat box.
Octopocket Brings Finance to Telegram
Although a lot of people around the world are actively using the Telegram platform on a regular basis, it lacks some features consumers might be interested in. Access to financial tools, for example, would be something most people will appreciate, and Octopocket is looking to provide exactly that. But what is even more interesting is how the platform does not require users to install additional software, as Octopocket is a bot on top of the social messaging protocol.
There is a large focus on sending, receiving, and storing Bitcoin for Telegram users, but Octopocket goes well beyond just being a wallet service for the digital currency. This software solution wants to remove the need to rely on bank-issued plastic cards or even bank accounts and lets users withdraw money from ATMs in an anonymous manner.
Providing such a feature is made possible thanks to Hal-Cash, a bank service that lets users send money to any mobile phone number and withdraw funds through an ATM. Among the supported financial institutions are ING Direct, Bank Popular, Bankintec, and Abanca.
But there is even more, as Octopocket lets users denominate funds in any fiat or digital currency value they prefer. Whether it is Bitcoin, GBP, EUR, USD, or anything else, Octopocket supports it all. Although this service is still in beta for the time being, users can get access to the Telegram bot through this link.
Preliminary reviews of the Octopocket service are quite positive, as this service makes it a lot easier for Bitcoin enthusiasts to send, receive, and sell their digital currency on the fly. Moreover, this opens up a lot of payment opportunities for all Telegram users in the Spain area, as people have their mobile device on them most of the time.
Telebit: First Company to Bring Bitcoin to Telegram
As novel as the Octopocket project sounds, they are not the first company looking to bring Bitcoin to Telegram users. Telebit is a Bitcoin wallet bot for Telegram users, which sets up the receiving address for digital currency on behalf of the user. Users can also configure the wallet balance in their preferred fiat denomination.
Telebit users can send and receive bitcoin through the Telegram bot as well. Additionally, they can display the current Bitcoin price in their preferred fiat currency, and make donations to the Telebit team. With no fees to pay to send and receive money, Telebit has become a favorite Telegram bot for digital currency enthusiasts.
ECHO Merges Money Transfers with Private Chats
Last but not least, there is a new social messaging application called ECHO, which is doing something entirely different. The main purpose of this project is to heavily encrypt chat messages — which can even self-destruct — and merge that concept with a global money transfer service. Moreover, users will still have plenty of customization options at their disposal, and offers support for stickers and emoji.
Bitcoin enthusiasts might be wonder why ECHO is worth their while, and the answer is rather simple: this app also acts as a peer-to-peer money service. Not only can users send funds to other network members, but they can also pay at stores, online, or send money via email and text message. Bitcoin is, along with bank transfers and plastic cards, one of the supported payment methods.
The only downside to ECHO comes in the form of how users need to download a separate app to access this platform and wallet service. Although creating a new account is not that time consuming, other users will need to download the app as well to receive payments. This same principle applies to Telegram, but that company has an enormous customer base already.
It only seems to be a matter of time until Bitcoin becomes a part of the social messaging experience.
Which of these three mobile Bitcoin money service solutions is your favorite? Are there other similar platforms you have heard of? Let us know in the comments below!
Images courtesy of Shutterstock, ECHO, Telebit, Octopocket