Telegram: Crypto’s Adoption Machine
If you attend any cryptocurrency podcast or conference, you will hear crypto “natives” talking about the upcoming “killer” application, a tool that can revolutionize the crypto adoption and gain widespread popularity.
But what if it already exists? We believe that Telegram and a few independent developers have made more progress in getting the masses involved in cryptocurrency than the $100 billion in venture capital that has flooded the industry since 2014.
The adoption of cryptocurrencies faces obstacles such as poor user experience, limited utility, and poor distribution. Telegram is addressing all of these issues and more by supporting and integrating the Open Network (TON).
From the perspective of cryptocurrency enthusiasts, cryptocurrencies have primarily focused on niche technical development, serving mainly cryptocurrency speculators and lacking real-world usability. With the emergence of spot ETFs and companies like BlackRock launching funds focused on asset tokenization, it is now time for evolution.
Telegram combines its messaging application with 800 million monthly active users, a blockchain that provides a platform for TON cryptocurrency adoption, and a native wallet bot called Wallet. Many crypto slogans vaguely romanticize the concept of “merging Web2 and Web3,” and Telegram is actually doing just that.
Through this combination, Telegram addresses the three core issues that hinder cryptocurrency development.
In my opinion, stablecoins are the greatest product in the cryptocurrency industry so far. Since the introduction of native USDT on TON in April, seamless transfer of peer-to-peer value has become a reality. Users can easily send cryptocurrencies to their friends, just like sending messages on WhatsApp. This user experience is smoother than that of new banks like Venmo or Revolut and is light-years ahead of traditional banks.
However, the opportunity to attract hundreds of millions of people to join the cryptocurrency world may come from Telegram’s Mini Apps – an open platform for businesses to build and deploy crypto-friendly applications. This will allow crypto teams to distribute their products to non-crypto native users, who may not even be aware that they are using crypto products, whether it’s an interesting mobile game or a DeFi protocol.
From the perspective of crypto natives, Telegram has already established its position in the cryptocurrency field. It is a popular platform for crypto natives to stay connected or share ideas, often being the first social media channel established by new crypto projects alongside their X accounts.
Recently, things have gone beyond that for on-chain traders. The next-generation Telegram trading bots have revolutionized the user experience of cryptocurrency trading and may even change on-chain transactions forever.
With just one command, users can buy/sell, set limit orders, scan new projects, participate in new launches, and copy “smart money” trades, all made simple.
With Telegram bots, I have completely overcome the frustrating user experience of on-chain trading, which is refreshing. This is one of the very few cases where a crypto product made me say, “Wow, this is great.” However, it does make altcoin trading more competitive and stimulates what I call the “altcoin boom.”
Does this mean that altcoin trading/investment is dead? Far from it. The convenience for newcomers to interact with smart contracts is now vastly different from the early days. Coupled with distribution and increasingly useful applications, this means there will be a wave of new capital flowing into cryptocurrencies in the coming years.
Exciting, but there is still work to be done.
Improvements in user experience should not be underestimated. I say this because I have personally introduced non-crypto friends to cryptocurrency through the TON wallet. Before Telegram’s current infrastructure, the thought of teaching friends how to use cryptocurrency was daunting. Now, thanks to Telegram, I can’t think of anything simpler.
Have Telegram and TON won? Not entirely.
Improvements in user experience and distribution are significant leaps, but we have yet to see comprehensive consumer applications.
Mini Apps are under development, and game developers have a great incentive to build an interesting Telegram game to attract its massive user base. Unfortunately, what currently exists is more meme-based than utility-based. Regulation is still an issue, but it is an ongoing industry problem, not limited to Telegram or TON.
Telegram and TON still have a lot to do, but I believe they will succeed. The market seems to be digesting this, as TON has entered the top 10 cryptocurrencies by market capitalization. TON’s growth has largely been driven by the familiar frenzy of speculation, but it has genuine fundamental support behind it.
Most of us hope to see widespread adoption of cryptocurrencies in the future. Telegram co-founder and CEO Pavel Durov, who is also a major advocate for Bitcoin, shares this vision. TON’s mission statement is to “bring cryptocurrency to everyone’s pocket,” and in this ever-evolving industry, Telegram has the potential to be the first to achieve this goal.
Tags: Pavel Durov, Telegram, TON, USDT, Venmo, WhatsApp, crypto adoption, institutions, funding, banks
Source: [Coindesk](https://www.coindesk.com/opinion/2024/06/20/telegram-is-cryptos-adoption-machi…)
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original article: [Bitpush News](https://www.bitpush.news/articles/6895983)
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