Is it safe to store coins in the telegram wallet?

[lepbagong]

I don't want to seek loss for myself because the Telegram wallet is not fully controlled by us, I also only see this Telegram wallet as a regular software wallet but the private key is not given to Telegram users. This is dangerous because our wallet control is not our own but there is a third party. Cmiiw

Once it involves a third party and you’re not given the private keys to your wallets, it is already a red flag to stay away from such wallets as it may pose an high risk to your savings there. Telegram is already a third party service and if they integrate a wallet of their own in the system, it is already third party inclined and there’s no way you can avoid your funds been controlled by them. One of the thing I always look into when it comes to telegram wallet is that, once you lose access to your account, you’ve automatically loss access to your wallets and the funds in them. This is not even about losing the password to your account, but also when your account is reported for violating some rules or even hacked by someone. It is not a safe place for me to store money.

The main problem is that the telegram wallet is a unit in telegram, so there is no protection provided apart from our own mobile number. If the mobile number does not work, then we can be sure our wallet is also automatically lost with the number. Obviously, this wallet is very alarming, although until now assured the security can be said to be quite good and have not heard anyone complaining about the hacking of the wallet. Supposedly the wallet can be a unit with telegram but given its own protection, so that when there is a problem with the mobile number then we will still be able to open the wallet with another mobile number.
I think it is very right not to store large amounts in the wallet, as long as there is no protection connected to protection.

[Mia Chloe]

my issue is relates to wallets, I planned to start this discussion on the crypto wallets board. However, now that I think about it, it will also be helpful here because this board is for beginners. I'm not sure whether this question has been asked here before, but it will still be beneficial for us to discuss it again.

Firstly Op the reason why you see many people not bothered making use of any exchanges these airdrops ask them to use us because they are mostly not interested in the project rather what they could gain from the project. The Idea is why bother killing yourself or stressing yourself to get a wallet that is safe and probably open source when you are going to sell of those coins almost as soon as the coins are launched.
Many users of those wallets will likely either convert those airdrop coins to some stable coins or fiat immediately after their launch. Air drops are like free crypto funds to many people and so they won't bother about privacy and ownership of coins.

[Dr.Bitcoin_Strange]

my issue is relates to wallets, I planned to start this discussion on the crypto wallets board. However, now that I think about it, it will also be helpful here because this board is for beginners. I'm not sure whether this question has been asked here before, but it will still be beneficial for us to discuss it again.

Firstly Op the reason why you see many people not bothered making use of any exchanges these airdrops ask them to use us because they are mostly not interested in the project rather what they could gain from the project. The Idea is why bother killing yourself or stressing yourself to get a wallet that is safe and probably open source when you are going to sell of those coins almost as soon as the coins are launched.
Many users of those wallets will likely either convert those airdrop coins to some stable coins or fiat immediately after their launch. Air drops are like free crypto funds to many people and so they won't bother about privacy and ownership of coins.

Well it might interest you to know that there are people who actually use these wallets (telegram) for their day to day transactions and also have plans of storing their assets there for the long term simply because they feel it’ll be a lot more convenient for them simply because they don’t need to leave their telegram apps before they can initiate their transactions (for those who spend more time on telegram). Anyways, whether one plans to use a wallet for the longer term or the short term, as long as money is involved, i think it’s crucial to know how safe and reliable the wallet is,  because sometimes convenience isn’t everything needed, safety and security should be the primary factor to consider when choosing a wallet, and sometimes, anonymity ( for those who value their privacy). So it’s a great step to first find out just how safe and secure the wallet is before using it.

[Mia Chloe]

Well it might interest you to know that there are people who actually use these wallets (telegram) for their day to day transactions and also have plans of storing their assets there for the long term simply because they feel it’ll be a lot more convenient for them simply because they don’t need to leave their telegram apps before they can initiate their transactions (for those who spend more time on telegram).

Of course I'm not surprised that some people make use of those wallets. However what can we say? The fact is privacy of funds and security depends on the user and not anyone else. Privacy is a personal choice not something that people are forced to do. I would not see it as much of a big deal if someone says he makes use of telegram for his P2P transactions however the idea of storing your coins a telegram isn't a nice one at all . Let's not forget that sometimes for certain reasons telegram can bann account so what then happens to a person who had some coins in his telegram?
All gone in a flash . And that is the reason for the emphasis on keeping your keys safe

[Dr.Bitcoin_Strange]

Well it might interest you to know that there are people who actually use these wallets (telegram) for their day to day transactions and also have plans of storing their assets there for the long term simply because they feel it’ll be a lot more convenient for them simply because they don’t need to leave their telegram apps before they can initiate their transactions (for those who spend more time on telegram).

Let's not forget that sometimes for certain reasons telegram can bann account so what then happens to a person who had some coins in his telegram?
All gone in a flash . And that is the reason for the emphasis on keeping your keys safe

I’ve never used a telegram wallet before (neither do I plan to) but I remember reading from somewhere that these telegram wallets also have recovery phrases just like other wallets and if eventually there arise a situation where a user loses his account, either because his account was banned (as your pointed out) or maybe he loses his phone or some other scenario, there’s a chance he can still regain access to the wallet from another device or account if actually the recovery phrases were properly backed up. I don’t know how true this information is, like I said, I’ve never used a telegram wallet before so I am unable to confirm the anthem of the information, but if it’s true, then surely a user’s account being banned doesn’t mean the user’s funds or wallet would be lost too.

[armanda90]

Have problem face by my friend when purchasing their assets in telegram wallet and all KYC reject there are not possibility any more get restore back their fund. I don't know what happen with telegram wallet after KYC rejecting and the user can't withdraw their fund, its reason for us never store any assets in telegram wallet behind easily got banned with our telegram account have bad possibility with KYC rejected.
Can't appeal after how much assets in telegram wallet although any my friend get it from purchasing DOGS airdrop and swap become USDT stable coins.

[LogitechMouse]

Re: Is it safe to store coins in the telegram wallet?

Storing a small amount of money on various telegram wallets is still acceptable I guess if there's a reason why you're putting your money into it. I just tried to join different Telegram airdrops and there are some of them where if you want to get more free tokens, you need to make a transaction using any supported telegram wallet. If that's what you're doing then I guess it's still advisable and "SAFE"? I guess so.

However, if you want to put all of your assets there and hold those for long term then it isn't recommended at all. Yes there are some Telegram wallets already that you're the one that has control over it, but it's highly recommendable to store your assets in a hardware wallet. I'm not saying that the wallets on Telegram aren't safe, but who knows. There might be something bad that might happen to the existing wallets in the future.

[Sim_card]

Have problem face by my friend when purchasing their assets in telegram wallet and all KYC reject there are not possibility any more get restore back their fund. I don't know what happen with telegram wallet after KYC rejecting and the user can't withdraw their fund, its reason for us never store any assets in telegram wallet behind easily got banned with our telegram account have bad possibility with KYC rejected.
Can't appeal after how much assets in telegram wallet although any my friend get it from purchasing DOGS airdrop and swap become USDT stable coins.

It's good you brought it here to inform others that because telegram wallet has seed phrase does not mean that it is an open source wallet and safe to keep your coins. I have always known that it involves third party and they can tamper with your funds anutime and who will you hold for being dumb. Because i remember that telegram will warn you that the wallet does not belong to them so that you don't hold them responsible for whatever happens to your funds if you store them in that wallet.

[Dr.Bitcoin_Strange]

Have problem face by my friend when purchasing their assets in telegram wallet and all KYC reject there are not possibility any more get restore back their fund. I don't know what happen with telegram wallet after KYC rejecting and the user can't withdraw their fund, its reason for us never store any assets in telegram wallet behind easily got banned with our telegram account have bad possibility with KYC rejected.
Can't appeal after how much assets in telegram wallet although any my friend get it from purchasing DOGS airdrop and swap become USDT stable coins.

It's good you brought it here to inform others that because telegram wallet has seed phrase does not mean that it is an open source wallet and safe to keep your coins. I have always known that it involves third party and they can tamper with your funds anutime and who will you hold for being dumb. Because i remember that telegram will warn you that the wallet does not belong to them so that you don't hold them responsible for whatever happens to your funds if you store them in that wallet.

Very true, one of the most outstanding qualities and characteristics of crypto that makes it standout from every other financial method of exchange and wealth storage is its decentralized nature, giving its users complete autonomy and full control over their assets without the involvement and interference of any third party. While it’s true that Telegram wallets shares almost the same qualities with other open source and decentralized wallets, it still has several flaws and disadvantages because by using the telegram wallet, you’re making telegram a third party to your funds, thereby giving them control over your assets, and there’s no decentralization there. Although there are not much serious complaints about the telegram wallet yet, but that doesn’t mean they are not likely to arise in the future. The honest truth is that just like every other centralized exchanges and wallets, the safety of your assets are not guaranteed when you choose to store them on the telegram wallet.

[UNIVERSE]

Storing a small amount of money on various telegram wallets is still acceptable I guess if there's a reason why you're putting your money into it. I just tried to join different Telegram airdrops and there are some of them where if you want to get more free tokens, you need to make a transaction using any supported telegram wallet. If that's what you're doing then I guess it's still advisable and "SAFE"? I guess so.

Agree. If we only hold the coins valued with small amount of money, it is no problem to store in telegram wallets temporarily. But if we want to hold for a long term, I think it is better to move the coins to safer wallets.

Yes, joining some airdrops, we may put few tokens in telegram wallets. There are many airdrops that using telegram app, they seems to send the tokens in telegram wallets. It is no problem for holding a short time, but it should be moved if we plan for a long term holding.

-snip- but it's highly recommendable to store your assets in a hardware wallet.

Agree. Hardware wallets should be the best option if we want to hold the coins for a long time. Some people may hold in top exchange wallets, but it is not so different with telegram wallets. The non custodial wallets must be the best option for a long term, custodial wallets is for temporary holding only.

[Legion]

Have problem face by my friend when purchasing their assets in telegram wallet and all KYC reject there are not possibility any more get restore back their fund. I don't know what happen with telegram wallet after KYC rejecting and the user can't withdraw their fund, its reason for us never store any assets in telegram wallet behind easily got banned with our telegram account have bad possibility with KYC rejected.
Can't appeal after how much assets in telegram wallet although any my friend get it from purchasing DOGS airdrop and swap become USDT stable coins.

It's good you brought it here to inform others that because telegram wallet has seed phrase does not mean that it is an open source wallet and safe to keep your coins. I have always known that it involves third party and they can tamper with your funds anutime and who will you hold for being dumb. Because i remember that telegram will warn you that the wallet does not belong to them so that you don't hold them responsible for whatever happens to your funds if you store them in that wallet.

Agreed, it is important to emphasize that although Telegram has a wallet with seed phrases, it is not secure and is not open source. Your funds can be accessed or hacked by the third party who manages the wallet and you do not have much legal protection in case of loss or fraud. Telegram itself explains that they are not responsible for the wallet and therefore, it is important to invest in a good and secure wallet for coins.

[Amphenomenon]

Agreed, it is important to emphasize that although Telegram has a wallet with seed phrases, it is not secure and is not open source. Your funds can be accessed or hacked by the third party who manages the wallet and you do not have much legal protection in case of loss or fraud. Telegram itself explains that they are not responsible for the wallet and therefore, it is important to invest in a good and secure wallet for coins.

The thing about closed source is that their code are hidden from the public not like open source, which many business may like but one sad thing is that, security depends on how good is the dev teams including  they don't having malicious intentions, since malicious attackers may attack that wallet or any other closed source project just to find exploit and then people may suffer greatly from it.

I'm skeptical about the telegram wallet because I have heard enough news to be since many have suffered from account banned or wallet banned and thereby being unable to access their funds. Clear reason for Not Your Key Not your coin.

[Mia Chloe]

The thing about closed source is that their code are hidden from the public not like open source, which many business may like but one sad thing is that, security depends on how good is the dev teams including  they don't having malicious intentions, since malicious attackers may attack that wallet or any other closed source project just to find exploit and then people may suffer greatly from it.
I'm skeptical about the telegram wallet because I have heard enough news to be since many have suffered from account banned or wallet banned and thereby being unable to access their funds. Clear reason for Not Your Key Not your coin.

I don't think anyone should even think about telegram wallet being an open source wallet like telegram is self is more like a social media platform and the wallet is just like an extension of the telegram app so if telegram itself is close sourced then you shouldn't think of expecting a wallet which is just an extension of it to be open source.
Also, whether telegram gives it's users the seed phrase to the wallet or not I believe it doesn't be really count since they still have those seeds and the keys to the wallet. So you are pretty much kind of sharing your ownership of the coins with them. Not to mention what happens if you eventually get blocked from using telegram for some reason.

[Bhigdaddyjr]

I read somewhere that there are such wallets, but there is only one truth in all this, and that is that if a person does not fully control his private keys, then he is in great danger of somehow losing his coins. Therefore, the conclusion is very clear, such a wallet is not secure and is the complete opposite of what we consider secure.

For the average user, a hardware wallet that comes from a renowned manufacturer is the best and simplest option that needs to be paid for, while on the other hand desktop and mobile wallets come in free versions, but as hot wallets they are only recommended for smaller amounts due to the vulnerability of the systems on which they are located.

The conclusion is that the greatest risk comes from online wallets, whether they are really online wallets or your account on a centralized exchange.

Exactly if one’s is not fully control of his or her walleye private key then there is danger . More so if very adviciable to always be fully control of your private key and avoid third party or anyhow to know about it .

Furthermore don’t trust anyone with your private key

[Amphenomenon]

The thing about closed source is that their code are hidden from the public not like open source, which many business may like but one sad thing is that, security depends on how good is the dev teams including  they don't having malicious intentions, since malicious attackers may attack that wallet or any other closed source project just to find exploit and then people may suffer greatly from it.
I'm skeptical about the telegram wallet because I have heard enough news to be since many have suffered from account banned or wallet banned and thereby being unable to access their funds. Clear reason for Not Your Key Not your coin.

I don't think anyone should even think about telegram wallet being an open source wallet like telegram is self is more like a social media platform and the wallet is just like an extension of the telegram app so if telegram itself is close sourced then you shouldn't think of expecting a wallet which is just an extension of it to be open source.

Me speaking about it being closed source was just to clarify the meaning of closed source project earlier.

Also, whether telegram gives it's users the seed phrase to the wallet or not I believe it doesn't be really count since they still have those seeds and the keys to the wallet. So you are pretty much kind of sharing your ownership of the coins with them. Not to mention what happens if you eventually get blocked from using telegram for some reason.

This is the reason why I'm skeptical about the owner motives from the fact that people have already fallen victim of it and I have seen thread about this before at BTT. To be frank anything relating to finance holding I won't even consider putting my funds there when I know the owner is Pavel Durov from the fact that I don't really like how he manages Telegram especially in the aspect of those airdrops games where the platforms are not trustworthy with their words rather just continue milking participants while him just got his share and won't speak about it.