Telcoin was founded with the aim of helping users transfer money globally in mere seconds. Telcoin serves as a bridge between cryptocurrencies, blockchains, and the telecommunication industry.
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Choose your quick section of our Telcoin review below.
A Quick Overview of our Telcoin Review:
Telcoin does not seek to compete against the large telecoms industry but to provide cooperative solutions that will benefit the user and the provider, delivering mobile money to users through a solution that is backed by crypto.
Telcoin Live Price
What is Telcoin?
Telcoin was founded with the aim of helping users transfer money globally in mere seconds. Telcoin serves as a bridge between cryptocurrencies, blockchains, and the telecommunication industry. Telcoin seeks to partner with leading telecoms corporations to remove the hassle that exists between mobile money and billing platforms.
Key Features and Takeaways of Telcoin
Telcoin is one of the most popular cryptocurrency platforms in the crypto space that has the following key features and takeaways:
Telcoin is focuses on the remittance market, with Western Union as the market leader.
Telcoin has established partnerships with global telecoms leaders and mobile money platforms. This provides users of the platform with high-speed and low-cost digital remittances to mobile money platforms as well as e-wallets.
Telcoin does not seek to compete against the large telecoms industry but to provide cooperative solutions that will benefit the user and the provider, delivering mobile money to users through a solution that is backed by crypto.
Telcoin believes that its unique solutions and partnerships can solve three issues that have caused similar projects to fail namely trust, reach, and KYC compliance.
Cryptocurrencies are known to have suffered major trust issues in the mainstream population and Telcoin aims to increase the use of services and to increase the overall adoption of crypto. Through strategic partnerships, Telcoin aims to leverage existing trust levels with customers to bridge cryptocurrencies and mobile money.
The Telcoin native wallet has a multi-signature component and telecoms companies and Telcoin each hold a key, with the user holding the third key. This removes the potential for TEL coins to be moved without two of the three wallet keys, ensuring the protection of funds.
There are more than 5 billion mobile devices in the world and a hurdle for any new business lays in expanding reach and acquiring new users. Through partnerships with telecoms companies, Telcoin can leverage their existing customer base as well as their reach.
Telcom also incentivises telecom companies by issuing TEL tokens.
Telcoin is also using the trust that it can gain as a springboard for the creation of additional channels.
Despite the desire for privacy among the early adopters of cryptocurrency, there are many centralised exchanges that require for “Know Your Client” (KYC) processes and authorisations to be completed before suers can purchase crypto with fiat.
Telcoin has planned to work around these processes by using KYC compliance which has already been implemented through telecom companies’ agreements with their customers.
The Telcoin application integrates the use of Jumio’s AI-powered technology that allows users to upload a photo of their government-issued ID card and take a selfie of the user holding their ID to confirm their identity.
One of the primary motivations behind Telcoin is the disparity that the founders noted in access to financial services versus the access that they have to telecom services. There are more than 2 billion people in the world who are unbaked, and Telcoin works to try and leverage this.
Telcoin Mining
TEL cannot be mined as Telcoin does not use a Proof of Work consensus method. TEL cannot be staked as Telcoin does not use a Proof of Stake consensus method. Users can only gain access to TEL tokens by trading on platforms that support the coin, for instance, KuCoin.
The only users who are expected to benefit from using Telcoin are mobile operators who connect to the platform. Mobile operators are expected to benefit from the increased adoption of mobile money which is expected to provide them with an improved return on investment (ROI).
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Telcoin is designed to be mobile friendly and allows users with full and rich functionality on the mobile app | Extraordinarily little success in expanding global reach as result of a lack in strategic partnerships |
| Telcoin has a native wallet and users can create their own wallet by using blockchain technology | Adoption of cryptocurrencies is slow and thus Telcom, and other projects struggle with earning consumer trust |
| Telcoin is developer-friendly as it has a flexible API which allows for smooth interaction with other platforms | There are still many jurisdictions that prohibit the trade and use of cryptocurrencies as result of a lack in regulation |
| Telcoin also has an incentive system for operators who are connected to the Telcoin platform. |
Transaction Fees
| Type of Fees | Information |
|---|---|
| Trading Fees | 0.5% to 2% for the sender and receiver |
| Withdrawal Fees | 1000 TEL |
Should you buy Telcoin?
Telcoin is known as the crypto project that works to bridge the gap between telecommunications companies and blockchain technology. Even though TEL has seen significant gains since its launch, there is still a large risk involved with Telcoin, especially when considering that it is still in its early stages of development.
In addition to this, Telcoin does not have a long list of strategic partnerships, which means that there is a slow expansion in global reach.
Despite these factors, the breakout that Telcoin and TEL experienced earlier in may caught the attention of many investors. TEL has gained more than 500% in the last month, resulting in a climb of 30 000% year to date.
One of the driving factors behind the mass adoption and investment in many altcoins such as TEL is as result of the huge returns experienced in Bitcoin in the past few months. Users are investing in cryptocurrencies that may be the “next Bitcoin”.
Apart from this, investors are discovering Telcoin, and many are looking forward to what the project promises. As adoption of the network grows, investors see the demand for TEL crypto increasing, subsequently pushing the price in an upward trend.
How to buy Telcoin (TEL)
Step 1 – Register an account with KuCoin
Users can navigate to the official KuCoin website and select the option to “Sign Up” from the homepage.
A new page will load with an online registration form that users must complete using either their mobile phone number or email address. Users must provide a valid number or address as a verification will be sent to either of these before sign-up can continue.
Once complete, the user will be redirected to the homepage and a pop-up will appear with the option to “Buy Crypto”, however, before proceeding with a deposit, it is essential that users set up Two-factor verification and that they complete the “Know Your Client” verification
Step 2 – Set up 2FA and Phone verification
The user can select the “Account Security” banner on their profile which will direct them to their account security page. To secure the account, users can select the “Google Verification” option first by clicking on “Set”.
Once selected, a new page will load, and the user can enter their email address to receive a verification code. Next, the user can download and install Google Authenticate and select the option on the app to add an account.
The user can either scan the QR code on the screen or manually enter the code provided to add their KuCoin account. Once the KuCoin account has been added successfully, they can type in the 6-digit 2FA code displayed on their Google Authenticate and select “Activate”.
Next, the user can select the Phone option under their security settings and click on “Set”.
Users will be redirected to a new page that will require a 2FA verification code from Google Authenticate. Once entered, the user can select “Next”.
The user can select their country code from the dropdown and enter their mobile phone number before selecting “Send Code”. Once the user has received the verification code, they can type it into the required field and select “Activate”.
Lastly, users must set their Trading Password by selecting “Set” from the Security Setting page.
Users will be redirected to a new page where they must provide their 6-digit 2FA code before they can proceed by clicking “Next”.
The user can select “Okay, I understand” when this pop-up appears, and they can enter their user-selected password into the field provided followed by confirmation of their trading password. Once done, the trader can select “Confirm”.
For additional security measures, users can explore the rest of the Security Settings page to access additional options.
Step 3 – KYC Verification
Next, the user can select the “KYC Verification” tab which is located next to “Security Settings”. Here, the user will be informed of the benefits associated with successful verification, including:
Daily Withdrawal up to 5 BTC.
Maximum leverage on futures trading up to 1:100.
Daily trading limit of 1400 USDT.
Users can select “Start Verification” to be redirected to a new page. On the new page, users must fill in the required fields with:
Their Country or Region of Residence.
Their First Name and Last Name.
Identity Document Type.
Identity Number.
Once the user has provided this information, they can accept that they have read the User Identity Authentication Statement before selecting “Submit”.
The user can then select “Continue to get more benefits” and they will be directed to a new page. Users can follow the instructions on the page to download the KuCoin Application to assist with identity verification, or the user can upload a photo of their identity in the field provided.
Users must upload a photo of their identity document along with a photo in which the user is holding their identity document, which verifies the identity information of the user with their valid identity document.
With surges in requests for identity verification that KuCoin is experiencing, the reviewal process may take up to one week to complete.
Step 4 – Explore Trading Options
Once users have submitted their KYC, they can proceed with trading by accessing the “Markets” tab at the top of the page.
Here, users can enter the name of the coin that they wish to buy/sell, in this case “TEL” for Telcoin, and their trading pairs will appear on the list below. Users can explore their trading options between the headings to see what is available for their preferred coin.
In this case, the only trading option available for Telcoin is Bitcoin (BTC). Users can select the trading option and they will be redirected to the trading interface.
To buy or sell TEL, users must enter their 6-digit Trading Password to access the available options.
Telcoin can either be traded on the Spot or the Futures market (where traders are given access to leverage of 1:100).
Step 6 – Withdraw funds
The user can hover over “Assets” and select “Overview” to be directed to their account overview page where they can select the option to “Withdraw”. The user can enter their token code in the search bar and select their token.
The user must provide their wallet address, the amount they wish to withdraw, and select “Confirm” to proceed with the withdrawal. The user will be prompted for their 6-digit trading password, their email verification code, and their Google Authenticate 6-digit code before they can select “Submit”.
Users must note the following conditions with regards to withdrawals from a KuCoin wallet:
For tokens such as USDT that support the use of several chains, KuCoin will identify the public chain automatically according to the input address provided.
If the user does not have a sufficient balance when they request a withdrawal, it is likely that the user’s assets are still in the trading account which means that the user must first transfer their assets to the main account.
If the address indicates that it “Contains invalid or sensitive information”, or it is incorrect, the user must double-check the withdrawal address, or they can contact KuCoin online support for further investigation.
KuCoin does not support fiat money withdrawal or trading, only cryptocurrencies are supported on the exchange.
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Frequently Asked Questions
When was Telcoin first launched?
Telcoin was launched in 2017.
Who founded Telcoin?
Paul Neuner and Claude Eguienta co-founded Telcoin.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Telcoin’s ICO and how much did it raise?
Telcoin’s ICO was held in 2017 and it raised more than 348 million ZAR.
Is Telcoin legit?
Yes, Telcoin and TEL are both legit.
What is Telcoin’s total supply?
The supply of TEL is capped at 100 billion coins.
What is the purpose of Telcoin?
Telcoin aims to bridge cryptocurrencies, blockchain technology, and the telecommunication industry by partnering with leading names in the telecoms industry.
On which blockchain is Telcoin based?
TEL is based on the Ethereum blockchain.
Does Telcoin work with smart contracts?
No, Telcoin does not use smart contracts.
Does Telcoin have potential to become more valuable?
Yes, with widespread adoption, Telcoin has the potential to become more valuable long-term.
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