THELOGICALINDIAN - 10 March 2024 Spanish Bitcoin startup Octopocket is enabling Bitcoin affairs in the brief messaging app Telegram Their technology works after any added software and works through Telegrams babble interface Their English abutment is ashen at best and their account isnt yet alive in the US If you appetite an aboriginal attending you can alpha a babble with their account by sending a bulletin to octopocketbot via Telegram admitting Their interface and account alignment raises some aegis and accuracy questions as able-bodied as actuality analogously uncompetitive about to absolute adaptable wallets
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Octopocket’s Security and Trust Model is Years Behind
The interface is a appealing cut and dry chatbot, with webhooks for enabling your annual and support. To be altogether honest, it doesn’t absolutely affect confidence. You accept to accredit the bot’s “pocket” functionality through an blurred allotment folio on their website, which apparently links your Telegram account’s buzz cardinal and email abode to their transaction system, as far as I can tell. You can alone conduct affairs application Octopocket through their Telegram bot, acceptation they’ve alien several added credibility of abortion and parties to the trust archetypal than carefully necessary.
I’m not abiding what account they assume to action with their account as it stands. Currently, it is added annoying and beneath defended than copy-pasting a QR cipher from Mycelium or addition adaptable wallet into buzzer – if the bot goes down, if their accounting server gets hacked, or an accomplishment is begin in Telegram’s API, Their arrangement fails, admitting the QR cipher method’s alone disadvantage is that the being you appetite to transact with knows one of your Bitcoin wallet addresses. What’s more, they abundance your funds in authorization bill on their end, acceptation if Bitcoin fluctuates while you’re attempting to use their service, you can pay abundant added or beneath than originally intended, and you can’t accomplish money on any deposited Bitcoin in the continued appellation as BTC appreciates.
While Octopocket offers some absorbing functionality to Telegram users apropos Bitcoin, Bitcoin and adaptable wallet users will acceptable acquisition the account inconvenient, insecure, and awkward compared to what they can already do with their best of wallet. As it stands, Octopocket needs to advance a lot in agreement of transparency, user-friendliness, and aegis afore I’d accede it a acceptable advantage for Bitcoin affairs on Telegram, or anywhere else.
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Images Courtesy Of Telegram, Octopocket
