Telcoin is an Ethereum based cryptocurrency that has been on everyone’s mind for a while now. With an interesting user case and a flashy market cap, it is no wonder analysts see this cryptocurrency making big moves in the close future.
Based on popular demand I have put together this article on how to buy telcoin for all those new to the cryptocurrency universe who wishes to get in on this gem as soon as possible.
This article also contains other details about telcoin like when it was founded, its total supply as well as its use case to further enlighten you on your choice of investment.
What is Telcoin (TEL)?
Telcoin (TEL) is Ethereum-based decentralized crypto that was founded in July 2017 to serve as a bridge between other cryptos, blockchains, and the telecommunication industry as well.
It was founded in Singapore with the aim of partnering with top telecom industries and brands like Verizon and AT&T to eliminate the problem which exists between billing platforms and mobile money.
Focused on the remittance market with its major competitor being Western Union, Telcoin partnership extends to global telecoms companies and mobile money platforms towards providing users with high speed, low-cost digital remittances to mobile money platforms and e-wallets.
Telcoin (TEL) is an ERC-20 token built on the Ethereum blockchain and is the native token used in the telecoin ecosystem for making payments on e-commerce websites.
Who are the Founders of Telcoin?
Telcoin was founded in 2017 by Paul Neuner and Claude Eguienta to enable users to transfer money globally in seconds. Paul Neuner, who is currently the chairman of Telcoin, has for over 12 years been in telecommunication before he ventured into the world of blockchain.
In his journey as a tech entrepreneur, he was involved in a tech space startup called Mobius which provided fraud management services for mobile networks.
Also, in 2012, he founded Pangea K.K which was a mobile software application company based in Tokyo, Japan.
Before the birth of Telcoin in March 2017, he founded Ikou which is an application that is used for creating and organizing events. He also started a fraud management service known as Sedona in 2018 which focuses on securing independent mobile financial services.
Claude Eguienta who is currently the CEO of Telcoin is in charge of the project. He has an MS in Computer Science with a focus on distributed systems. Claude has worked for countless startups and large tech companies over the years focusing on offering the best financial services to customers.
What Makes Telcoin Unique?
As earlier mentioned, the focus of Telcoin is the remittance market. Even with the digitalization of the banking system in the current society, there are still long queues in the banking halls of people who wish to send money from high-cost remittance agents, with Western Union being the largest.
Thanks to the technology of the blockchain, Telcoin is offering to people a faster, low-cost alternative to remittance services. Telcoin partners with mobile operators and e-wallets internationally serving as an avenue to reach a broader base of users with a contactless service aiding to achieve its purpose.
Similar to other decentralized digital assets, Telcoin offers its users complete access to their funds via their phones.
Users are at liberty to send and receive money from anywhere in the world with the project being user-centric, the user interface on the platform is simple and friendly and can be easily navigated.
All telecom operators that are connected to the Telcoin network can easily and immediately give out TEL tokens.
The network also offers rewards, the more TEL token traffic a particular operator has, the more reward you get from the network.
This offers very low fee services which are quite attractive to users as well as profitable to other networks.
Also Read: Is Litecoin A Good Investment?
How Many Telcoin (TEL) Tokens are there in Circulation?
Telcoin is built on the Ethereum blockchain. As of the time of launch which was in 2017, 25 percent of the TEL token was distributed in a crowd sale to investors.
Afterward, another 15 percent was retained by the Telcoin team with a 5 percent liquidity fund. The rewards and incentives for telecom operators which were earlier discussed make up about 50 percent of all the available TEL tokens. Community incentives and ongoing developments also receive 5 percent of all TEL tokens.
The Telcoin project was launched with a fixed amount of TEL tokens with the max token on the network fixed at 100,000,000,000 TEL. as of this time, however, only 50 percent of the TEL token has been issued.
How do I Buy Telcoin?
Buying cryptocurrency can be pretty easy if you are familiar with the system or have the proper guidance. That guide is the essence of this article’s section.
Before you go into buying cryptocurrency, note that some cryptocurrencies can only be bought or purchased with another cryptocurrency much like Bitcoin or Ethereum.
This is the case for Telcoin which can only be purchased from a decentralized exchange with another cryptocurrency. To buy Telcoin, you would need to, first, buy Ethereum (ETH) after which you would then use ETH to buy Telcoin.
To be able to carry out these processes you would first need a self-custody wallet like the Coinbase wallet. Now let me give you a step-by-step guide on how to buy Telcoin (TEL) token.
Step 1: Download Coinbase Wallet
To start up your process of buying a Telcoin (TEL) token you would need a self-custody wallet like Coinbase Wallet. Coinbase Wallet is available as a mobile app and browser extension which can be easily downloaded from their official website.
Step 2: Choose a Coinbase Wallet username
You would be required to set up your Coinbase account, and you be required to choose a username as part of the setup. This username allows funds to be easily sent to you by other Coinbase wallet users.
Make sure that this username is unique to you as well. You can keep your username private but you will need one to gain access to the account.
Step 3: Securely Store your Recovery Phrase
This step is very important and shouldn’t be taken for granted. Whenever you create a new self-custody wallet, you’ll be given a recovery phrase that comprises 12 random words. This recovery phrase is the key to your cryptocurrency and funds.
This simply means that if anyone gains access to your recovery phrase, they automatically have access to all your funds and crypto in that account.
It is, however, expedient to never share your recovery phrase with anyone and to always keep it safe at all times, preferably offline to avoid hacks. It is strongly recommended that you write these words down on paper and store them securely.
You can also make use of Coinbase Wallet’s cloud backup feature.
Remember, Coinbase will never ask you for your recovery phrase, and if by any chance you lose your recovery phrase, Coinbase cannot help you access your wallet.
Step 4: Understand and Plan for Ethereum Network Fees
The Ethereum network currently has one of the highest transaction fees in the world of cryptocurrency.
These fees vary based on how busy the network is, how complicated the transaction is, and how fast you’d like the transaction to be completed. You should plan and set aside some funds for these fees to avoid failed transactions.
Related Article: What is Litecoin? Price, Overview and How it works
Step 5: Buy and Transfer ETH to Coinbase Wallet
Once you are through with setting up your Coinbase account, the next step would be to buy and transfer Ethereum (ETH) to your account.
The next step would transfer the Ethereum (ETH) to your Coinbase wallet and to do this depends on the platform you are currently using.
The mobile app and chrome extension have slightly different user interfaces but all you need to do is navigate to the Ethereum listed as part of your portfolio, select it and click on “receive” after which you would be given a unique address through which you can transfer Ethereum to your wallet.
Step 6: Use your ETH to buy Telcoin in the trade tab
If you’re using Coinbase Wallet on your mobile phone, you can easily buy Telcoin right in the app. Select the Image of Coinbase Wallet App.
Then click on the “Trade” tab, where you could swap ETH for any token that runs on the Ethereum standard (called “ERC-20 tokens”) and is available and supported by Coinbase. Click on “choose coin” and select Telcoin.
After that, input the amount of ETH you wish to exchange for Telcoin. Remember, when selecting the amount of ETH to use, leave a little leftover for payment of transaction fees. Make sure you confirm your purchase and follow the instructions on the screen to complete the transaction.
If you’re using the Coinbase Wallet extension, select the “Convert” button. Search for Telcoin (TEL) and input the amount of ETH you’d like to swap for Telcoin.
Also, remember to leave a few Ethereum left behind for payment of transaction fees. Confirm your Transaction and follow the instructions on the screen to complete your transaction.
Frequently Asked Questions
Telcoin is a financial technology platform that runs on the blockchain to facilitate high-speed, low-cost international remittances. It partners with telecoms and mobile money platforms globally to make sending money super easy.
Telcoin is an ERC-20 token native to Ethereum, which is currently one of the most secure computing networks in the world.
Well, based on resources and research Telcoin is a good investment option and also a good add-on for an investment portfolio but you should keep in mind that the cryptocurrency market is extremely volatile.
Paul Neuner is the Co-Founder and CEO at Telcoin.
Conclusion
Buying Telcoin token is pretty easy if you follow the few easy steps listed above. Although, there might be slightly different steps and, this will be on the premise of the user interface you’re using. If you are using a different wallet than the Coinbase wallet to buy Telcoin, you may experience this change.
References
- https://www.coinbase.com/how-to-buy/telcoin
- https://morioh.com/p/44db3f339123
- https://learn.bybit.com/altcoins/what-is-telcoin/
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