Telcoin was part of the flock of initial coin offerings back in 2017.
It came to the market with a unique use case,
letting people send payments from their phones,
but their governance token TEL was based on the still unproven and volatile Ethereum network.
They also were partnering with legacy telecom operators to facilitate adoption
and act as stakers,
hence the name Telcoin.
But fast forward to 2021 and you'll see the landscape is much different.
Ethereum is no longer a wonky token making big promises.
Payments via smartphones are happening all the time.
So has Telcoin missed their calling?
Not exactly.
In this video, I'm going to take a deep dive into Telcoin,
show you how it can find its legs and help you dial in some big gains.
Let's get it!
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
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Today, we're going to be talking about Telcoin, one of my most requested videos.
Western Union has been the de facto method of sending money
since before people had dishwashers and the need for sending money over long distances has exploded
as telephone started connecting the far corners of our spaceship Earth.
Fast forward to 2016 and sending money over telephone lines,
be it landlines or wireless carriers,
is extremely commonplace,
and using services like wire transfers has become very cumbersome.
Companies like PayPal revolutionized payments over smartphone,
and Venmo and Cash App are bringing more and more innovation to the space.
Cryptos like XRP, Stellar Lumens and Algorand are rapidly building ways to send money on the blockchain.
But these are all dependent on legacy banking to supply the funds from fiat.
But what about the 2.2 billion people who don't have a bank?
Who only use cash.
Well, for the longest time, the only way to do that was by using a wire service
like Western Union or MoneyGram.
I can't believe people still use those.
And that costs a lot of money to send that.
And if you don't have a bank,
you have to go to a physical location to deposit the cash and initiate the transfer.
That's a huge hassle and also not very secure.
If you live in an area with a large population of unbanked people,
and there is a wire service on the corner,
you can bet that there are criminals just waiting to meet you along the way
and relieve you of the cash you are trying to send.
Back in 2014,
Claude Eguienta and Paul Neuner saw a way for the unbanked
to send money faster, cheaper and more secure
than using wire services.
They wanted to use the blockchain to be the trustless go-between for sending money.
But they also knew that out of the 2.2 billion unbanked people in the world,
almost all of them had a cellphone.
That's where the idea of Telcoin was born.
It's easier for people in third world countries to buy a cellphone and pay for minutes
than it is to go get a bank account.
So Telcoin partners with telecom companies to provide Telcoin as a money-sending service.
By the way,
the industry term for sending money outside of the banking system is called remittance.
But that's annoying and confusing,
so we'll just keep calling it sending money.
"But wait, Ben, I can already send money from my phone."
"It's called Cash App. Duh!"
Well, Telcoin is different than PayPal or Venmo
because it bypasses the bank and uses the telecom company to transfer funds.
Instead of loading funds into Venmo or linking it to your bank account,
Telcoin uses the billing systems on the phone provider to transfer the funds.
And this can be done not just through smartphones
but any device that can send and receive SMS text messages.
This opens up money services to billions of people through a variety of methods.
So opening up money transfers to a so far untapped market is one thing,
but Telcoin is also prime to cut into the establishment
by offering transfer fees that are less than half of what traditional wire services cost.
Telcoin and its token TEL was built on the Ethereum blockchain,
which today sounds like a no-brainer,
but back in 2017,
it was a lot more risky.
Ethereum wasn't that old in 2017,
and it was experiencing its fair share of problems and hacks,
but the team at Telcoin knew the promise of Ethereum
and that it was what they needed for Telcoin to succeed.
Four years later,
that gamble has paid off now that Ethereum is the No. 1 smart contract blockchain platform.
It shows no signs of slowing down.
Telcoin's ICO in 2017 wasn't off the hook.
TEL only jumped for a few days and quickly found its floor at less than a penny soon after its launch.
It stayed there for years,
only to get some air at the beginning of 2021
and seeing a huge pump in May, reaching its all-time high of 6¢.
During the current choppy market,
TEL has been sitting at around 3¢.
TEL's massive action has made a bunch of early adopters into millionaires.
And if it keeps on pushing out consistent updates,
staying in the news,
I can see TEL breaking its all-time high and 5X into about 15¢.
Nabbing some TEL is not that easy though.
It's only available on a few exchanges.
So you'll need an account on KuCoin or MetaMask to swap it on DeFi.
Now, if you want to get a KuCoin account, you can sign up at bitboycrypto.com/deals.
Scroll down to the KuCoin section.
We love KuCoin.
But the good news is Telcoin was just recently added to the Polygon exchange QuickSwap.
And it's seen a lot of volume on that platform.
Now, of course, none of this is financial advice.
But the future for Telcoin is looking bright, and it's not just because of its strong use case.
Telcoin has been involved in the future of crypto with helping to write Bill 649 in Nebraska
that helps to find self-custody for individuals owning crypto assets
for the creation of digital depository institutions.
The bill was introduced recently and signed into law by Governor Pete Ricketts.
Way to go, Pete!
Telcoin has seen consistent growth over the past year.
And demand for their app is high.
They've also been piling on the partnerships,
building robust connections that will help them scale up to handle future demand.
With the Ethereum London hardfork coming along soon,
Telcoin is going to see their network speed increase,
as well as the TEL token have more liquidity in the marketplace.
Telcoin has a solid team with experience in not just blockchain but also telecom.
They were also started and have strong ties in Singapore,
which is a huge economic power in Southeast Asia.
They currently are working out of Tokyo, Japan,
which is also increasing their reach throughout the world.
One of Telcoin's first partnerships,
with Globe Telecom,
has made them the standard way of sending money to and from the Philippines and Canada.
Don't hang up on Telcoin
because it looks like the line is clear for the rest of this bull run.
Comment below with your price predictions for Telcoin.
Let us know if you've ever used Telcoin before.
Have you swapped it on QuickSwap?
Go ahead and make sure to smash that like button for us
if you like these types of review videos.
And if you have any other projects you want me to review,
make sure to put those down below in comments as well.
But that's all I got.
Be blessed.
BitBoy out.