Telcoin TEL Price

What is Telcoin (TEL)?

Telcoin (TEL) is a cryptocurrency designed to bridge the gap between traditional financial systems and the blockchain ecosystem, particularly focusing on serving the unbanked and underbanked populations across the globe. Launched in 2017, Telcoin aims to facilitate fast and affordable remittances through a decentralized network, utilizing the Ethereum blockchain for its smart contract capabilities. The token is primarily used for transactions and as a means of incentivizing users to engage with the Telcoin platform, with a total supply capped at 100 billion TEL tokens. As of early 2024, Telcoin has made significant strides in integrating with mobile wallets and remittance services, enhancing its utility in real-world applications.

Who are the Founders of Telcoin?

Telcoin was founded by a team of experienced professionals in the fintech and telecommunications industries. The co-founders include Claude Eguienta, who has a background in telecommunications and has held leadership roles in various tech companies, and Paul Neuner, who brings expertise in finance and regulatory compliance. Together, they envisioned a platform that would empower individuals in developing countries to access financial services through their mobile phones, leveraging the existing infrastructure of mobile telecommunications.

How does Telcoin Work?

Telcoin operates on the Ethereum blockchain and leverages smart contracts to facilitate secure and transparent transactions. Users can send and receive TEL tokens using mobile wallets, making it accessible to people without traditional banking services. The platform partners with mobile network operators (MNOs) to integrate its services directly into their mobile platforms, allowing users to convert TEL tokens into local currencies seamlessly. When users send money using Telcoin, the transaction is processed on the blockchain, ensuring low fees and fast transfer times, often within minutes. The unique aspect of Telcoin's model is its focus on remittances, allowing users to send money across borders at significantly lower costs compared to traditional remittance services.

Top Use Cases of Telcoin

Telcoin has several prominent use cases, including:

• Remittances: Telcoin's primary use case is facilitating low-cost remittances for individuals sending money to family and friends in different countries. This is particularly beneficial for those in developing nations where traditional remittance fees can be prohibitively high.
• Mobile Payments: Users can utilize Telcoin for day-to-day transactions through mobile wallets, making it easier to pay for goods and services directly from their phones.
• Financial Inclusion: Telcoin aims to provide financial services to the unbanked population, allowing them to access funds, savings, and other financial products without needing a bank account.
• Stake and Earn: Telcoin allows users to stake their TEL tokens, rewarding them with additional tokens and fostering community engagement in the platform.

How to Keep your Telcoin Safe?

Keeping your Telcoin safe involves several best practices:

• Use Hardware Wallets: For long-term storage, consider using hardware wallets like Ledger or Trezor, which store your private keys offline and provide enhanced security against hacks.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on any exchange or wallet that supports it to add an extra layer of security to your account.
• Be Wary of Phishing Attacks: Always verify the authenticity of websites and emails related to Telcoin. Avoid clicking on suspicious links that may lead to phishing sites.
• Keep Software Updated: Ensure that your wallet software and any applications you use are up to date to protect against vulnerabilities.
• Backup Your Wallet: Regularly back up your wallet and store the backup in a secure location. This ensures you can recover your funds if you lose access to your wallet.