The other day I came across a project that is building a system to enable transfer of Litecoin via SMS. Turns out, their project to allow transfer of Litecoin via Telegram Messenger is already live.
The Zulu Republic Foundation manages Lite.IM. The service allows you to register and transfer Litecoin to anyone by entering their email address (only registered users) or their Litecoin wallet address.
How Lite.IM works?
First, you have to register on a telegram bot @LiteIM_bot. Once you /start the bot, you will be asked to enter an email address and phone number.
You will then receive an SMS with a code for verification. Later, set up a password for protection. You’re all set. You will then receive your Litecoin Wallet address. You can also export the wallet key or seed phrase to import it in other wallet services. Will get there in a minute.
Sending and Receiving Litecoin
Before you can send Litecoin, you need to add Litecoin to your wallet. So let me add a little bit to my wallet. After sending 0.1 LTC to the wallet, I proceeded to check the balance.
Hitting ‘Receive’ will show you the wallet address. Hitting ‘Send’ will ask you for an email address or a Litecoin wallet address. If the receiver is a Lite.IM user, you can enter his or her email address, otherwise an LTC wallet address is necessary.
- Enter the email address or Wallet address
- Select your preference – USD to LTC? (USD – equivalent amount of LTC will be sent)
- Enter amount or click on Send all
- Enter the code received by SMS
- Reply with the password you set up for the account
- Transaction is sent. Transaction Hash is also available
Export the Wallet
You do not have to do all your transactions using Telegram app. You can export the private key and/or the seed phrase of the wallet and import the wallet using other services.
Great for Tipping
Remember we told you about how we tip people Bitcoin on our telegram group? The Tipbot has its own limitations like you do not have control over your wallet. With Lite.IM you cannot tip users by sending a message yet, but you can send small LTC amounts in a jiffy to any telegram user by knowing their email address or Litecoin wallet. The wallet is fully under their control.
Couple of Bugs
I did find a couple of bugs while using Lite.IM, they aren’t severe but should be looked at. You should try to recreate it too
- Entering ‘Send all’ after choosing USD does not send the entire amount
- You cannot change your phone number on the bot. You can change your email address and password but not the phone number
- I deleted my test telegram account and created a new one, I cannot restore my old Lite.IM account, I get an error that my phone number “is already in use”.
Currently Lite.IM transactions are secured by Two authentications. One is an SMS based authentication, second is a password. If someone gets their hands on your phone, they can get the SMS code, but they still need your password.
I recommend using a unique password that you haven’t used for any other service. This will ensure that even if your other accounts are compromised, the same password cannot be used here. That being said, this technology is still very nascent so go slow with it. Try smaller amounts.
It is now becoming easier and easier to use your phone for transferring cryptocurrencies to anyone in the world. Lite.IM is part of this revolution.
Let us know if you tried Lite.IM and how was your experience?