What are Bots
A robot or commonly referred to as a bot is a software program that is automated to perform certain repetitive tasks much faster than a human can.
In the financial services industry, bots have always been used to facilitate the way market participants receive information about their finance. Banks and other financial institutions enable their customers to use bots for services such as sending od money, checking account balances, sending of reminders as well as monitoring transactions on accounts.
Additionally, stock exchanges and Forex markets also use bots to keep investors and traders informed on the realtime prices of their investments.
Telegram, the cloud-based instant messaging service describes its “Telegram Bots” service as accounts operated by software – not people – and often have AI features. The bots can do anything, from teaching, playing, search, broadcast, reminders, connecting and integrating with other services.
Telegram bots usually look different from human users and their chat and profile screens have a different user interface. The bots can imitate human conversation by responding to certain phrases with programmed responses.
Launched in 2013, Bitzlato first began as a developer of Bitcoin mining equipment. In 2016, Bitzlato created a Telegram-based P2P bitcoin exchange bot dubbed @BTC_CHANGE_BOT which allows its users to buy and sell crypto directly from their phones.
In 2018 it rebranded to Bitzlato and launched a full-fledged cryptocurrency platform combining the Telegram-based P2P-exchange, merchant service, mining pool, and secure wallets.
How the Bot Works
If you have an account with Bitzlato, you can merge your web account via the telegram bot easily. Once a user selects a bot, they can access the same features that are supported by its web-based platform including the buying or sell cryptocurrencies.
Assume you want to buy your crypto. Log in to the platform and click “Exchange BTC/USD” and then select “Buy”. After that, you can select your preferred payment method and the bot automatically matches you with available orders with your preferred payment gateway.
After payment is done, a user confirms with the bot and waits for the seller to release the bitcoins to the buyer.
Editors Note; This is not investment advice. Exchanges provide highly varying degrees of safety, security, privacy, and control over your funds and information. Perform your own due diligence and choose a wallet where you will keep your coins before selecting an exchange.