Crypto is definitely not the easiest thing to get started with. You create a wallet, have to recall a 12 - 24 completely random set of words, Carve them into a fireproof steel plate, figure your way through metamask, learn about gas, priority fees, chain configurations & DEXes. Notwithstanding hours spent analysing and trying to decipher complex UI of various protocols, while trying as much as possible to keep out of range of murky predators lurking around in the shadows, ready to relieve you of your hard-earned crypto.
Ever wondered, what if you didn't have to? This right here is the premise of the latest cult that had graced the crypto space. Telegram Crypto bots. These projects allow you to perform all your trades with just a telegram command. Fast, easy & super convenient. The leader of this Telegram bot pack is Unibot. This bot allows you to trade on Uniswap via telegram. Their token has sprung up by 380% in a month and analytics show a rapid increase in active, new and returning users. The recipe for success of any project.
This project has become such a biggie, especially on crypto Twitter (X) that an entire sub-genre has spun up, inspiring many similar projects riding on its wave of success. Well, by now some of you are thinking, Clinton, I am a battle-hardened Crypto OG, I don't need a damn bot to hold my hand! However, you might wanna reconsider. These bots have brought forward a bunch of features that make the process of performing even complex transactions relatively easy and most importantly, convenient.
Let me walk you through how to get started:
(i) Search "UnibotSniper_Bot" on Telegram. Please cross-check this by preferably visiting the link below that guides you to their official website.
(ii) Click on the bot and then on Start. You have just created 3 brand new wallets, just like that!
(iii) To start trading, you can send some crypto from a centralized exchange like Binance or even Metamask. It also has the option to allow you to import your Metamask wallet. However, you should be cautious when doing this, I will explain later why.
(iv) Click on Buy Tokens and a menu will appear allowing you to specify the amount, including a custom one as well as customizing the slippage. A select wallet section lets you toggle the wallet to use. You can even select the 3 wallets and they will be used to trade concurrently.
(v) Once ready, paste in the token address(preferably from the official Coingecko website), press enter and go.
(vi) Selling tokens is also as easy. Select the sell amount, slippage, and type in the wallet number to be used.
However, these are not the only features prominent with these bots, others include Private transactions: these help you avoid sandwich attacks that result in higher costs, however, note that since these types of transactions are processed by relay nodes, they may take a little longer. Mirror sniper: This lets you copy others' trades and even front-run them. Token Value Monitor: Informs you of price shifts of specified tokens allowing you to act accordingly. Limit Orders: This lets you buy and sell tokens automatically at a certain predetermined price.
This is basically a form of simplified DEX(Decentralized Exchange). You can also use advanced strategies by combining various actions using the provided features. The unibot token draws its utility from Revenue share, whereby the holders are entitled to receive up to 40% of the total transaction fee as well as 1% of the Token Trading volume. Holders can also generate a referral link that lets successful refers receive 25% of the transaction fees from users and a 20% discount off their transaction fees. However, one must hold 10 $UNIBOT to be eligible. Other bots work similarly though they perform different functions like airdrop farming.
However, like all things, it's not all sunshine and roses. Serious and legitimate security concerns have been raised. To make trading accessible, these bots create a wallet for you. The Holy and most secretive private key is therefore held in their servers! Whereas this makes it easier for the bot to perform the actions on your behalf, it raises the question of self-custody. I previously mentioned that you can import your current wallet, this also implies storing your private key in a server somewhere. One data breach might be the parting shot for you and your fortunes. Plenty of caution is necessary while working with these bots.
Despite glaring security concerns, these bots play a critical role in making crypto and DEFI much much more accessible and beginner friendly, paving the way for wider adoption. They also provide a more convenient alternative for more experienced users. The security concerns can be partially addressed and the risks mitigated via a combination of best practices ie Using the bot-provided wallets as your secondary wallets: executing quick trades and storing smaller amounts of crypto temporarily. Never linking your main wallet to the bots.
The two don't make up the entire list but generally, being cautious will work to your advantage. These measures will allow you to enjoy convenience and simplicity while limiting your vulnerability. Like many other hot trends, expect many clones, rugs & malicious acts. Remember to DYOR and stay cautious while navigating the space.
