You will agree that the 32 alphanumeric character string serving as your bitcoin wallet address is complex and at least not user-friendly. It is hard to memorize, and you cannot share it verbally nor copy it down one character at a time without making mistakes.
Fortunately, technology is presenting solutions to this little obstacle to Bitcoin adoption. One innovation that already stands out, in this case, is the QR scanning. Sending to or receiving bitcoins or any other cryptocurrency from someone with a smartphone next to you is simple and easy with this feature.
It is not easy to use the long Bitcoin address
On the other hand, if the sender or receiver is far away, the process is not only a cumbersome but also risky. Sharing the wallet address often requires you to copy and paste it into an email, Facebook inbox or similar forms of messaging.
Unfortunately, these channels have been known to expose your communications Men In The Middle in the form of server admins or hackers, who could easily get hold of your wallet data and use it for an unauthorized purposes.
The good news is that this part of Bitcoin wallet address is also getting a fix. Several wallet name service providers have come up to make the Bitcoin wallet addresses, at least the part that comes into contact with you, shorter and in human readable format.
What Bitcoin wallet name customization does
That means a bitcoin wallet address like this 1CpLXM15vjULK3ZPGUTDMUcGAT GR9xGitv could be presented as daniel.bit. This is not only easy to memorize but also easy to share to those intending to send you bitcoins. You could just call them and dictate the wallet address name as they write it down.
Some of the startups making this service available include Onename and Netki. Their services are built on top of Namecoin, a blockchain Domain Name System (DNS) platform.
However, this is not the first attempt to customize Bitcoin wallet addresses. Vanity addresses have been around longer. But unlike what the likes of Onename and Netki are offering, these are addresses that are created with proffered letters and numbers.
Vanity addresses do not offer much
The vanity address generators, websites where you can customize the addresses, allowed users to customize just a small section of the wallet address string of characters. For instance 1CpLXM15vjULK3ZPGUTDMUcGAT GR9xGitv could be customized into 1Daniel15vjULK3ZPGUTDMUcGAT GR9xGitv
Therefore, Vanity addresses are not really different from the random addresses in terms of the length and ease of sharing.
The second generation of customized bitcoin wallet address customization offers a better user interface UI and thus a better user experience.
However, given that you have to depend on a third party to generate the two generations of wallet address customization, you should be wary of the security implication. It is possible that during the process of creating the address your private keys leak. It is, therefore, important to interrogate the security and privacy mechanism of whatever platform you choose to use.