PayNyms are a secure and private way of sending and receiving bitcoin using BIP47 Reusable Payment Codes. PayNyms allows you to add your friends to your wallet contact list for regular sending and receiving without revealing your balance or transaction history.
A PayNym is created by taking a valid BIP47 code and applying a special hashing algorithm that produces a unique fingerprint used to create the PayNym Bot image and ID. A PayNym Bot is a visual representation of a valid BIP47 Re-usable Payment Code.
If you’re keen to get started, you can set up your PayNym using the Samourai wallet. The PayNym bots are supported natively by Samourai Wallet, making it easy to set up. Samourai Wallet is a popular privacy-centric bitcoin wallet and the first to implement the BIP47 proposal.
Navigate to the PayNym screen from the main wallet screen.
Tap the new option in the PayNym toolbar.
Tap the Claim My PayNymID button and you’re done; you’ve successfully set up your
Before you start using PayNyms, there are a few things you need to know. Firstly, PayNyms is a secure and private way of sending and receiving bitcoin using BIP47 Reusable Payment Codes.
PayNyms allows you to add your friends to your wallet contact list for regular sending and receiving without revealing your balance or transaction history. Secondly, to use a PayNym, you must first have a compatible Bitcoin wallet that supports BIP47. Samourai Wallet is the first wallet to implement the BIP47 proposal and currently supports PayNyms natively. Finally, once you have set up your PayNym, it can be used by anyone with a compatible bitcoin wallet.
When you set up a PayNym, it’s important to remember that only the owner of the private keys can control and access it. If you lose your private keys, you lose access to your PayNym. Be sure to keep your private keys safe and secure!
Another thing to keep in mind is that when you share your payment code publicly, anyone with a compatible wallet can generate unique bitcoin addresses using your code. So be sure to only share your payment code with people you trust!
Bitcoin addresses are a long string of alphanumeric characters and can easily compromise your private information if shared publicly. A PayNym, on the other hand, is a secure and private way of sending and receiving bitcoin using BIP47 reusable payment codes. PayNyms allows you to add your friends to your wallet contact list for regular sending and receiving without revealing your balance or transaction history.
Since PayNyms are controlled and managed using client-side wallet software, only the provable owner of the private keys can interact with their PayNym. Your PayNym isn’t an intermediary, custodial service or third-party implementation. Only your wallet possesses the private keys needed to control them, so if you lose those private keys, you lose access to that PayNym. This provides greater privacy and convenience and allows you to conduct public transactions without handing over too much data on your bitcoin holdings.
Disclaimer: The information provided on this blog is for informational purposes only and should not be taken as any form of advice.
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