How To Use a Bitcoin PayNym

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.

How to set up a PayNym

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

What you need to know before using a PayNym

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.

How to use a PayNym safely and securely

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!

The advantages of using a PayNym over traditional bitcoin addresses

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.

FAQ

What is a PayNym?

A PayNym is a method to securely and privately send and receive Bitcoin using BIP47 Reusable Payment Codes. It requires hashing a BIP47 code to create a unique fingerprint used to generate the PayNym Bot image and ID.

How is a PayNym Bot related to PayNym?

A PayNym Bot is a visual representation of a valid BIP47 Reusable Payment Code generated from the unique fingerprint of a hashed BIP47 code.

How can I set up a PayNym?

To set up a PayNym, use the Samourai wallet, which supports PayNym bots natively. From the main wallet screen, you navigate to the PayNym screen, tap the new option in the PayNym toolbar, and claim your PayNymID.

What should I know about using a PayNym?

Before using a PayNym, it is essential to know that PayNyms offer a secure and private way to send and receive bitcoin. They allow for regular transactions without revealing your balance or transaction history. However, you need a BIP47-compatible Bitcoin wallet like Samourai Wallet for use, and only compatible Bitcoin wallets can use your PayNym.

How can I use a PayNym safely and securely?

Only the owner of the private keys has access and control over a PayNym. Losing your private keys means losing access to the PayNym. Also, remember that anyone with a compatible wallet can generate unique bitcoin addresses using your payment code once you share your payment code publicly.

Why should I use a PayNym?

Unlike traditional bitcoin addresses that can compromise your private information if shared publicly, PayNyms offer a secure and private way to transact bitcoin. They allow you to conduct public transactions without forfeiting too much information about your bitcoin holdings.