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RE: How to Create Custom Bitcoin Addresses (e.g. 1Moon4Cmwi...)

in #bitcoin3 years ago

Why is this safe?

Some people have privately asked me if this is safe. If you did the steps exactly according to the tutorial, it is completely safe.

The number one concern people have is that the Coin Dance website gives you your private key. But it actually doesn't!

How this works is, BitAddress's public key is attached to a private key. Nobody knows the private key but you. You give the public key to Coin Dance Vanity so their program and miners can find another public key with private key such that:

[Coin Dance's public key] + [Your Given Public Key] = 1Moon...

or some prefix like that. They give you the private key of their public key so you can add together or merge your private key (on BitAddress) with theirs, giving you the private key of that cool address.

tl;dr It's literally impossible for Coin Dance or third parties to get your private keys if you follow the steps right!