Hello. I read an article about some crypto scam and a few times they used vanity adress phrase? What exactly is vanity adress? Could someone explain it step by step? Thank you .
This is kind of an address where you can add your personalized words, names or letters and make it unique and customise for yourself. A vanity address can start with a string of letters and numbers that is publicly available or else can start with a customized set of letters and numbers. In order to create a Bitcoin vanity address you need a generator known as Bitcoin Vanitygens. You can find most popular generator here and a full instruction video here.
Vanity address - it's a kind of crypto wallet address, which contains a personalized sequence of characters, readable to humans. An example of a traditional crypto wallet address is: 3P4glGUlpKJrgvj3n7GBgnLPqBdjVgf3jx. An example of a "vanity" address can be 3CCFOUNDBPzzD72PUXLzCkYAtGFYmK5Vynr33. For this address, it contains the word "Ccfound" which consists of five letters Base-58.
Creating a "vanity" address requires the user to generate and test millions of private keys until the right combination is created.
The difficulty of generating the desired address depends on its structure, i.e. letters and numbers contained in a sequence of characters. Each additional character in the "vanity" address increases the difficulty and time needed to generate it. Vanity" addresses, which contain longer words, are usually created by specialized hardware, with multiple graphics processing units (GPUs).
Vanity" addresses can be used to reinforce security measures, in the sense that a characteristic address makes it difficult for hackers to swap it and cheat those sending money.
Vanity addresses, however, can also create security gaps. They allow anyone to create a string of characters that resembles a different wallet address, making it possible to cheat money senders. Seeing a similar wallet address, they may not notice the difference and send money to the cheater instead of you.