Usernames to replace long addresses while sending crypto

Coinbase updates its crypto wallet which will allow sending virtual currency through the usernames instead of full-length addresses.

The cryptocurrency exchange reported, their users are now able to send virtual money to dedicated usernames or ones, created on the Ethereum Name Service (ENS). Which is much easier to remember and share.

Less stressful transactions

Due to the nature of digital currencies, once sent transactions can neither be canceled nor reversed. If this happens, it would be necessary to contact the receiver and seek its cooperation in returning the funds. Unfortunately, if you don’t know the owner of the address, there is no possibility you can retrieve your funds.

For this reason, it is essential to transfer crypto assets with caution and double-check, which may also be stressful. Taking into account, that address lines are complicated and can be hard to read.

According to the announcement, traditional addresses contain a long line of letters and numbers and are a common cause of mistakes in crypto transactions. If users do not check the details several times while typing in their address, there is a chance that the money will be sent to the incorrect recipient.

The company expects, that the readable and more human-friendly addresses will simplify cryptocurrency transactions as the process becomes more similar to traditional payment apps:

We believe these improvements will make cryptocurrency much easier to use and help drive adoption with a more mainstream audience.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss


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