The goal of cryptocurrencies is to give financial freedom back to the individual. In order to fully realize this vision, the world of crypto must remove its major barriers to entry. One of the biggest challenges for those new to the space is sending and receiving payments. This intimidating process involves typing a long line of random letters and numbers into an address bar, hitting Send, and hoping that the address was entered correctly. If the user punches in the wrong address, their money’s gone forever.
At least, that’s how it used to work.
By replacing these long messy addresses with easily-readable names like brad.crypto, Unstoppable Domains is on a mission to help bring everyone into the world of crypto. With the help of Bitcoin.com, this mission is closer to becoming a reality.
The Bitcoin.com wallet now supports the Ethereum blockchain and Unstoppable Domains, enabling millions of wallet users to send and receive their favorite cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum and more using a single domain name. This is a monumental step in fostering interoperability in the blockchain ecosystem by supporting hundreds of cryptocurrencies to be interchanged easily with a simple name. And it’s just the start.
Blockchain Domains – domains with superpowers
While traditional domains are mainly just website addresses, blockchain domains are much more. A domain from Unstoppable Domains acts as a decentralized username – a personal piece of the blockchain. These blockchain domain names are linked to wallet addresses, making it easier to send and receive cryptocurrency payments, store digital assets, and create or browse decentralized websites from anywhere in the world.
Once users get their own blockchain domain, like AnyName.crypto, they have 100% ownership of them. There is a single upfront cost, but unlike traditional domains, there are never any renewal fees or price hikes. Bitcoin wallet owners can now use Unstoppable Domains to make and receive cryptocurrency payments, and even incorporate wallets for other cryptocurrencies like Ethereum, Bitcoin Cash, and more. In fact, over 200 different cryptocurrencies can be sent, received and stored with one blockchain domain. Users no longer need to memorize many different long and error-prone alphanumeric addresses. They can all be accessed through a single domain name.
True digital cash
Bitcoin arrived in 2008 as a new peer-to-peer electronic cash system and has grown to be a global phenomenon. While the security and transparency are superior to many legacy systems, for many newcomers it’s just not as easy as digital cash. Fortunately with blockchain domains, using Bitcoin, Bitcoin Cash, or Ethereum is as easy as sending cash because all that is required is to know a name.
Replacing lengthy addresses in this way will make crypto payments easier and more user-friendly, leading to widespread adoption of crypto akin to a decentralized Venmo. However, unlike Venmo, these digital payments are transparent, permissionless, borderless, and in complete control of the users. Continuously improving the experience of how individuals and businesses exchange digital payments is already having network effects. At the time of writing, over 1 million domains have been registered from Unstoppable Domains to help bring forth the digital cash revolution that Satoshi had envisioned.
The gateway to Web3
The use of blockchain domains isn’t just limited to friendly payments. Crypto and blockchain domains are positioned to alleviate friction for digital transactions between individuals, businesses, content creators, and more on Web3.
Web3, also known as the decentralized web, is the new internet that takes current services but roots them into the permissionless, secure and transparent technologies that are in blockchain, cryptocurrencies, and smart contracts. In this decentralized ecosystem, internet users will own their own data and be able to utilize these systems how they want, as opposed to being controlled by the actions of large centralized big tech corporations.
Blockchain domains are the foundation of Web3 because they are the gateway to the decentralized web. Not only will they serve as the user interface, but they will also host decentralized websites for business and decentralized apps for various services like the Decentralized Finance (DeFi) protocols seen today. Countless possibilities from a single domain.
Secure your spot on Web3
Over the coming years, blockchain domains will undoubtedly solve current adoption issues and continue adding new features. These new features will evolve blockchain domains from payment simplifiers into universal decentralized usernames. These usernames will act as a single sign-on (SSO) across Web3 apps and websites that are more accessible and secure than today’s fragmented systems.
In the meantime, there will be massive growth in the number of individuals owning and using Bitcoin and other cryptocurrencies as they get easier to use through blockchain domains. The sooner users realize that they can simplify their crypto experience, the sooner we begin truly moving the needle on global economic freedom.
Simplify your gateway to crypto and Web3 at Unstoppable Domains
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.