What is Namecoin?

Namecoin was the first ever alt coin – the first coin to fork Bitcoin’s code to create an alternative digital currency which uses Bitcoin’s core features but also build on them with something extra.

That something extra is an identity system which allows people to use the blockchain to store identity information. This could be information about a person, and email address, or it could be a website identity. The latter example is probably the most popular use of Namecoin.

What Are Dot Bit (.bit) Websites?

Any website which uses Namecoin’s decentralized domain name system will have a website address ending in .bit – just like other websites have domain names ending .com or .io. Anybody can buy a .bit website address from the Namecoin wallet very cheaply and easily.

What Are The Advantages of Using A Dot Bit Domain?

  • Registering a domain name through a blockchain-based decentralized DNS system is cheaper than using a domain name registrar and centralized DNS.
  • Decentralized DNS respects your privacy – it does not require you to provide personal identification that can then be used against you, for example by governments seeking to stifle dissent or crack down on independent media.
  • Governments can seize or block regular domain names – this is not possible with decentralized DNS.
  • They increase consumer choice and competition.
  • The money spent on your domain name will help to support the maintenance and further development of other decentralized public services.

What Are DotBit Bitcoin Addresses?

Namecoin’s decentralized identity system can also be used to create human-readable Bitcoin addresses that are easier to remember and share than regular Bitcoin addresses. In order to be able to send money to a DotBit BTC address  you need a wallet which supports a system such as the one made by Netki. You can also use the Netki website to buy a .bit Bitcoin address.

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