PayNym BIP47 is an implementation that aims to improve the privacy of Bitcoin transactions by creating reusable payment codes that start with "PM8T". These codes allow users to share identifiers publicly without revealing their addresses or balances.

of Bitcoin. PayNyms offers many amazing features such as receiving donations, purchasing Bitcoin peer-to-peer, receiving mining rewards, logging in with Paynym/Auth47, and transacting with Stowaway/Payjoin, which provide an additional level of privacy.

when creating a mini coinjoin. These are some of Bitcoin's most significant contributions to privacy. Although BIP47 was created in 2015, most Bitcoin wallets have not yet implemented it.

Bluewallet, which currently only support receiving.

PayNym is a reusable payment code that provides security when shared publicly. Each BIP47 compatible wallet reads the secret code in PayNymID and generates a new public address.

uniquely valid for each pair of users. The extended public key hidden in PayNymID, combined with the secret code unique to each pair of users, prevents third parties from tracking users' public keys. Payments are not sent directly to the.

user's payment code, but to unique public Bitcoin addresses generated by the wallet's shared secret and the recipient's reusable payment code. These public addresses are generated when the first Tx is made to PayNymID

ensuring privacy from the beginning of the transaction. This is done by creating a special Tx that is sent with the data from the OP_RETURN output to a notification address obtained from the recipient's payment code. This Bitcoin Tx, which is sent to a observation address

notification, it is not a real payment. It is an 80-byte OP_RETURN output with the data needed to create new algorithmically derived public addresses based on the extended public key information. Once the direct channel between users is established

The remaining Tx for PayNym follows the same process as any other Bitcoin transaction. Privacy is maintained when sharing PayNym, as public BTC addresses are not disclosed, only the reusable payment code BIP47. The premise of the BIP-47 protocol is

that you cannot spy on what you cannot see, thus guaranteeing the privacy of transactions. PayNym offers a relatively private way to transact, even if it requires more effort and higher fees.

The PayNymID incorporates the PayNym owner's extended public key, an encoded piece of information that the BIP47 wallet interprets to create new public Bitcoin addresses. This new address is derived from the original addresses controlled by the owner of the private keys.

Since the wallet is individual and independent and depends on the seed phrase maintained by the owner of PayNym and the wallet, each BIP47 wallet that reads the secret code will generate valid public BTC addresses. These addresses are unique for each pair of users.

unlike those generated by another wallet that reads the same PayNym, creating payment channels with unique Bitcoin addresses for each pair of users. To make payments to a PayNymID, it is first necessary to open a secure payment channel.

This is done by creating a special transaction that includes the data from the OP_RETURN output and is sent to a notification address obtained from the recipient's payment code. The special notification transaction is executed only once from the sender to the recipient.

Once opened, the rest of the transactions sent to PayNym will be like any other Bitcoin transaction. This first special transaction costs 15,000 satoshis plus the network fee on the Samourai wallet.

It is individual for each secure payment channel you want to open with any PayNymID. In other words, each PayNym requires a single special transaction to open each payment channel.

Once you establish the payment channel for PayNym, you can transact privately and securely without exposing your balance or transaction history. Likewise, anyone wanting to make a payment to your PayNym will need to follow the same procedure.

to open a secure payment channel with your own wallet. This approach allows you to create a network of secure contacts where you can conduct

transactions completely privately, without the risk of disclosing confidential information such as your transaction history or wallet balance.