Holy Crap watch out;

If you only use 256 coin flips, that means that there are only 256^2 posibilities for a bitcoin address generation.
Which means that there are only 65536 different combinations to create a bitcoin address.

A normal bitcoin address has 2^256 possible combinations aka 1.1579209e+77 aka 11579209.

DO NOT use this method.

I hope I am wrong and this actually is a suitable way to generate a secure bitcoin address.