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.
You're wrong. 256 coin flips gives 2^256 possibilities for a bitcoin address generation.
If you end up with 256 1s or 0s there is only 2 different combinations for each number.
I probably am wrong.