Bitcoin Taproot Addresses Is Now Supported for Coinbase Users
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Read more: New Coinbase Stablecoin Delist Plan Will Take Effect By End Of 2024
The announcement, which came on the X social network, confirmed that users of Coinbase can now transfer BTC to Taproot addresses directly from the exchange- an expected extension of access to more on-chain destinations, with enhanced flexibility in transactions.
Taproot, the crucial upgrade to the Bitcoin network, went live in November 2021. It is considered one of the major steps to have been taken by Bitcoin ever due to the ability it adds to improve the privacy and efficiency of transactions.
Taproot Bitcoin addresses, otherwise known as Pay-to-Taproot addresses, will give users a far more efficient way to conduct transactions, including such complex operations as multi-signature agreements and smart contracts.
Besides efficient transactions, Taproot also supports advanced smart contract functionality, opening the door to several innovations, like Bitcoin-native tokens such as BRC-20 and Runes. Taproot also is key in the development of Ordinals-a protocol that allows unique data to be inscribed onto Bitcoin much like NFTs on other blockchains.
The Bitcoin Taproot address has been largely adopted in the crypto community, as it greatly improves transaction privacy, especially in the Bitcoin blockchain. By implementing this protocol, Coinbase is working to provide an even smoother user experience and further support the growth of the Bitcoin ecosystem.
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