Coinbase Added Support for Bitcoin Taproot Addresses
Coinbase, one of the largest crypto exchanges, now allows users to send Bitcoin to Taproot-enabled wallets. In an announcement on X, Coinbase mentioned the addition allows users to access more on-chain operations.
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Coinbase, one of the largest crypto exchanges, now allows users to send Bitcoin to Taproot-enabled wallets. In an announcement on X, Coinbase mentioned the addition allows users to access more on-chain operations.
Taproot is a major Bitcoin upgrade activated in November 2021. Taproot addresses starting with “bc1p” enable complex activities, like batching multiple transactions together or making time-locked transactions.
By enabling smart contracts on the Bitcoin network, Taproot allows the creation of different types of Bitcoin-based assets and their use in dapps.
Coinbase became the latest crypto exchange to enable Taproot wallets. Other exchanges and wallets allowing this functionality include BitGo, Bitfinex, OKX, Trezor, CashApp, and others. Binance, Crypto.com, and Gemini, on the other hand, are among the platforms that don’t support Taproot yet.
Besides Taproot, there are other advanced wallet formats, including Legacy wallets (starting with “1”), Nested SegWit (starting with “3”), and Native SegWit (starting with “bc1”). Each of these formats is compatible with other Bitcoin wallets and provides varying degrees of efficiency.
With different wallet types, Bitcoin users have more options to choose from to achieve flexibility, lower costs, and faster transactions.
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