Long

Bitcoin

<ul class="wp-block-list">
 <li>Coinbase users can now send Bitcoin to Taproot addresses, boosting transaction privacy and efficiency.</li>  
 <li>Taproot integration on Coinbase resolves previous issues with Bitcoin transfers, enabling smoother transactions.</li>  
 <li>By supporting Taproot, Coinbase aligns with other platforms and enhances Bitcoin's scalability and smart contract use.</li> 
</ul>  
<p>Coinbase users can now send Bitcoin to Taproot addresses following a major platform upgrade on Tuesday. This long-awaited function allows Coinbase users to fully utilize Taproot's privacy and cost-saving features.&nbsp;</p>  
<p>According to Coinbase, the update provides customers with more on-chain destinations, allowing them to trade more efficiently on the Bitcoin network.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/CoinbaseAssets/status/1843712761391399318
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-addressing-previous-challenges"><strong>Addressing Previous Challenges</strong></h2>  
<p>Taproot was first introduced to the Bitcoin network in November 2021. However, after the update, Coinbase users reported issues sending Bitcoin to Taproot addresses. With this recent integration, those issues are addressed. Coinbase now joins other exchanges such as Binance, OKX, and <a href="https://www.kraken.com/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a>, which currently handle Taproot transactions.</p>  
<h2 class="wp-block-heading" id="h-taproot-s-role-in-bitcoin"><strong>Taproot’s Role in Bitcoin</strong></h2>  
<p>Taproot ranks as one of the major updates for Bitcoin after <a href="https://www.coinbase.com/learn/crypto-glossary/what-is-segregated-witness-segwit" target="_blank" rel="noopener noreferrer nofollow">SegWit</a> in 2017. Schnorr Signatures improve the privacy and efficiency of Bitcoin transactions. These signatures make complex transactions easier to process by breaking them down into smaller data components, which speeds up the process. This update cuts down on the data saved on the blockchain, boosting Bitcoin's scalability and decreasing transaction costs.</p>  
<p>Coinbase's integration of Taproot <a href="https://cryptonewsland.com/lightning-labs-unveils-taproot-assets-v02/" target="_blank" rel="noopener noreferrer nofollow">improves the user experience</a> for complex transactions. Taproot supports multi-signature agreements, smart contracts, and other advanced functionality.&nbsp;</p>  
<p>As a result, Coinbase users can now conduct transactions with greater privacy because they appear to be ordinary Bitcoin transactions on the blockchain.</p>  
<h2 class="wp-block-heading" id="h-a-key-milestone-for-bitcoin"><strong>A Key Milestone for Bitcoin</strong></h2>  
<p>Taproot also plays a crucial role in Bitcoin's future by enabling enhanced smart contract capabilities. This upgrade paves way for new innovations, such as Bitcoin-native tokens like <a href="https://cryptonewsland.com/brc-20-tokens-runes-ordinals-and-other-bitcoin-ecosystem-innovations-are-poised-to-drive-massive-altcoin-surge/" target="_blank" rel="noopener noreferrer nofollow">BRC-20 and Runes</a>.&nbsp;</p>  
<p>Furthermore, it helps to further advance the development of Ordinals, which allow users to write unique data onto Bitcoin in the same way that NFTs do on other blockchains.</p>  
<p>Taproot adoption not only improves user privacy, but it also aligns the platform with the larger crypto community's advancements in Bitcoin transaction technology.</p>  
<p>Coinbase's integration of Taproot represents an important move forward for both the platform and its users.&nbsp;</p> 
<p>The post <a href="https://cryptonewsland.com/coinbase-unlocks-taproot-functionality-for-bitcoin/" rel="noopener noreferrer nofollow">Coinbase Unlocks Taproot Functionality for Bitcoin Users After Long Wait</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Coinbase Unlocks Taproot Functionality for Bitcoin Users After Long Wait

Table of Contents

Crypto News Land

Other articles published on Oct 9, 2024

How To Transform Your Crypto Wallet Into A Money Generator With Cardano (ADA), Chainlink (LINK) A...

EigenLayer Price Prediction: EIGEN Soars 9%, But Experts Say This PEPE Upgrade Might Be The Best ...

Make BIG Crypto Gains Now! (What I Would Do)

US Crypto ETFs Surge with $350M in New Inflows

Who Is Bitcoin’s Mysterious Founder Satoshi Nakamoto? HBO Claims to Reveal the Truth!

SEC Settles Charges with TrueCoin and TrustToken Over Fraudulent TUSD Sales

Join our free newsletter for daily crypto updates!