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Bitcoin Coinbase activates Taproot features for Bitcoin users after extended delay

elonmusk

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Coinbase has finally introduced support for Bitcoin Taproot addresses, a feature long-awaited by its user base since Taproot's activation in 2021. This upgrade enhances transaction efficiency by condensing Bitcoin transactions, which results in lower fees and better privacy for users. Taproot addresses utilize advanced cryptography, such as Schnorr signatures, that make complex transactions appear as simple ones on the blockchain, further enhancing user privacy by reducing traceability.

This update positions Coinbase alongside other major exchanges like Binance, Kraken, and OKX, which had already adopted Taproot. Coinbase's users can now enjoy the same enhanced privacy and reduced transaction costs, which many see as critical for Bitcoin's continued scalability and adoption.

While Taproot was introduced to the Bitcoin network in November 2021, it took Coinbase almost three years to implement the feature. The delay had frustrated some users, especially since the protocol offered significant improvements in privacy, scalability, and transaction fees from the outset. The upgrade is also expected to attract more users to Coinbase, boosting transaction volumes as the benefits of Taproot become more widely recognized.
 

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