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Coinbase Enables Retail Bitcoin Transfers to Taproot Addresses, Enhancing Privacy

Oct 9, 2024, 02:27 AM

Coinbase has announced that its users, including retail customers, can now send Bitcoin to Taproot addresses, marking a significant upgrade for the Bitcoin network. Taproot, activated in November 2021, is designed to improve Bitcoin's privacy by introducing a new address format that starts with 'bc1p'. This upgrade allows complex transactions to appear as simple ones, thereby enhancing privacy. The move is expected to attract more institutional players to Bitcoin as regulatory pressure increases. Coinbase's support for Taproot addresses is seen as a solid step for Bitcoin's future, creating access to more onchain destinations.