Coinbase Enables Bitcoin Transfers to Taproot Addresses, Boosting Privacy

Oct 8, 2024, 07:26 PM

Coinbase has announced that its retail customers and Coinbase․com users can now send Bitcoin to Taproot-enabled wallets. Taproot, an important upgrade to the Bitcoin network activated in November 2021, is designed to improve Bitcoin's privacy. The new address format, which starts with 'bc1p', allows for more onchain destinations and makes complex transactions appear simpler. This move is seen as a positive step for Bitcoin's future, potentially attracting more institutional players as regulatory pressures increase. The privacy boost is poised to make things smoother for the Bitcoin community.