Crypto exchange Coinbase has announced it will now make Bitcoin (BTC) transactions easier and seamless for users on its platform.
Announcing the development on X platform, Coinbase said that users can now send their BTC to Taproot addresses, enhancing their ease of transacting.
According to the crypto exchange, the move will create access to more on-chain destinations, which will also align with its ongoing efforts to enhance Bitcoin’s efficiency and scalability.
The integration with Taproot will tackle hiccups in transacting
The integration of the two is expected to broaden options for users in need of more private and efficient transactions.
This latest development enables users to transfer BTC to Taproot addresses straight from Coinbase. Taproot went live in November 2021 and is a major network for Bitcoin. It is widely accepted as one of the most critical advancements in the crypto firm’s history.
This upgrade was made specifically to enhance the security, scalability, and efficiency of all BTC transactions.
“Exciting news! We’re pleased to announce that Coinbase․com users can now send Bitcoin to Taproot addresses, creating access to more on-chain destinations.”
Coinbase.
The Taproot upgrade specifically helps demystify the seemingly complex transactions, allowing them to be done more easily and securely on the BTC blockchain, including multiple signature transactions and everyone involved in smart contracts.
Taproot’s key innovation reportedly lies behind its use of Schnorr signature, which streamline transaction verification through combining into one, therefore reducing the amount of data needed to be processed, thus leading to more efficient and cheaper transactions.
Coinbase enables Taproot addresses
Buy Bitcoin pic.twitter.com/MmojNSbG31
— ₿ryan 🍕🥷 ▣ bryan.xbt 🦾🐼 🔥🍌 (@BryanXBT) October 8, 2024
Bitcoin users have been receptive and embraced the development
Compared with other changes that have happened on Bitcoin’s network, Taproot has been widely accepted by the crypto community because of its ability to enhance the privacy of BTC transactions.
Taproot makes multi-signature transactions difficult to separate from the regular transactions on the BTC blockchain.
Responding to the announcement on X platform, Pups said: “Thank you for believing in Pups. We ready for the next update.”
Other enthusiasts described this as “great news,” and expressed gratitude to Coinbase for the gesture.
“Good for you @coinbase almost 3 years after taproot update, your devs are working really hard!” said a user identified as TheBTCPepe.
Bitcoin last held a major upgrade in 2017 which resulted in a serious divide within the community. This subsequently led to the creation of Bitcoin Cash, a separate cryptocurrency.
Now, the rollout of the Taproot is evidence of the community’s consensus around the need for scalable, and efficient solutions.
The latest feature underlines the rising adoption of Taproot across the broader Bitcoin ecosystem, as more wallets and exchanges support this upgrade.
