Get ready for some exciting news from the world of Bitcoin! Coinbase has hopped on the Taproot train, joining the likes of Binance, OKX, and Kraken to offer Taproot transactions. This is a big win for Bitcoin enthusiasts, as it opens up a whole new world of possibilities in terms of privacy, scalability, and security.
Starting October 8th, Coinbase users can seamlessly send Bitcoin to Taproot addresses. This move is all about making Bitcoin more accessible and versatile, and it's a step in line with the giants of the crypto exchange world.
Taproot, a brainchild of Bitcoin developer Greg Maxwell introduced back in 2018, became a reality in November 2021 with a whopping 90% approval from Bitcoin miners. This upgrade, which cleverly avoids any messy disruptions of a hard fork, comes packed with three nifty Bitcoin Improvement Proposals. They aim to amp up privacy, efficiency, and even add some smart contract magic to the Bitcoin network.
Now, let's talk numbers. Although Taproot's adoption started off a bit sluggish, it gained serious momentum by January, with usage skyrocketing from a mere 1% to a hefty 39% in just a year. Thanks to Taproot, Bitcoin transactions have become much more efficient, paving the way for cool innovations like Bitcoin-native tokens and protocols like Ordinals, which bring NFT-style uniqueness to Bitcoin.
Here's where it gets really interesting: Bitcoin's transaction fees overtook Ethereum's in November 2023, thanks to the buzz around Bitcoin Ordinals. On November 20th, Bitcoin's average transaction fee hit $10.34, outshining Ethereum's $8.43.
And the excitement doesn't stop there. Taproot has sparked a wave of startups focused on the Bitcoin Ordinals ecosystem, with names like Taproot Wizards and Tap Protocol leading the charge. So, buckle up, because the world of Bitcoin is getting more thrilling by the day!
