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Bitcoin Taproot handle now supported on Kraken

Taproot funding support for bitcoin

We’re thrilled to announce that Kraken now helps withdrawals to Taproot (Bech32m) Bitcoin addresses!

Taproot is an improve to the Bitcoin protocol that goals to enhance the privateness and effectivity of the world’s first and largest cryptocurrency. 

Taproot included three proposals — Schnorr, Taproot, and Tapscript — which delivered key aggregation, Merklized Different Script Bushes (MAST), and an improved model of Bitcoin’s Script programming language respectively. 

The privateness and effectivity advantages delivered by Taproot are finally two sides of the identical coin. By committing much less transaction data to the blockchain, much less transaction knowledge is accessible for anybody checking Bitcoin’s publicly out there ledger. Committing much less knowledge additionally creates house in every block for extra transactions, which ought to cut back charges and improve transaction throughput. Taproot additionally allows the event of smart contracts on the Bitcoin community, opening up new prospects for decentralized purposes (dApps). 

Wish to be taught much more about Bitcoin’s Taproot improve? You may try the Kraken Study Heart’s learners information What is Taproot? or Kraken Intelligence’s technical deep dive Taproot Primer – An Upgrade for the Ages.

Do you know you possibly can additionally deposit Bitcoin on Kraken utilizing the Lightning community?

Whereas common BTC transactions are restricted by block occasions and might face excessive transaction charges, Lightning Network allows immediate settlement and zero charges whenever you switch BTC to or out of your Kraken account. Moreover, we’ve got lowered the BTC deposit confirmations from 4 to 3!

How do I deposit BTC on Lightning?

  1. Navigate to Funding > Deposit and choose Bitcoin (BTC)
  2. Choose Lightning Community
  3. Enter the quantity of satoshis* you need to deposit
  4. Hit Generate deposit request 
  5. Copy and paste the generated bill into your Lightning pockets, or scan the QR code
  6. Ship the fee
  7. Take pleasure in lightning-fast deposit occasions and zero charges!

Lightning network deposit screen image

Try our Lightning Community announcement put up to be taught extra: Kraken Now Supports Instant Lightning Network BTC Transactions.

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These supplies are for common data functions solely and usually are not funding recommendation or a suggestion or solicitation to purchase, promote or maintain any cryptoasset or to have interaction in any particular buying and selling technique. Some crypto merchandise and markets are unregulated, and also you might not be protected by authorities compensation and/or regulatory safety schemes. The unpredictable nature of the cryptoasset markets can result in lack of funds. Tax could also be payable on any return and/or on any improve within the worth of your cryptoassets and it’s best to search unbiased recommendation in your taxation place.

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