lianabitcoin on Nostr: How to get Taproot privacy benefits for your Bitcoin today 🥕️ Taproot has been ...
How to get Taproot privacy benefits for your Bitcoin today
🥕️ Taproot has been live since block 709632 (three years ago)
🥸 It can improve your onchain privacy
💰️ It can save you money
But how the f*ck do you start using it?
First: you need a wallet app that supports Taproot
Second: you have to receive coins to addresses generated by this wallet
(Taproot addresses start with bc1p...)
And now you're using Taproot!
...so what?
Before Taproot, spending a coin revealed all spending paths
So if you had a timelocked inheritance key
Spending with primary key showed everybody you also had inheritance key
In Taproot, you only show the path you use to spend
Here's another example:
If you have a 2 of 2 multisig with a 3rd recovery key
Before Taproot, spending showed you had a third recovery key
With Taproot, people only learn about your recovery key when it is used.
Also: Schnorr pubkeys and signatures are smaller than ECDSA
(ECDSA is the signature scheme non-Taproot Bitcoin uses)
So Taproot signatures often take up less blockspace
This means spending Taproot coins is cheaper
So: tl;dr to start using Taproot:
🌱️ You DON'T need a new seed phrase
🥕️ You DO need wallet software that supports taproot
👛️ You DO need to create a new wallet
⬇️ You DO need to receive coins to Taproot addresses
In Liana Wallet, it's as easy as selecting Taproot addresses on installation
If you want to start Taproot maxing, give it a download here
👉️ https://wizardsardine.com/liana
🥕️ Taproot has been live since block 709632 (three years ago)
🥸 It can improve your onchain privacy
💰️ It can save you money
But how the f*ck do you start using it?
First: you need a wallet app that supports Taproot
Second: you have to receive coins to addresses generated by this wallet
(Taproot addresses start with bc1p...)
And now you're using Taproot!
...so what?
Before Taproot, spending a coin revealed all spending paths
So if you had a timelocked inheritance key
Spending with primary key showed everybody you also had inheritance key
In Taproot, you only show the path you use to spend
Here's another example:
If you have a 2 of 2 multisig with a 3rd recovery key
Before Taproot, spending showed you had a third recovery key
With Taproot, people only learn about your recovery key when it is used.
Also: Schnorr pubkeys and signatures are smaller than ECDSA
(ECDSA is the signature scheme non-Taproot Bitcoin uses)
So Taproot signatures often take up less blockspace
This means spending Taproot coins is cheaper
So: tl;dr to start using Taproot:
🌱️ You DON'T need a new seed phrase
🥕️ You DO need wallet software that supports taproot
👛️ You DO need to create a new wallet
⬇️ You DO need to receive coins to Taproot addresses
In Liana Wallet, it's as easy as selecting Taproot addresses on installation
If you want to start Taproot maxing, give it a download here
👉️ https://wizardsardine.com/liana