{"id":11305,"date":"2022-02-11T19:48:12","date_gmt":"2022-02-11T19:48:12","guid":{"rendered":"http:\/\/ci02999787a001263c"},"modified":"2022-02-11T19:48:12","modified_gmt":"2022-02-11T19:48:12","slug":"bitmex-adds-bitcoin-taproot-support","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/bitmex-adds-bitcoin-taproot-support","title":{"rendered":"BitMEX Adds Bitcoin Taproot Support"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>BitMEX has added support to Taproot, Bitcoin\u2019s latest upgrade.<\/li>\n<li>As Taproot adoption increases, users will benefit from increased privacy, reduced transaction fees, and more flexible smart contracts.<\/li>\n<li>Taproot was activated on the Bitcoin protocol on November 14, 2021 at block 709,632.<\/li>\n<\/ul>\n<p>Cryptocurrency trading platform BitMEX added support to Taproot addresses, the company said in a statement Friday.<\/p>\n<p>\u201cAs of today, BitMEX supports withdrawals to Bech32m Bitcoin addresses,\u201d per the <a href=\"https:\/\/blog.bitmex.com\/bitmex-supports-sending-to-taproot-addresses\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cThe first BitMEX client withdrawal to such an address occurred earlier today.\u201d<\/p>\n<p><a href=\"https:\/\/bitcoinmagazine.com\/technical\/short-bitcoin-taproot-explainer\">Taproot<\/a> was activated as a soft fork upgrade to the Bitcoin network in November to improve privacy and efficiency of transactions while increasing the flexibility of Bitcoin\u2019s scripting capabilities. The upgrade introduced a new output type, Pay to Taproot (P2TR), using the new <a href=\"https:\/\/github.com\/bitcoin\/bips\/blob\/master\/bip-0350.mediawiki\" target=\"_blank\" rel=\"noopener\">Bech32m<\/a> address format and allowing bitcoin spending to look the same regardless of whether it involves a simple transaction, a more complex multisig one, or a Lightning Network-related transaction.<\/p>\n<p>According to <a href=\"https:\/\/bitcoinmagazine.com\/technical\/bitcoin-optech-universal-transactions\">Bitcoin Optech newsletter issue 154<\/a>, Bech32m is slightly different from its predecessor, <a href=\"https:\/\/github.com\/bitcoin\/bips\/blob\/master\/bip-0173.mediawiki\" target=\"_blank\" rel=\"noopener\">Bech32<\/a>, as it changes the \u201c0x01\u201d constant in the checksum function for \u201c0x2bc830a3.\u201d<\/p>\n<p>\u201cBitMEX is proud to use the latest Bitcoin technology, to provide better features and lower fees for our users,\u201d per the statement.<\/p>\n<p>The more complex the spending conditions, the more the user can save in transaction fees by using Taproot as the new address type makes nearly any transaction look like a simple, single-signature one. The upgrade also enables larger and more complex operations to be deployed on Bitcoin that were previously unfeasible or almost impossible.<\/p>\n<p>BitMEX took a step in the right direction by enabling the latest Bitcoin functionality to its users as most of the possibilities unlocked by Taproot can only be actualized once a considerable chunk of the network starts using the upgrade.<\/p>\n<p>Popular mobile financial platform and broker Cash App <a href=\"https:\/\/cash.app\/help\/us\/en-us\/20211114-bitcoin-taproot-upgrade\" target=\"_blank\" rel=\"noopener\">added support to Taproot<\/a> in December.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Users of the trading platform can now save in fees by withdrawing their funds into Taproot addresses.<\/p>\n","protected":false},"author":2572,"featured_media":11306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1536,93,1075],"class_list":{"0":"post-11305","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitmex","9":"tag-news","10":"tag-taproot"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitmex-blocks-hong-kong-bermuda-and-seychelles.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=11305"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/11305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/11306"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=11305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=11305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=11305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}