Title: Bitcoin Taproot (Bech32m - bc1p) adoption Post by: SquirrelJulietGarden on July 14, 2022, 02:53:21 AM INDEX
What is Taproot? Taproot is a softfork that makes Bitcoin transactions more private, scalable and opens to smart contract functionality. With Taproot (P2TR) transaction, you will save more transaction fee as size of transaction will be smaller. Transaction fee saving can be like this
How do I know a Bitcoin address is a Taproot address? Bitcoin Taproot address (bech32m) starts with bc1p. It is a little different than Native Segwit address (bech32) that begins with bc1q. Remember the minor difference with p for Taproot and q for Segwit. Other address types
Short Bitcoin Taproot explainer (https://bitcoinmagazine.com/technical/short-bitcoin-taproot-explainer) Wallets that support Taproot Check in Bech32 adoption (https://en.bitcoin.it/wiki/Bech32_adoption) Software wallets Hardware wallets Web wallets Exchanges Payment processors Block explorers, Mining pools, please get details in Bech32 adoption (https://en.bitcoin.it/wiki/Bech32_adoption) Create Taproot address for your Bitcoin There are some non-custodial wallets that support Taproot.
Receive or send your Bitcoin with Taproot address
Check Bech32 adoption with charts txstat from BitMEX BitMEX has built a site for Bitcoin statistics. They have charts for Bech32 statistics (general, bech32 includes bech32m) and Taproot statistics
Number of P2TR inputs and outputs per day from transactionfee.info
Reference
Title: Re: Bitcoin Taproot (Bech32m - bc1p) adoption Post by: o_e_l_e_o on July 14, 2022, 07:15:17 PM Transaction fee saving can be like this Taproot transactions are not necessarily smaller than native segwit transactions. A taproot input is 10.5 vbytes smaller than a native segwit input, but a taproot output is 12 vbytes larger than a native segwit output. Therefore, a transaction consolidating many taproot inputs will be smaller than a native segwit equivalent, but standard 1-input-2-output taproot transaction will be larger than its native segwit equivalent.
Other address types Native segwit is called P2WPKH, not bech32. Bech32 is the name of the character encoding scheme.
Title: Re: Bitcoin Taproot (Bech32m - bc1p) adoption Post by: Charles-Tim on July 17, 2022, 07:42:26 AM For multisig comparison, taproot transaction fee cheaper because of key aggregation.
For single key transaction Transaction vbyte for 1 input and 1 output, P2TR is 111 vbyte Transaction vbyte for 1 input and 1 output, P2WPKH is 109.5 vbyte The fee for P2WPKH with the same input and output is lesser than that of P2TR. Use this calculator (https://bitcoinops.org/en/tools/calc-size/) to know the input and output vbyte for input and output count, you will be able to understand more about o_e_l_e_o post. I have some fee comparison here: https://bitcointalk.org/index.php?topic=5370591.msg58417300#msg58417300 For consolidation of inputs, P2TR transaction will have low fee if compared with P2WPKH If paying to many addresses just like campaign manager paying campaign participants on this forum, P2WPKH is cheaper. Title: Re: Bitcoin Taproot (Bech32m - bc1p) adoption Post by: SquirrelJulietGarden on March 02, 2023, 05:57:50 AM Taproot (Bech32m, starts with bc1p) adoption has changed upwards a lot since July 2022 when I made this topic.
Some screenshots today to compare with less than one year ago. Screenshots are taken from https://txstats.com/dashboard/db/taproot-statistics?orgId=1 https://transactionfee.info/charts/inputs-and-outputs-p2tr/ https://transactionfee.info/charts/transactions-spending-taproot/ If you want to support Taproot adoption and want to have your own Taproot addresses, follow this Create Taproot address for your Bitcoin (https://bitcointalk.org/index.php?topic=5405946.0) |