To use Taproot, users must update their wallets.
Taproot offers more privacy and lower expenses, says the Trezor team.
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With the new Taproot update already active, now the Trezor hardware wallets become the latest ones that add support for P2TR addresses (Pay to Taproot). With this, Trezor users will be able to send and receive bitcoin transactions using this enhancement introduced to the Bitcoin network in mid-November.
The information was given by Trezor herself through a post on her blog. In her, describe Taproot as an improvement from which ‘long-term effects on the utility and adoption of Bitcoin and [que]in turn, it will see further progress in the years to come. ‘
Trezor hardware wallets are now compatible with the recent Bitcoin Taproot update. This introduces several changes to how your wallet works, including a new account type and Taproot addresses.
To use Taproot, the user will have to add a Taproot account in their Trezor Suite interface, in addition to having the latest firmware update for your device. Version 1.10.4 for the Trezor Model One and, for the Trezor Model T, update 2.4.3.
“Once you have updated your Trezor firmware and are running the latest version of Trezor Suite, you can create a new Taproot account by going to the Accounts page,” the text says.
Trezor points out in turn that the more people use Taproot addresses, the greater the privacy benefits and commission savings you will get. “In the future, it is likely that Taproot will have more support and will become the default account type”, they add in the statement.
Before Trezor added support for Taproot, Ledger, one of its main competitors among providers of physical Bitcoin wallets, had already done so.
As we reviewed in CryptoNews, Ledger announced the inclusion of P2TR addresses last November, just over a week after the update was activated in the Bitcoin code.