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 the primary key showed everybody you also had an inheritance key. In Taproot, you only show the path you use to spend.

Here's another example:

Before Taproot, if you have a 2 of 2 multisig with a 3rd recovery key, spending coins from your wallet revealed that 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 from a dropdown menu on installation. If you want to start Taproot maxing, give it a download here