A Bitcoin Taproot address is a relatively new kind of Bitcoin address. Also known as Pay-to-Taproot (P2TR) addresses, it leverages the Taproot protocol to provide a more efficient mechanism for transacting with Bitcoin.
Taproot is the latest Bitcoin address format designed to enhance privacy, scalability, and scripting capabilities. Addresses in this format start with "bc1p."
Taproot allows the aggregation of multiple signatures, making complex transactions more efficient and cost-effective.
Taproot has enabled new smart contract functionalities on Bitcoin, paving the way for the emergence of Ordinals and Bitcoin-native tokens like BRC-20 and Runes.
Example Taproot Address: bc1pavlmkapyn630588yvykxuhhwgzke7d7h0lcgca8a9uczcrct8elq7aqmt8