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    Bitcoin [HowTo] Create and use a Taproot wallet on Testnet in Bitcoin Core v22.0

    November 28, 2021

    Bitcoin [HowTo] Create and use a Taproot wallet on Testnet in Bitcoin Core v22.0

    [HowTo] Create and use a Taproot wallet on Testnet in Bitcoin Core v22.0

    Posted: 26 Nov 2021 10:44 PM PST

    Disclaimer: This guide describes a Windows-10 setup, uses the Testnet network and requires an external tool to generate a BIP32 extended private key \"xprv" / "tprv"). If you know a good way to generate a "tprv" in v22.0, please let me know.)

    With the activation of Taproot, it is likely a good time to get familiar with the taproot addresses and wallets. Since the surfacing of taproot in the bitcoin-core GUI is still in the early stages, some of this how-to will feel a bit kludgey. Things will get simpler in subsequent releases I'm sure.

    The basic goal of this walkthrough will be to create a Taproot wallet using the descriptor wallet feature and the bech32m config option. This is in no way "required", it is simply a way to familiarize yourself with the new features released this year in bitcoin core.

    Here are the general steps. Feel free to skip ahead as needed:

    [0] TLDR; This got longer than I intended

    1. Install bitcoin v22
    2. Launch in testnet
    3. Create a new descriptor wallet
    4. Use importdescriptors to make a Taproot descriptor
    5. Profit

    If that makes perfect sense, your done, if not, read the detailed steps.

    I. Download Bitcoin-Core v22.0

    If you are already at version 22.0 or v0.21 you can skip this step. This will layout the steps for Window-10. Obviously you shouldn't trust my links, but I'll provide them anyway. The installer hash should be: 9169989d649937c0f9ebccd3ab088501328aa319fe9e91fc7ea8e8cf0fcccede

    1. Download Bitcoin-Core version 22.0 Installer \Onion link for UK folks))
    2. Download the v22.0 checksum file \Onion link for UK folks))
    3. Download the v22.0 checksum signature file \Onion link for UK folks))
    4. Verify the installer download \Onion link for UK folks))

    II. Install Bitcoin-Core v22.0

    The Authenticode thumbprint on the installer should be: 47cda868c6e7c97b54963041922cfd283c2c961d

    1. If this is an upgrade, close any existing copy of bitcoin in execution.
    2. Launch bitcoin-22.0-win64-setup.exe downloaded previously
    3. On the installer UAC verification warning click Show more details
    4. In the expanded details click Show information about publisher's certificate
    5. In the certificate page, click the Details tab
    6. In the details list, click Thumbprint near the bottom
    7. Verify the Thumbprint matches 47cda868c6e7c97b54963041922cfd283c2c961d
    8. Close the certificate window and accept the warning to start the install

    III. Launch Bitcoin-Core v22.0 on Testnet

    We will run and configure on testnet since the coins have no cost. In step #5, you will need to add the following lines to the bitcoin.conf file:

    test.addresstype=bech32m test.changetype=bech32m
    1. On the start menu, search or run "Bitcoin Core (testnet, 64-bit)"
    2. Once loaded, select Options from the Settings menu
    3. Click Open Configuration File and accept the warning
    4. A text editor should open with a blank file called bitcoin.conf.
    5. In the bitcoin.conf file, add the two lines mentioned above, save, and close the file
    6. Exit, close and and restart "Bitcoin Core (testnet, 64-bit)"

    If you are stuck downloading testnet blocks, you can still proceed through step IV and step V

    IV. Generate a testnet tprv to use in Bitcoin Core v22.0

    You can make a tprv any way you want, this is one of the easier ways I know of. For this section, open a blank text file and copy the following three lines to it, we will edit it as we progress.

    your_mnemonic: __mnemo__ getdescriptorinfo "tr(__tprv__/86'/1'/0'/0/*)" importdescriptors "[{\"desc\":\"tr(__tprv__/86'/1'/0'/0/*)#__chksum__\",\"active\":true,\"timestamp\":\"now\",\"range\":[0,1000],\"next_index\":1}]"
    1. Go to Ian's BIP39 site
    2. Change the "Words" selection from 15 to 12 and click Generate
    3. Change the "Coin" selector to BTC - Bitcoin Testnet
    4. In your text file replace __mnemo__ with the text in "BIP39 Mnemonic"
    5. In your text file replace both instances of __tprv__ with the text in "BIP32 Root Key"

    V. Create a Taproot Wallet

    We will make one final edit to your text file so keep it open...

    1. Back in Bitcoin-Core, pick Create Wallet from the File menu
    2. Name your wallet descwallet
    3. Select the "Make Blank Wallet" and "Make Descriptor Wallet" checkboxes, then click Create
    4. Pick Console from the Window menu
    5. At the top of the console window, set the wallet selector to descwallet
    6. From your text file copy the completed getdescriptorinfo command (second line) and paste it in the console (hit enter)
    7. You'll get an 8 character checksum from the command, use it to replace the __chksum__ tag in your text file
    8. From your text file copy the completed importdescriptors command (third line) and paste it in the console (hit enter)
    9. If you get a "success": true response, it worked, you can close your console window.

    For reference, your final importdescriptors command should look something like this, though the __tprv__, and __chksum__ fields will be different, obviously.

    importdescriptors "[{\"desc\":\"tr(tprv8ZgxMBicQKsPdD3rvZEHuMSXTFGG399p6rMxnqyqFnDuNbMLc7xCfLUryJnLqYUHUiRFJKhDpGXJyz5nVsgkidh65PDC5AVWoNEKA2XLSLf/86'/1'/0'/0/*)#czml648s\",\"active\":true,\"timestamp\":\"now\",\"range\":[0,1000],\"next_index\":1}]"

    VI. Get some Testnet coins from a faucet

    You will need to have completed your testnet block download, so if it is still downloading, go to bed and resume this in the morning. If you don't like sketchy faucet sites, just post a testnet-bech32 or testnet-bech32m address and maybe someone on thread will send you some.

    1. From the main Bitcoin-core wallet screen, set the wallet selector (in top right) to descwallet
    2. Click the Receive tab on the main wallet screen
    3. Make sure to UNCHECK Generate native segwit (Bech32) address
    4. Click Create new receiving address to get a taproot bech32m address (starts with tb1p)
    5. Visit https://testnet-faucet.mempool.co/ and answer the captcha (hint: the "plus" sign often looks like "x")
    6. Use the tb1p address you just generated to receive coins from the faucet

    Conclusion

    This was as thorough and simple an explanation as I could manage for using the importdescriptors command to make a Taproot wallet. Ultimately you will likely want to generate some change-addresses and possibly do a keypoolrefill, but if you got this far you can likely figure the rest out. Credit for all of this goes to u/pwuille and bitcoin-dev mailing list for pointing me in the right direction on my previous thread.

    submitted by /u/brianddk
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    Daily Discussion, November 28, 2021

    Posted: 27 Nov 2021 09:03 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Chinese ignore government restrictions and are using crypto to send money to Japan

    Posted: 28 Nov 2021 01:11 PM PST

    Classroom in Slovakia learning the basics of Bitcoin

    Posted: 28 Nov 2021 02:28 PM PST

    I've orange-pilled my colleague 6 months ago into buying $40k worth of Bitcoin. She called me crying for 10 minutes straight for losing her seeds although she still has access to her hardware wallet.

    Posted: 28 Nov 2021 01:04 AM PST

    She was going to throw the device away thinking it was useless without the seeds. We got the funds, re-created another seed for her. You can imagine how she feels now.

    My mistake was over-emphasizing how important her seeds were, without properly explaining what hardware wallets are for.

    We're still early guys.

    submitted by /u/Leader92
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    Bet my entire future on crypto

    Posted: 28 Nov 2021 02:25 PM PST

    Why does the 5 year bitcoin chart look so similar to the 50 year gold chart?

    Posted: 28 Nov 2021 01:41 PM PST

    Why does the 5 year bitcoin chart look so similar to the 50 year gold chart?

    Here is btc from 2016-2021 and Gold from 1970-2021

    I'm a bozo and I really don't know what to make of this, tbh probably just a visual correlation. But
    I think its pretty cool.

    https://preview.redd.it/znmxunbuoe281.png?width=942&format=png&auto=webp&s=97c4805c8f89c067289c7ed8b706a985bcd0c17a

    submitted by /u/Ok-Boat-2008
    [link] [comments]

    Young Lebanese driving crypto 'revolution' after banks go bust

    Posted: 28 Nov 2021 08:49 AM PST

    Turkish Lira Collapses Under Erdogan’s Rule: Can Bitcoin Be a Lifeboat for Locals?

    Posted: 28 Nov 2021 08:48 AM PST

    Some Amazing Jeff Booth Clips From His Talk on Technology Deflation Driving Monetary Inflation & Bitcoin - Nov 3 2021

    Posted: 28 Nov 2021 06:49 AM PST

    Ponzi scheme - Watch out - Indians in the action

    Posted: 28 Nov 2021 01:27 PM PST

    Open letter to all tourism based economies looking to revive their economy.

    Posted: 28 Nov 2021 08:08 AM PST

    Maldives, Carribean Islands, Macao, Seychelles, Fiji, Thailand, Dubai.

    These are just some of the economies that have been hit hardest by border closures.

    At the same time many regular people around the world have lost jobs and if they managed to keep their job inflation is currently erroding the amount of money they have available to spend on tourism. Bitcoin and crypto holders however have seen their networth increase 15x (1,500%) since March 2020.

    Because of this bitcoin holders have become a desired tourism cohort that countries want to attract because they have money to spend.

    Bitcoiners love travel but they dislike banks. Therefore the only thing countries need to do to attract bitcoiners to their shore is to make it easy for them to travel without needing a bank or bank card.

    Bitcoiners want to be able to travel to a destination with nothing but a crypto wallet, they do not want to rely on any form of bank or bank card.

    In cash based societies like Thailand this can be easily achieved by making every ATM also accept bitcoin for cash without any identity requirements. In the same way I can walk up to an ATM with a card and get cash I should be able to walk up to an ATM with a bitcoin wallet and get cash. This one change would make Thailand extremely desirable to bitcoin tourists.

    In resort based societies like the Maldives all that needs to happen is to allow for hotel bills to be settled with bitcoin. So allow hotels to accept bitcoin as legal tender and help provide them with exchange services to allow this.

    In advanced societies like Dubai making bitcoin legal tender and following similar steps to El Salvador would be the way to go. The department of technology could develop a lightning point of sale app for use by businesses where sats are converted to AED dirhams and deposited into a specified bank account.

    These are some simple steps each of these types of economies could take in order to leverage 2022 and 2023 as a way to out compete all other tourism destinations and attract the now 200 million bitcoin holders around the world who have new found riches to spend.

    It really is simple. Create an environment that allows people to travel to and enjoy your country with nothing but a bitcoin wallet, no banks or bank cards needed at all.

    submitted by /u/slvbtc
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    CNBC: "Bitcoin Has Entered Bear Market" <-- LOL

    Posted: 28 Nov 2021 02:35 PM PST

    401k options

    Posted: 28 Nov 2021 10:46 AM PST

    Howdy, I wanna transfer money from a dormant 401k into bitcoin. Should I buy bitcoin with ItrustCap or just do a self directed with GBTC? Pros and cons? I'm new. I appreciate your input.

    submitted by /u/Algeroth81
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    I am thinking about putting my saving into BitCoin during this dip

    Posted: 28 Nov 2021 01:49 AM PST

    I don't want to be specific, but I have four digits worth of FIAT that I'm saving for UNI. This money is in my bank doing nothing.

    Considering that BitCoin has high chances of being more valuable in the future, instead of having my saving be eaten by inflation wouldn't better to put it into my exchange and let it grow in value?

    The only problem is that I'm a bit anxious about the idea, I don't want mom to be disappointed in me. :(

    PS.: What I would to have this one's courage!

    submitted by /u/PontificeMaximos
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    /r/technology Bitcoin thread bingo

    Posted: 28 Nov 2021 02:04 PM PST

    Bitcoin is the Mycelium of Money (Documentary)

    Posted: 28 Nov 2021 04:01 PM PST

    Just YOLO’ed my inheritance into BTC.

    Posted: 27 Nov 2021 02:28 PM PST

    Thanks memaw.

    Edit: for those wondering how much I don't want to say exactly…but it was either all-in on BTC or I could have bought 100,000 cans of tennis balls.

    Second Edit: For people who think this isn't what she would have wanted and that I should have been more risk adverse…my grandmama once told me, "diversification is for women, children, and punk ass bitches." True story.

    Another Edit: I've had a few people say this is just a troll post and I've asked them to PM me so we can workout some proof and no one has taken me up in it. First person to PM I'll offer proof in one of two ways. Option A (low risk): I show you a screenshot of my bank withdrawal and you can see the money going to the exchange. It's not foolproof but you'll have to take my word for it that it went to BTC. You get evidence and we can all walk away like you didn't try to call me out. Option B (high risk): We work with a Mod and I'll show you the purchases on my exchange history. When you see that I did in fact YOLO a very large amount of money into BTC then you get banned from the sub. If I'm lying then obviously I'll take the ban. But we all know who is going to come out on top here. I put my money where my mouth is so now is a chance for you to do the same if you don't believe me.

    submitted by /u/DirtyMike01
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    Michael Saylor Scam Video , 12+ btc stolen . Huge Fraud (probably hundred+ btc stolen total)

    Posted: 28 Nov 2021 04:20 PM PST

    Adopting bitcoin could potentially increase your countries pre-pandemic tourist numbers by 400% adding billions in GDP as a way to assist economic recovery over the coming years.

    Posted: 28 Nov 2021 03:17 PM PST

    Estimates state 2 billion people are unbanked and 6 billion in total are underbanked. Leaving only 1.5 billion people with access to full service bank accounts with access to international utility and internationally accepted bank cards.

    This video shows Andreas Antonopoulos going into detail about this problem;

    https://youtu.be/W-Y_F3PS4JE

    The problem is not a lack of money it is a lack of identity documents, a lack of a recognised employer, a lack of immigration status, and even a lack of social status in many countries, if you don't look like you belong inside a bank the guards won't even let you inside the building. In most of the world banking is seen as an elitist luxury that many are shut out from and if they can get banking they can only get a single currency deposit account with a card that can only be used at local ATMs, these cards cannot even be used to purchase things online let alone overseas. These people have money to spend they just dont have that special card with visa written on the side that allows them to join the rest of the travelling world.

    The problem is profound and obvious and cannot be solved by banks even if they try to offer centralised mobile money apps, because these don't interoperate and dont scale internationally. Bitcoin is the only way to solve this problem.

    You cannot travel internationally paying with cash, hotels and airlines strictly require credit cards to start with, and who wants to hold all their holiday funds in cash in their suitcase. So this would suggest only 1.5 billion people on earth have the ability to travel internationally.

    Given the global border closures now there are plenty of hard hit tourism based countries that desperately need to boost their tourism sector by encouraging visitors. Turning their economy towards accepting bitcoin as legal tender would essentially open up travel to those other 6 billion underbanked people around the world. Instead of trying to deal with getting a bank account to go on holiday they would need nothing more than a bitcoin wallet to allow them to enjoy a holiday.

    Allowing bitcoin as legal tender increases a countries potential number of tourists by five times. That is a huge opportunity.

    Take a country that had 100 million visitors in 2019 and now has 5 million. They want to return to that previous number but it will take many years. Allowing bitcoin as legal tender could potentially speed up this recovery tremendously. Instead of taking until 2025 to return to normal tourist levels they could be back to those levels by 2023.

    Then there is the fact these 6 billion unbanked people are like an untapped resource that have always wanted to travel but can't because the headache of banks has always stood in their way. The first countries that offer them the ability to travel with nothing but a bitcoin wallet will benefit tremendously. We see this already with the boost in tourisim to El Salvador.

    In summary: If you are a country that wants to boost tourism then turning your economy towards accepting bitcoin would increase your market of potential tourists by five times and tap a cohort of tourists that have always been deprived of international travel.

    submitted by /u/slvbtc
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    Kazakhstan plans to build nuclear power plant to mine cryptocurrencies and Russia will help

    Posted: 27 Nov 2021 03:56 PM PST

    Protection of purchasing power?

    Posted: 28 Nov 2021 03:10 PM PST

    There are various reasons people own Bitcoin but the main argument I see is a means protecting your purchasing power but I find that reasoning paradoxical in a sense. If you're protecting the purchasing power of you're fiat you're essentially betting on someone paying you more fiat for some amount of Bitcoin. That just seems illogical to me. Surely to protect the purchasing power of your fiat you'd buy productive assets that produce more fiat? Am I thinking about this in the right way? I'd understand the logic if the world was denominated in Bitcoin and accumulation was the aim of the game.

    Can someone change my mind? How is Bitcoin a sensible store of wealth?

    submitted by /u/larrytheliquidator
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    Is .035xxxxx bitcoin honestly worth holding right now?

    Posted: 27 Nov 2021 07:18 PM PST

    I bought in a small amount last year before this insane bull run, definitely kicking myself wishing i wouldve bought more, had life get in the way so i was absent from buying dor a few months but have started to DCA, it just feels like ill never catch up to owning even .1 Bitcoin. Im debating on selling and trying to play some options so i can use those gains to buy back in with more buying power. Risky i know. Stupid? Probably. Should i play it safe and just hold while slowing buying more instead?

    submitted by /u/bray799
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    Bears vs. Bulls

    Posted: 28 Nov 2021 05:30 AM PST

    Summaries of Bitcoin Articles from Last Week

    Posted: 28 Nov 2021 08:26 AM PST

    Hey Hodlrs, back again with 8 interesting Bitcoin-related headlines from last week. A few international stories included in this weeks roundup!

    El Salvador to Build a Bitcoin City: El Salvador has said that it intends to construct the world's first "Bitcoin City." President Nayib Bukele recently revealed that the City would be built in the eastern part of La Union, fueled by a neighbouring volcano. El Salvador became the first nation in the world to legalize bitcoin in September. For more than two decades, the nation has been denominated in US dollars. The nation intends to use a $1 billion tokenized bond to finance the City's building and infrastructure for bitcoin mining. The City's only tax will be a 10% value-added tax to assist finance development and future expenses.

    IMF Warns El Salvador Against Using Bitcoin as a Legal Tender: Bitcoin "should not be utilized as legal money" in El Salvador, according to the International Monetary Fund (IMF). "Given Bitcoin's exceptional volatility, its use as legal tender raises serious concerns regarding financial regulation, fiscal responsibility, and economic stability," according to IMF specialists. "Additionally, its utilization results in contingent obligations on the budget. Bitcoin should not be utilized as legal money due to these issues." While the IMF staff lauded El Salvador's economic progress and financial inclusion, they emphasized that the nation should enhance regulation and monitoring of its new payment ecosystem to address consumer protection, anti-money laundering, and counter-terrorism funding concerns.

    Norway is Considering Banning Bitcoin Mining, Laos Embraces it: Following China's lead, Norway may be the next nation to crack down severely on Bitcoin mining activities. The Nordic nation has raised the alarm about the possible environmental effect of cryptocurrency mining. According to Euronews Next, Norway, which became a popular location for miners during the massive China exodus, is also contemplating implementing a ban on Bitcoin mining. However, while Norway is attempting to ban crypto mining, a Southeast Asian government is implementing regulations that seem to be pro-Bitcoin. Laos, a debt-ridden nation, is attempting to capitalize on the cryptocurrency business by enacting new legislation governing crypto mining and exchange activity.

    Michael Saylor Impersonator Steals Almost $4 Million in Bitcoin: In a giveaway scam, an imposter masquerading as MicroStrategy's Michael Saylor was able to dupe victims of nearly $4 million. The scammer posed as the firm's pro-Bitcoin CEO on a website. He then requested that site users contribute some Bitcoin to a specific address, promising to double the amount for them. To accelerate the progress of general bitcoin acceptance, we have decided to host a 5 000 BTC giveaway," the bogus website stated. As of now, the scammer's address had received over 80 BTC from 50 transactions totalling over $4.5 million.

    Stripe is Reconsidering Adopting Bitcoin as a Payment Option: Stripe is reconsidering the possibility of integrating cryptocurrencies as a payment method in the future, according to co-founder John Collison. Previously, the company discontinued support for Bitcoin payments in 2018, citing the currency's high volatility and inefficiency for everyday transactions. Collison said that although the corporation is not yet prepared to state definitively that it is ready to begin crypto acceptance, it is still a possibility that might materialize in the future. Previously, the online payment processor with a $94 billion market cap discontinued service for Bitcoin payments after the 2018 market fall. Officially, the asset's volatility and hefty costs during periods of heavy network traffic were cited as reasons.

    Kazakhstan Plans to Use Nuclear Power for Bitcoin Mining: Kazakhstan is pondering nuclear energy to solve power grid concerns caused by the flood of Bitcoin miners into the nation after China's cryptocurrency ban. Kazakhstan's domestic power usage increased by 8% in 2021, a rise ascribed to the entrance of Chinese Bitcoin miners. Increased usage has resulted in a substantial imbalance in the power system, resulting in inconsistent power supply and unstable electrical services, exacerbating the local population's problems. According to IP data from the Cambridge Centre for Alternative Finance, Kazakhstan is second in the world for Bitcoin mining power control, after the United States, with an 18.1 percent share of the global hash rate.

    Morgan Stanley Adds More Bitcoin: Morgan Stanley's investment funds boosted their exposure to Bitcoin by purchasing shares in Grayscale Bitcoin Trust. The Morgan Stanley Insight Fund boosted its holdings in Grayscale Bitcoin Trust, or GBTC, shares by more than 63%, from 928,051 in the second quarter of 2021 to 1,520,549 as of Sept. 30. Morgan Stanley seems to be sinking its toes further into the crypto world, whether indirectly via Grayscale or directly through its endorsement of blockchain platforms. In September, the business announced that it will establish a crypto-focused research branch to examine the "increasing relevance of cryptocurrencies and other digital assets in global markets."

    Bitcoin Overtakes Paypal in Terms of Value Transferred: According to Blockdata's marketing study, "When might the Bitcoin network process volumes comparable to Mastercard and Visa?" The Bitcoin network processed around $489 billion per quarter on average in 2021. PayPal, in comparison, averaged roughly $302 billion every quarter over the same time. Mastercard's network handled an average of $1.8 trillion each quarter over the same period, whereas Visa's network processed an average of $3.2 trillion per quarter. As the data indicates, Bitcoin now processes around 27% of what Mastercard processes each quarter and approximately 15% of what Visa processes.

    Fintonia Launches Two Bitcoin Funds in Singapore: To meet the growing demand for digital asset funds, Singapore-based fund manager Fintonia Group has launched two institutional-grade funds tracking the performance of Bitcoin. Fintonia Bitcoin Physical Fund and Fintonia Secured Yield Fund are two new products launched by the Monetary Authority of Singapore-regulated financial services organization (MAS). Fintonia Bitcoin Physical Fund is intended for institutional investors seeking direct exposure to bitcoin. This implies the company will acquire Bitcoin directly rather than a derivative instrument based on the cryptocurrency. By contrast, the Fintonia Backed Yield Fund is designed for investors seeking access to private loans secured by Bitcoin.

    submitted by /u/poohperoni
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    Man sells his 1,000 BTC for shitcoins on advice of a "crypto investor," then proceeds to lose all of his money. He then tracked down the investor, kidnapped him, and extorted his family in an attempt to get the money back.

    Posted: 27 Nov 2021 06:50 AM PST

    Bitcoin Echo Chamber: Engineering on a Bitcoin Standard with Michael Chapiro BEC056

    Posted: 28 Nov 2021 01:33 PM PST
    Read more
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