Bull Bitcoin’s Payjoin Trading: A New Approach to UTXO Consolidation and Privacy

CYBERSPACE, November 5, 2026 — Bull Bitcoin is now the first Bitcoin exchange in the world to introduce Payjoin as a deposit and withdrawal option, unlocking two new concepts: Payjoin-by-default and Payjoin trading.

Every time a BULL Wallet user buys or sells Bitcoin on-chain via our embedded exchange integration, that transaction will be a Payjoin by default. This will allow Bitcoin buyers to passively aggregate their wallet's UTXOs, which can reduce their Bitcoin mining fees in the future.

Many Bitcoin users do not even know that they must periodically "merge" their coins by spending them to a new address in their Bitcoin wallet if they want to reduce the economic costs of future Bitcoin transactions. Payjoin-by-default automates this process.

Not only does this help reduce the size of Bitcoin's UTXO set, making it easier for everyone to run a Bitcoin node, but it also reduces fee pressure for every Bitcoin user.

Payjoin trading is a novel concept which protects users from malicious actors trying to gain insights into their financial habits by conducting chain analysis. Because transaction amounts in Bitcoin are public, it's possible to reverse engineer information such as someone's salary or trading strategies such as dollar-cost averaging.

Bull Bitcoin is a non-custodial exchange, so every trade leaves an on-chain trail.

The widespread adoption of Payjoin in the Bitcoin network makes common input ownership and change output detection heuristics less reliable. Our Payjoin implementation reduces round numbers and address reuse, and reduces the possibility of third-party onlookers guessing the fiat value of Bitcoin transactions.

Introducing Payjoin-by-default and Payjoin trading means that the more people use Bull Bitcoin, the more privacy the Bitcoin network gains as a whole.

This is part of our philosophy to align the incentives of our company with the interests
of all Bitcoin users.

In December 2024, BULL Wallet became the world's first Bitcoin wallet to integrate the Payjoin V2 protocol. This was a highly experimental project coordinated with Dan Gould and the Payjoin Dev Kit team, who have since founded the Payjoin Foundation.

Researchers have used the insights from this experimentation to improve the Payjoin experience to make it more seamless and resistant to attacks. The software powering Payjoin, both for the wallet and for the exchange, is fully free and open-source.

To benefit from these features, all a user has to do is download BULL Wallet, create a Bull Bitcoin exchange account, and log into their account via the BULL mobile app. The rest happens automatically, like magic!

Francis Pouliot
Founder and CEO of Bull Bitcoin

Founded by Francis Pouliot in Canada in 2013, Bull Bitcoin is the world's longest-running Bitcoin-only exchange. Its non-custodial platform lets customers in Canada, Europe and Latin America buy Bitcoin directly into their own wallet and sell Bitcoin to their bank account. Bull Bitcoin also develops BULL Wallet, a free and open-source self-custodial Bitcoin wallet. The company has been self-funded since its inception.

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