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Taproot - a major global Bitcoin upgrade

09.11.2021 Kravox

#taproot #bitcoin (btc)

On November 9, 2021, Bitcoin jumped to a new all-time high of $68,500. One of the driving forces behind the price of the oldest cryptocurrency is the global Taproot Bitcoin update. It will significantly increase the blockchain's throughput, introduce several improvements and add new features.

Following the network upgrade on November 16, bitcoin's blockchain will become more transaction-efficient, scalable, and flexible. The upgrade should positively reduce transaction fees, which have risen sharply over the past year.

Taproot is the first global upgrade of the BTC blockchain since 2017. This upgrade will make significant changes to the network's code and expand the flexibility of Bitcoin smart contracts. Taproot will also significantly affect the speed of transactions and add more privacy to multi-signature transfers, making them similar to those signed with a single signature.

Taproot upgrade will boost Bitcoin's position as an investment asset with improved transactional capabilities, thus proving that the first cryptocurrency won't cede its leadership in the market at all.

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