What is taproot upgrade and how it will benefit bitcoin holders.

Taproot is a soft fork that improves Bitcoin’s scripts to increase privacy and improve upon other factors related to complex transactions. Transactions on the Bitcoin network can use various features that make them more complex, including timelock releases and multi-signature requirements.

Taproot makes it possible to hide the fact that a Bitcoin script ran at all. Other benefits are:

  • Reduced amount of data to be transferred and stored on the blockchain.
  • More transactions per block.
  • Lower transaction fees.

To me, this will be super important because it keeps bitcoin true to crypto dream.  

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Bitcoin crossing $70k before 2021 - Yes or No?
Bitcoin crossing $70k before 2021 - Yes or No?

Bitcoin Taproot Upgrade - Is it the Move In The Right Direction? MY VIEWS: The upcoming taproot upgrade is true to satoshi dream that is privacy oriented and permissionless banking. Hence the bitcoin miners are voting on the implementation of taproot upgrade, which integrates Schnorr cryptographic signatures that can be used instead of current ECDSA. Antpool, Foundry USA and Slushpool has already voted for this upgrade. So, my opinion is yes and in November we might see btc nearing $70k.

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