Before we delve deep into the key things that revolve around Taproot, the latest Bitcoin upgrade that went live this week, it's important to know what is it and why is it important. The Taproot upgrade is the biggest upgrade that Bitcoin has received in the last four years after it saw ‘SegWit' or segregated Witness, the previous upgrade back in 2017. As we are slowly moving towards understanding the world of cryptocurrencies, it's important to know about this latest upgrade, as far as the oldest and the most trusted cryptocurrency in the world is concerned.
Features Of Taproot
Taproot is aimed at improving many things for the Bitcoin network, including privacy features and scalability. Considering this change, one should, now, have a better wallet functionality and a reduced fee structure for complex transactions. The cheaper transaction fee would be one of the most important changes that one could notice after this upgrade.
Taproot upgrade introduces some sets of new rules that you need to know if you want to trade in Bitcoins. With this new addition, you need to use the Taproot address whenever you want to spend coins.
Support For Taproot Upgrade
Cryptocurrency miners as well as investors are quite optimistic about this upgrade. They believe that there are chances that this upgrade will spark the Bitcoin prices in the crypto world. This is a general view that's making the investors and minors believe that it's an opportunity to establish themselves in this arena. There is a reason behind this optimism though.
Last time, when SegWit was introduced, the price legacy climbed by 50 percent in the crypto world. That's why the analysts are expecting something similar this time around as well. However, some of them also believe that the price hike won't be that significant because Bitcoin prices are high already.
This new upgrade has received universal support from the Bitcoin community, which is quite unlike what happened in 2017. With SegWit, a few people from the Bitcoin mining community were unhappy with the update and felt it was a weakness to the blockchain. However, the Taproot upgrade hasn't faced any such resistance and has managed to garner universal support from the Bitcoin community.