Advertisement
Sunday, Jun 26, 2022
Outlook.com
Outlook.com

What Bitcoin Taproot Upgrade Means For Investors

Taproot upgrade comes with various features to assist investors. This major upgrade comes after 2017 for Bitcoin. It will assist Bitcoin blockchain to perform more complicated transactions, potentially widening the virtual currency's use cases.

What Bitcoin Taproot Upgrade Means For Investors
What Bitcoin Taproot Upgrade Means For Investors
outlookindia.com
2021-11-18T08:03:09+05:30

The most popular cryptocurrency Bitcoin got its latest upgrade, popularly known as Taproot, last Sunday after four years. The upgrade will assist Bitcoin blockchain to perform more complicated transactions, potentially widening the virtual currency's use cases and making it a little more competitive with Ethereum for processing smart contracts.

"Over the years, mainstream Bitcoin narrative has been largely restricted to its price movement. Yet the inherent elegance of Bitcoin as money that captured the imagination of its early adopters, regulatory challenges apart, related to its dynamic nature. The fact that Bitcoin is programmable and upgradable was seen as a key feature that was missing in traditional forms of money. But with more nimble alternatives, as well as the difficulty of creating community consensus, some believed that Bitcoin wasn't delivering on its promise. The Taproot upgrade changed all of that. It is a quantum leap in the technology and architecture of Bitcoin transactions," says Ajeet Khurana, an advisor to crypto projects worldwide.

What Is Taproot?

Taproot comprises various upgrades, "Schnorr" is the first which has been introduced to make Bitcoin transactions more efficient and more private.

 Moreover, it can also be leveraged to let Bitcoin users perform more complex and smart contracts. Taproot would be the Bitcoin network's capacity to process more smart contracts, as Ethereum does.

 

What’s In It For Bitcoin Investors?

The Taproot upgrade is expected to make the whole experience better for Bitcoin investors.

The Taproot upgrade is beyond just Bitcoin prices. "This upgrade is unlikely to influence prices instantly, it does cause the Bitcoin network to become stronger, better, and more usable. As a result, it bodes well for everyone, including investors," says Khurana.

With Taproot, Bitcoin has overcome several of its limitations, and become more valuable. "For investors who were worried that Bitcoin may get obsolete, this is a relief. While Taproot may not lead to a sudden increase in prices, it certainly makes Bitcoin a less risky investment. Hence, Taproot is a positive for investors, "says Khurana.

It’s more about technological change. “The soft form aims to bring about changes in the long-term, technologically, rather than being a price catalyst,” says Gaurav Dahake, CEO and founder of Bitbns.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement