Bitcoin's Taproot upgradation - Dad Will Be Dad

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Nowadays, there have been several rubbish reports published stating that Ethereum will overtake bitcoin in all aspects. We all know that currently, both the blockchains work on proof of work mechanism. Ethereum's latest upgrade to move from Pow to PoS is an amazing thing to happen because the Proof of work protocol has some environmental issues. Bitcoin should always be mined with green energy and not coal energy. But recent news of Bitcoin's Taproot up-gradation will shake the people who assume that bitcoin will have no value in future.

Bitcoin is dad and will be a dad for sure if Taproot up-gradation is successfully updated.

Bitcoin’s Taproot upgrade gets approval from crypto miners overwhelmingly. This upgrade will improve the transaction privacy and efficiency of the bitcoin blockchain.

Now, the experts believe this will be a revolutionary moment for the bitcoin blockchain

The Taproot upgrade is set to come into effect from November 2021.

Why upgradation needed?

It is well known that the bitcoin blockchain has no other than cryptocurrency. Bitcoin blockchain has its native coin BTC which runs the entire blockchain. To get more adaption from the modern society, bitcoin blockchain needs to have smart contract runs over it cheaply. as another blockchain such as Ethereum and Solana. According to Sathvik Vishwanath, this taproot upgrade will bring in better privacy and transparency in transactions, and the smart contracts capability is being added to the bitcoin blockchain network for the first time.

Who suggest Taproot Upgradation?

Taproot was proposed in 2018 by Gregory Maxwell. Maxwell is a developer for Bitcoin Core- an open-source software created by Blockstream. Bitcoin Core is the predominant software client for Bitcoin, meaning it allows individuals to interact with the blockchain. By downloading Bitcoin Core, people can take part in validating transactions on the Bitcoin blockchain.

Benefits of Taproot Upgrade

1. Taproot Upgrade will bring in better privacy and transparency in transactions,
2. Taproot upgrade will enable the bitcoin blockchain to run smart contracts over it.
3. Bitcoin transactions will be cheaper than today after the Taproot Upgradation

What's great for an Investors?

Bitcoin (digital gold) has been the best asset than gold or the stock market for investors for a couple of years. The bitcoin price is highly volatile and it is a kind of risky investment but yet many people have made fortune out of it. If we compare the return of holding bitcoin, gold, oil and Dow jones, Bitcoin is way ahead of all the assets.

The up and down in the price of cryptocurrencies depends on the practical use cases of the digital asset that are adopted by the masses. This Taproot upgrade will surely propel the bitcoin price like never before as per my view -Not financial advice.