Right now, to buy Bitcoin is like owning a pet rock. You can hodl for a while and you can certainly sell. However, in terms of utility, Bitcoin might be one of the worst performing cryptocurrencies out there. The good news however, is the Taproot upgrade is about to drop very soon. Promising privacy, efficiency and Smart Contracts.
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Taproot Upgrade in the House
Taproot is the first major upgrade in four years to finally improve utility for the network. It could be divided into three smaller upgrades in one package. It utilizes Schnorr signatures which drastically add to the capabilities of the network.
To begin with, the emphasis seems to be on the Smart Contracts capability. Although users can store their smart contracts on Bitcoin blockchain now, the network is not as suitable as of others like Ethereum. DeFi and DApps are crucial at this point to bring about network activity. In both cases Ethereum is leading the pack as the most-preferred blockchain.
Looking at details, it is not likely for Bitcoin to steal the spot from Ether but the upgrade will at least narrow the huge gap. Subsequently, we can expect network activity to grow as a result.
On the privacy side of things, Schnorr signatures allow for multi-signature transactions to appear as single transactions. This is of course great for privacy yet a cause of concerns for governments.
As for transaction fees, the upgrade will reduce the required data for multi-signature transactions. With less data and less complexity comes better transaction fees for sure.
Buy Bitcoin Ahead of Upgrade?
Block 709,632 is when Taproot goes live and it will eventually have an impact on the price. As for how big of an impact, it solely depends on media coverage and publicity. The upgrade is not groundbreaking by any means. In fact, there are hundreds of better networks for each utility we have discussed.
Some analysts believe Taproot will have minor impact on the price. On the other hand, we have previously seen how bullish news can cause massive rallies for BTC. If the upgrade is widely covered on media platforms, just the news alone can cause up to 30% surge in short-term.
As for the question should you buy Bitcoin, the upcoming upgrade is a bullish sign, whether big or small.
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