adoption: Bitcoin Taproot potential impact and price predictions

adoption: Bitcoin Taproot potential impact and price predictions

< Show Wisdom Collection: Bitcoin Taproot potential impact and price predictionsarticle avatarSean Larkin

Traditional, Blockchain and Crypto CFO - Member of MMBA

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

If you combine the rollout of Taproot in November of 2021 with bitcoins location within its' market cycle, we could see a uniquely bullish 2022 (at least early on). There is no denying what the 'visions of defi' did for the Ethereum price during the first legs of this bull run. Now, we will get to see what that looks like within the massive bitcoin market. Taproot will lead to both the (long deserved) adoption of the Lightning Network, a 2nd layer btc payments solution), and also the adoption of, bitcoin native, defi solutions. With those two developments in mind, I am not going out on a limb to suggest this could lead to significant hype, development, and price appreciation of btc.

article avatarVision N

Full Stack Developer / Crypto / Blockchain

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

First of all, a major upgrade of the Bitcoin blockchain was done four years back. Now, the Bitcoin Taproot upgrade is highly anticipated and expected to come into existence from coming November. Most of the Bitcoin miners agree to support this upgrade; hence, the consensus has been already achieved as it is the first and biggest public blockchain network. Taproot upgrade has two important points to consider: 1)This upgrade will enable better privacy and transparency in transaction 2) For the first time, the Bitcoin blockchain will be supporting the smart contract feature after this upgrade It is expected, Taproot upgrade will allow users to use the smart contract feature cheaply and effectively in the Bitcoin blockchain network and that will inspire them to implement the real-world applications into the Bitcoin blockchain network. IMHO, it will impact the price of Bitcoin and the crypto world due to the following reasons: 1)If use-cases of Bitcoin increase, its demands will also get increased, and hence, the price of BTC will also increase. 2)Taproot upgrade will get adopted by mainstream finance that will inspire mass adoption. 3)Transaction cost will be lowered due to the reduced data size of BTC transaction 4)More flexibility in the Bitcoin blockchain network.

article avatarFatai-Ayoade Lateef Adekunle

Electrical Engineer. Trading & Poultry.

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

As per Taproot tech on Bitcoin lack of privacy and other related shortcomings, like long duration of confirming a block transaction, while Ethereum ERC 2.0 can process many transactions per second, will make Bitcoin and other well- valued & strong tech- backed altcoins sit-up to start improving on efficiency, effectiveness, wide-acceptability, convenience and flexibility without compromising security and transaction cost reduction without compromising quality & so on. It seems era of total and global full-adoption of Cryptos is here already while governments & Central banks & other financial institutions ( that are usually conservative/sceptical of drastic change) worldwide are now considering. adopting digital currencies, while these fully realized and functional coupled with era. advanced. technologies & ICTs we are in, will all making ease of doing business & means of payment seamless & more easier & faster, therefore Taproot & the likes, will continuously making greater impact economically & financially even beyond. 2022 and. forever till eternity. For the future of any crypto(s), especially, Bitcoin is quite not fully predictable to precision, but always was, is & will forever being guessed/guessing. Bye for now, until then,. Thanks in advance. Latnovator.

article avatarJohn Granofsky

Director of Sales

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

Widespread Taproot adoption could address some of Bitcoin's most glaring negatives, and that is the lack of privacy when it comes to BTC transactions as well as increased block transactions per second. Most importantly, the addition of a smart contract protocol will lead to more applications being built on BTC vs ETH. This would help with large scale adaption of BTC as a currency and not merely a store of value, and increase its utility among DApp developers. BTC price over the long term should benefit from these improvements, though in the short term price predictions are largely meaningless because of its volatility.

article avatarVictor Osibajo

IT Consultant / Certified Crypto Trader

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

With the Taproot implementation, it will bring more participants to the Bitcoin ecosystem as their privacy will be protected which will drive more adoption and invariably affect the price to surge upward most especially in the early year of 2022. In the absence of Taproot, BTC transactions can be detected when complex functionality is used. When this feature is activated in conjunction with Schnorr signatures that provide a simple way of generating short signatures (cluster several signatures involved in the transaction into a single one), node operators will have to adopt the new Taproot’s consensus rules which can take several months and this will make all transactions to appear as just a single one (peer to peer alike) Major advantages that it will bring into the Bitcoin ecosystem is the reduction in the transaction fees, there will be more transaction per block and the amount of data to be transferred and stored on the blockchain will be greatly reduced. This will be a great plus for BTC in term of adoption and price movement.

article avatarLuis del Valle Ruiz Ortega

technical in PC and internet

What economic and financial impact would Taproot have on the crypto market till the end of 2022 and how the bitcoin price will be affected?

The Taproot will achieve substantial and security changes in Bitcoin, its automatic activation starting in November in block 709632 will inevitably attract more countries, banks and financial companies, to join the adoption of said currency as an option to stabilize their economies. But Bitcoin will need a lot of time and many resources to be able to dominate the world of decentralized finance where Ethereum with its version V.2 surpasses it in quantity and quality. This will affect the price of BTC in the future since the time will come when it will be priced below the price of Ethereum, when this happens, BTC will already be a speculation currency and Ethereum will be the one that occupies the position that BTC has had. Without being a currency attached to a centralized banking system. Time and future events will prove me right.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

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