btc: Bitcoin Taproot potential impact and price predictions

btc: 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 avatarOlagbadun Olatunde

Cryptocurrencies Trader, Revain Author

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?

Many are interested in the potential of Decentralised Finance. With Bitcoin getting on the bandwagon, we can expect a positive outlook for the major crypto of the market. Lower fees, popularity of BTC and more privacy would be more reasons why anyone will choose Bitcoin Taproot development over any other Defi Protocol in the crypto verse currently.

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 avatarTobi Micheal Olaitan

Manager / Crypto Passionate

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?

I really can't estimate to what extent Tap Root will affect the price of BTC but I am very certain it will benefit all and bring more DEX into embracing and offering BTC trading pairs. Majorly, most DEX traders including me are pissed off with BTC transaction fees and the transaction time frame it takes. Therefore, if Tap Root is fully implemented, more trade pairs and other platforms such as games and financial apps will emerge and thereby make BTC to be sought for the more and definitely spike the price. It will enhance the speed in e-transactions for country like El-Salvador which has made it a legal tender. It is welcome idea.

article avatarHenry Bill

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?

Hi It's my idea. BTC is the King of crypto world. So any upgrade or small change will affect to BTC price and altcoin price. BTC is old. And have many problem as slow transaction and high fee. Sometime users still getting error on code of BTC. With new upgrade on Taproot, we look forward to BTC great again. It will help help improve Bitcoin's scripts to increase privacy and improve other factors related to complex transactions. Without Taproot, anyone can detect transactions using that complex functionality, which requires creating multiple transactions. However, the Taproot upgrade will help "hide" all the moving parts of a Bitcoin transaction including these features. So even if a transaction applies that feature, they will be the same as a single transaction. This is considered a big win for Bitcoin privacy advocates. That make BTC special and unique, help BTC price go grow in three year next. Many expert believe it. And when BTC price increase Altcoin will have more benefit. Many financial institutions will be interested and invest in crypto world. So We can totally count on next spring of Crypto world. Thanks all .

article avatarAle Limón

ingenieer

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?

By reducing the amount of data that will be transferred and stored on the blockchain, the information will be more compressed, therefore improving the efficiency of the ecosystem. This will result in a higher transaction rate per block, which will ultimately lead to lower transaction rates. And by improving privacy, it will increase investor confidence, increasing demand and at the same time causing an increase in the price of BTC once the update is implemented.

article avatarR F

Engineer

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?

Taproot and Schnorr signatures won't solve all the problems Bitcoin has, but it's a big advance to mitigate some of them: enhanced privacy, increase throughput and decrease gas fee since data are reduced and then a bigger amount of transactions per block can be stored and mitigate malleability. This means Bitcoin will see enhance user data privacy, secure transactions and scale the network. As a consequence, the potencial use of bitcoin will be increased significantly. But this won't be translate to an increase of BTC price in 2022. And this is because Bitcoin and, in general, crypto world, will be affected by the Tapering process Central Banks are going to implement during the end of this year (it has already started) and next year. It is true that if potencial use is increased, the future downtrend for Bitcoin can be mitigated, but not reversed.

article avatarAthanasios Sarigiannidis

Algorithm creator, coder, chem. engineer,trader,investor

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?

my opinion on this subject comes based on the time an only. that is the case because Taproot as an upgrade was inevitable. the proposal has only to bring positive things in BTC ledger but the timing is not right. we are on the cusp of institutionalization and actually making the world understand how secure BTC is and that it's ultimate purpose is decentralization and secure transactions on a public ledger. this is not a time for Taproot. Taproot's upgrade privacy attributes should come only as a layer 2 solution in my opinion and it should come later on BTC existence. the tokenomics of Taproot pointing towards the up side ofcourse and it s another step towards making BTC money because as for not BTC is that slow hard wealth storage with no functional smart contracts. all that will change soon before 2022 Q1 in my opinion. is the time right? my opinion is no. in blockchain we trust.

article avatarMirb .

Investment Specialist,Crypto Currency Specialist,Analyst

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?

Taproot opens a breadth of opportunity for entrepreneurs interested in expanding bitcoin's utility also Taproot is very essential as it will speed up and reduce the cost of transactions. I think the price of BTC will continue to grow at a similar rate without much influence from Taproot but Taproot will validate and extend the first position of Bitcoin for a longer period of time even though the competition made very good moves but BTC + Taproot is a wonderful move.Taproot will contribute and justify great utility for other existing quality cryptocurrencies and of course a huge number of quality crypto projects will be created based on Taproot.

article avatarFuad Sahin

Cyber Security, Blockchain and 3D Printing

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 price will likely not be affected by any of these features as the key value proposition of Bitcoin lies in its scarcity. The next halving will therefore be a much bigger and key impact on the BTC price.

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

Experience Experty at its fullest

Join to unleash the power of crypto wisdom and never feel FOMO again.

Sign up