upgrade: Bitcoin Taproot potential impact and price predictions

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.

Blockchain and Crypto Project Consulting

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 is the real deal as far as upgrade to the Bitcoin blockchain is concerned. The vastly improved versatility of the programability of its transactions will go a long way to cement confidence in it both as a Store of Value and as a Currency. When properly implemented by end users, the upgrade can make it impossible for hackers to steal bitcoin even if they succeed in hacking a site where it's stored. This is because the transaction may have been coded to move only when a certain precondition is fulfilled. A precondition the hackers won't be able to see because, again, those details have been obscured by the new privacy feature. You can't hack what you can't see. This renewed confidence is bound to resonate throughout the DeFi and CeFi world world, and will in turn attract more investments even from the staunchest doubters out there. Given this certain influx of fresh investments into bitcoin and, by proxy cryptocurrencies, their lives will surely receive a boost in 2022.

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 .

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.

Student

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 upsurge in the price of cryptocurrencies is proportional to the practical use cases of the digital asset that are adopted by the masses. “Upgrade of bitcoin Taproot might just be the key element that would propel it into mainstream finance. The bottom line is the kind of revolution that the Taproot upgrade might bring for Bitcoin is phenomenal," said Patel. Economic and financial boosting is projected to occur after this upgrade. This will bring a positive impact on the crypto currencies market

Mechanic

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 is a soft fork that improves Bitcoin’s scripts to increase privacy and improve upon other factors related to complex transactions.In fact, Taproot makes it possible to hide the fact that a Bitcoin script ran at all. For example, spending Bitcoin using Taproot could make a transaction in a Lightning Network channel, a peer-to-peer transaction, or a sophisticated smart contract become indistinguishable.the upgrade is called Taproot, and it's due to take effect in November. When it does, it will mean greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, a key feature of its blockchain technology which eliminates middlemen from even the most complex transactions

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