value: Bitcoin Taproot potential impact and price predictions

value: Bitcoin Taproot potential impact and price predictions

< Show Wisdom Collection: Bitcoin Taproot potential impact and price predictionsarticle avatarFredrich Eb

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.

article avatarTony Kunz

Founder | Innovator | Advisor | Decentralized Business Consultant

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 will be a very impactful change to the Bitcoin ecosystem especially because till now many Bitcoin folk have been content with the primary application of exchange of value. By making the Bitcoin Blockchain support smart contracts natively and given the massive uptake the exciting possibility is the ready market for smart contract services, however the token limit of 21 million becomes something to pay attention to as with smart contracts the volume of transactions will go up exponentially impacting transaction fees. it is not inconceivable Bitcoin may have to transition away from it's current PoW model and possibly it's 21 million limit. However this will bring more interesting challenges as hardliners have been adamant that that limit be retained.

article avatarHussein Hashish

Blockchain academic & 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?

As much as this technical upgrade should bring so much more value in Bitcoin's thesis, unfortunately, the new privacy features will just feed into the narrative that cryptocurrencies & especially Bitcoin is used for illegal activities and ransomware. This will in no way directly affect Bitcoin's price in anyway and might actually cause even more FUD.

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.

article avatarLester Liwag

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?

The economic and financial impact would Taproot have on the crypto world till the end of 2022 is maybe having equality of the value of the crypto which may open more blockchain project as well as the nft and blockchain games. And the BTC price will be affected by this taproot so the dominance of this coin will evenly split off and the altcoin also part of the valuation of the price of BTC.

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 avatarSkylar Holmes

crypto smart contract dev

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 would lean towards practically no difference even if it genuinely makes necessary improvements. Bitcoin is a value store, its true worth is merely inherented. I dont see the potential for BTC developing any adoptable utility. Improvements, yes but you can compare to Etheruem, they have the most utility- they created it! And they are clearly s ooter struggling to develop their evolution chain Eth 2.0. I dont see taproot making any long term noticable differences for Bitcoin.

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