Mmm you can now make transactions with bitcoin
That's exciting! As of December 2020, the Bitcoin network has officially activated the Taproot upgrade, which enables more complex and efficient transactions. This upgrade is expected to improve the usability and scalability of the Bitcoin network.
With Taproot, users can now create more complex transactions, such as multi-input and multi-output transactions, which can help to reduce the number of transactions needed to be processed on the network. This can lead to faster and cheaper transactions.
Additionally, Taproot includes a new feature called "Tapscript," which allows for more flexible and expressive scripting capabilities. This can enable more advanced use cases, such as decentralized finance (DeFi) applications and smart contracts.
Some of the benefits of Taproot include:
- Improved scalability: Taproot can help to reduce the number of transactions needed to be processed on the network, making it more scalable.
- Faster transactions: With Taproot, transactions can be processed more quickly and efficiently, reducing the time it takes for transactions to be confirmed.
- Lower fees: Taproot can help to reduce the fees associated with transactions, making it more cost-effective for users.
- Increased privacy: Taproot includes new privacy features, such as "blinding" and "commitment schemes," which can help to protect user privacy.
Overall, the Taproot upgrade is an important step forward for the Bitcoin network, and it's expected to have a significant impact on the usability and scalability of the network.