November 16, 2021
- Better capacities for smart contracts
- Increased privacy. The Taproot update will increase privacy for certain types of transactions. Schnorr's signatures will allow multi-signature transactions or transactions involving multiple addresses to appear as a simple and standard transaction to everyone. Multi-signature transactions are often used to develop smart contracts.
- Cheaper transactions. The final important benefit of Taproot is that Schnorr's signatures reduce the data needed for multi-signature transactions, which are more complicated to process than standard transactions.
Don’t Be Afraid When Bitcoin Crashes, Keep in Mind How Far We’ve Come and How Far We Still Have To Go. It is essential to be prepared for this eventuality when the market is in the green.
The transaction currently has 12 confirmations on the network. The current value of this transaction is now $916,140,429.
Senators Wyden and Lummis are introducing a bill to change that language. Senator Cynthia Lummis gained fame among the crypto set for her embrace of Bitcoin and disdain.
While the ostensible purpose of the bill was to pay for several billion in spending by making sure people were paying their taxes on cryptocurrency earnings, trade groups and crypto lobbyists pointed out the legislation, if read broadly, could put a chill on the crypto ecosystem.
Bitcoin was roughly flat over the past 24 hours, suggesting that investor enthusiasm over the Bitcoin blockchain's Taproot upgrade is starting to fade.
"Historically, bitcoin has risen after past upgrades, so many see this as possibly history repeating itself," Marcus Sotiriou, a trader at U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.
The amount is still well off the $1.5 billion of inflows notched a few weeks ago when new exchange-traded funds backed by bitcoin futures contracts debuted in the U.S. Funds focused on bitcoin, the largest cryptocurrency by market capitalization, gained $98 million, up from $95 million the week before and pushing assets under management to a record $56 billion, although bitcoin's dominance against alternative coins has waned over the week.
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