- Bitcoin’s Taproot upgrade has many perks, including improved transaction efficiency and privacy.
- Taproot upgrade to have an overall effect on Bitcoin’s performance.
There has been an air of excitement in the crypto-verse following the successful completion of the latest Bitcoin’s Taproot upgrade. Kucoin CEO Johnny is excited to share his thoughts with the crypto community about this latest upgrade.
Following the successful upgrade, Kucoin CEO Johhny Lyu couldn’t hide his excitement and has congratulated the whole crypto community. According to him, the latest Bitcoin Taproot upgrade would have a threefold impact on Bitcoin.
First, the upgrade will improve overall transactions on the Bitcoin network. Secondly, the Taproot upgrade will lower transaction fees, driving it close to what is currently obtained on other chains. Lastly, the Taproot upgrade on the Bitcoin network will further enhance privacy protection for Bitcoin senders.
While Johhny Lyu expects these threefold impacts to happen following Bitcoin’s successful taproot upgrade, he believes that it may take a while before the community begins to feel the real effect of this upgrade.
Taproot Upgrade And BTC Price
On whether the Taproot upgrade will affect BTC price, Johnny added that in the long term, he expects the upgrade to impact Bitcoin price 100% in the long term. Even though some people already argue that the Taproot upgrade is already priced in on the current BTC price, he doesn’t quite agree. According to him, several factors have boosted BTC’s performance on the broad market lately, including the entry of institutions and old money, along with regulations and BTC technology, which is evolving with every passing day.
Regarding whether Bitcoin will be utilized like Ethereum on smart contract deployment, Johnny stated categorically clear that it is complicated and unnecessary. Adding that their development paths and missions are different. While saying that such a move would be impractical, he also clarified that it would be dangerous for BTC’s network security and speed.
Bitcoin’s Taproot Upgrade
For those new to the Bitcoin space, it will interest you to know that Bitcoin’s Taproot upgrade is the first Bitcoin upgrade in four years. And like we mentioned right from the get-go, this upgrade will bring about greater privacy and efficiency on the Bitcoin network. It will also unlock the potential for smart contracts, an exciting feature that will finally eliminate intermediaries from transactions on the Bitcoin network.