Bitcoin improves privacy and security

First, the update improves privacy and security for complex transactions through new signatures that make them look like any other exchange, smart contracts will become transactions. single peer.

Concealing complex transactions makes it more difficult for thieves to detect transactions in progress. To make it easy to imagine, the Taproot update will turn Bitcoin into a "central bank" with funds moving from one bank to another, but one cannot know the details of the millions of small transactions inside.

Not only that, the Taproot code update will also help change the size of the Bitcoin network by removing the existing cryptosystem. This will make it easier for this cryptocurrency to handle demand.

Reportedly, Taproot is Bitcoin's first major update since the introduction of the Segregated Witness update back in 2017. Despite the objections to Bitcoin and other cryptocurrencies, Bitcoin is still gaining support at a number of places. The upgrade could help Bitcoin better adapt to any Bitcoin acceptor, not to mention it will help reduce the complexity for longtime crypto traders.

Micah Soto

Update 16 November 2021