In this post we are going to take a look of new technical Bitcoin update.And you can see the impact of that particular updat on crypto market. As you know the crypto market is totally dependent on hype. if positive hype of crypto is circulated then the market will go up on that particular currencies but if anyone sees the negative news of the cryptocurrencies then it may create a panic situation for investors. so this is the most important thing for every crypto investor that they will stay updated.
just for your information, I will tell you that if you will regularly visit our website then you can be updated about the crypto market.
Will Bitcoin Update affect the whole crypto market?
If you are a bitcoin investor then you know that the total crypto market can be affected by bitcoin. but most of the time the bitcoin updated doesn’t matter for every cryptocurrency. so this change may not affect the market but it may affect the bitcoin price.
taproot update is useful for making it easier and faster to verify transactions on Bitcoin’s network. It also scrambles transactions with single and multiple signatures together and makes it more difficult to identify the owner of that particular person or organization’s transaction inputs on Bitcoin’s blockchain
what is the name of this update?
the date of this Bitcoin Update is 14 November and the name of this bitcoin update is Tap Root.
Bitcoin Taproot update
Now let’s talk about the Big technical update in bitcoin, as I mention the name of this update is Tap Root and this can affect the price of bitcoin. in 2017 the bitcoin network is updated to connect it to the SEWIT. and the Tap Root is a starting point of the signature to transfer the bitcoin due to this the transaction becomes more complicated to track. no one can track the transaction of cryptocurrencies after this update I mean this process become more complicated. before 14 November 2021 bitcoin uses the ECDSA technology for transactions but now this system is updated to the Tap Root SCHNORR system so because this is faster than ECDSA.
so basically this is the main update of bitcoin and it doesn’t affect the crypto market.
More News Related to Bitcoin.
Also read – Top 5 Best Crypto Exchange platform in the World 2022
What is The Smart contract?
the smart contract is a process to track the digital laser transaction so if any fraud will happen then it is tracked by the smart contract, In cryptocurrencies, contracts are written in code that creators upload to the blockchain. and then it will store in a public laser. and then this code is like an If-Then condition. if the condition will fulfill then it will proceed. and this process can be used to track some fraud.
Opinion of Twitter CFO on cryptocurrencies
The CEO of Twitter Ned Segal give their opinion on crypto in an interview. Ned Segal says that the price fluctuations are more than other markets so that may be dangerous for the investor who doesn’t have enough knowledge in this market. as we know that no one can control the price of this market so regulation is necessary.according to this interview, Twitter doesn’t have any investment in the crypto market but some indirect investment is done by Twitter in the crypto market.
Anonymous transactions in the crypto market.
as we all know the transaction in the crypto market is not traceable due to decentralization. So maybe this type of transaction is illegal so that may be possible that this type of transaction is done for saving the TAX of maybe something.there is an anonymous crypto wallet this one is doing a lot of big transactions like 7395 Bitcoin at a single time, and the owner of this wallet is anonymous so no one knows the owner.
Some main Effects of the Taproot bitcoin update
if any update is released then it will increase the efficiency or maybe fix some previous issues. so if you are thinking about the effect of this update then you can see below.
- The transaction becomes more complicated.
- Making it easier and faster to confirm transactions on Bitcoin’s network.
- It will decrease the overall transaction cost.
- Taproot upgrade could make Bitcoin’s network more efficient at processing these transactions.
As you can understand the Taproot Update is implemented on bitcoin and the effect of this upgrade is also you can see but you are looking my opinion then according to me this is useful or may be harmful to some crypto lovers because the allover cost is decreased so the bitcoin miner earning will be affected and for the trader, it is good because they will pay less for their transaction.