Bitcoin’s Taproot upgrade is a pivotal moment for the cryptocurrency as it brings with it a host of improvements designed to enhance network efficiency and privacy. In fact, this upgrade is considered one of the most significant updates in Bitcoin’s history, and it’s expected to have a major impact for years to come.
As per Glassnode, Taproot transactions made up more than 37% of the Bitcoin network’s spent outputs, indicating a growing demand for the upgrade. This was also reflected in the adoption and utilization metrics, with a record-breaking 60% of all transactions on May 1 leveraging Taproot.
So, what does the Bitcoin Taproot upgrade mean for investors?
4/ Now what is causing this sudden demand for #Bitcoin transactions?
A look at the transaction types spent in the #Bitcoin network shows an increase in Taproot transactions – up to 37.5% of spent outputs were P2TR output types on Apr 30th!
Chart: https://t.co/9mPhKJZ9gz pic.twitter.com/l9smoei2pS
— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023
Taproot Upgrade: Unprecedented Network Efficiency, Transaction Volume
The Taproot upgrade aims to achieve a faster, more efficient, and private network. This update introduces the ability to batch multiple signatures and transactions together, simplifying the verification process for transactions on the Bitcoin network.
Since the upgrade, the number of daily BTC on-chain transactions has skyrocketed, surpassing half a million. On May 1, the daily transaction count reached an all-time high of 682,000.
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