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Bitcoin: Taproot was successfully activated



Taproot was activated at block 709,632. The taproot would come had been certain for a long time, because a consensus on the update and the time of activation was reached in June in the Bitcoin network by vote.

Among other things, the update improves multi-signature transactions by introducing Schnorr signatures. In addition, the protection of privacy is improved because transactions with complex scripts can no longer be distinguished from simple transactions. In addition, the fees can be determined more precisely in advance with the new P2TR address format.

The launch of Taproot is arguably the most important event for Bitcoin in 2021 and one of the biggest updates in its recent history.

The market reacts neutrally

Since the date of activation was already fixed, its result did not have a material impact on the Bitcoin price. At the time of going to press, Bitcoin is trading at $ 64,632, remaining in a small range that was entered on November 10th.

Since Bitcoin experienced a correction rather than a bull rush after its all-time high, it will be interesting to see whether the $ 70,000 mark can be tackled anytime soon. Despite the fact that there has been no spontaneous price explosion recently, the general conditions for Bitcoin remain bullish towards the end of the year.

Never before have more companies stood in line to either invest in Bitcoin or to build their own products based on BTC. In addition, if El Salvador's decision turns out to be the right one in the long term, it remains to be seen whether other countries will not follow suit in the coming year.

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