Bitcoin just received a significant upgrade. As The Block notes, the Bitcoin network rolled out a long-in-the-making “Taproot” code upgrade early today (November 14th). The update improves both privacy and security for complicated transactions through new signatures that make them look like any other exchange. Would-be thieves or snoops should have a harder time recognizing when an unusual transfer is taking place.
The Taproot update should also change the Bitcoin network’s scaling by dropping the existing cryptographic system. It might be easier for the cryptocurrency to handle demand.
This is the first major refresh of the network code’s since 2017, and it might be well-timed. While there are some objections to Bitcoin and other forms of digital money, it now has potential users ranging from AMC through to the country of El Salvador. An upgrade could help Bitcoin better accommodate any newcomers, not to mention reduce hassles for veteran crypto traders.
