What Taproot Could Mean for Bitcoin Investors

What Taproot Could Mean for Bitcoin Investors
Over the weekend, Bitcoin enthusiasts huddled around their screens as they waited for miners to mine Bitcoin block 709,632. The block was mined sometime around midnight EST and with it, three highly anticipated technological upgrades to Bitcoin were officially implemented into the protocol. Collectively, these three upgrades are referred to as “Taproot”.In short, Taproot is designed to improve Bitcoin’s security, privacy and efficiency.The expected benefits of the upgrades include:Consolidation of all types of bitcoin transaction outputs into a singular Taproot output that will improve privacy by making different types of transactions indistinguishable.Improved Bitcoin programmability.Enhanced data efficiency by using a more…