Bitcoin has always been the poster child of the entire crypto market. Not only was it the cryptocurrency that started the entire crypto market, but it was also the blueprint for many other cryptocurrencies to base their ideas on. All in all, it is easily the best cryptocurrency in the market right now.
But over the years, there have been many other cryptocurrencies in the market that have started growing exponentially. Each of these cryptocurrencies, while not on the same level as Bitcoin, is certainly creating its own niches. These can prove to be a turning point for Bitcoin, as it struggles to keep up with the market around it. Therefore, in order to make its reign in the market more apparent, Bitcoin has recently introduced a brand new update.
The new update has proven to be a massive step in the right direction for the poster child of the crypto market. Not only does it update some of its earlier flaws, but it is also the biggest update for the biggest crypto in the market in four years. And there has been no better time to bring out this massive update than now when the market is at its peak.
The update, called Taproot, has just gone live and already started to bring various stakeholders throughout the crypto market together. According to the official news by the largest cryptocurrency in the market, the update will be focusing on making transactions much safer, more private, and much more efficient. All in all, it is a major improvement over the original version of the cryptocurrency, allowing it to better compete with some of the newer cryptocurrencies.
Furthermore, the upgrade is a big step up for smart contracts. Now, these contracts will not require middlemen and can function independently. This was possibly the biggest thing that was able to drum up attention, as it meant that a lot of the middlemen fees for these smart contracts will not be an issue.
The managing partner and founder of the venture firm Stillmark, Alyse Killeen, specifically focuses on Bitcoin. Recently, the founder of this firm shared her thoughts on the current market and the new update for the biggest cryptocurrency. She said that Taproot matters, as it will be helping a multitude of entrepreneurs expand the utility of Bitcoin.
And unlike the 2017 update which essentially divided the entire user base for Bitcoin, the new update has proven to be a unanimous success. Almost every individual that uses or has used Bitcoin in the past agrees that this was an essential upgrade. The main reason for that increased support is that it includes mostly smaller improvements.