Thread by @Cov_duk

#Bitcoin Taproot 101: The first BTC upgrade in 4 years

Here's everything you need to know about Taproot.

A thread 👇🧵

2. Taproot is the first major upgrade to #BTC since 2017.

Using a private key to provide a signature, users can utilize their bitcoin.

However, more complex transactions require multiple signatures. All of these signatures and data become public on the ledger.

3. This adds a lot more data to the chain, while possibly exposing sensitive data to people.

This also allows for government or third party tracking.

4. Taproot is aimed at fixing this problem.

Using taproot, complex transactions can look like standard peer to peer transactions.

Essentially, users combine their public keys to create a new public key, through these things called Schnorr signatures.

5. Taproot has many benefits - for complex transactions, the data required is significantly lowered and privacy is enhanced.

This reduces transaction costs.

6. Apps like CoinSwap and networks can the Lightning Network can benefit from Taproot’s enhanced privacy.

No matter how large, transactions will have a high degree of anonymity

Taproot went live in November 2021.

7. The #AVAX/BTC bridge is coming up. $RUNE is creating utility for BTC.

A lot of doors are opening BTC. All of these will result in complex transactions.

Taproot will be key in making everything more anonymous and less data heavy.

8. Accounts to follow for #BTC & #Taproot insights:
@Florida_Btc @TCK_1985 @MASTERBTCLTC @adam3us @nullpackets @deyonte_btc @raw_avocado @gguoss @bourbonni @RSync25 @BobLji @ShiftCryptoHQ

RT would mean a lot!

9. I hope that was insightful, a retweet would mean a lot.

I regularly post 101s, breakdowns and deep dives, follow to stay updated.

Here are my past threads:
notion.so/covduk/4798517…