Why Bitcoin Taproot Activation Is Exciting

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The below is a direct excerpt of Mar­ty’s Bent Issue #1111: “Tap­root acti­va­tion is upon us.” Sign up for the newslet­ter here.

It’s been a minute since we talked about tap­root in this weird dark cor­ner of the Inter­net. As of right now, we are 321 blocks away from the much await­ed for upgrade being acti­vat­ed. Instead of focus­ing on the incred­i­ble poten­tial that comes with the improve­ments in script­abil­i­ty, data effi­cien­cy, pri­va­cy, and usabil­i­ty that will come with Tap­root and Schnorr sig­na­tures, we’d like to use this issue to focus on set­ting appro­pri­ate expectations.

Tap­root and Schnorr are going to be absolute boons for bit­coin usabil­i­ty that allow indi­vid­u­als to do so much more with their UTX­Os. How­ev­er, it is impor­tant to under­stand that these ben­e­fits aren’t going to be imme­di­ate. They are going to come to mar­ket slow­ly over time as the soft­ware gets imple­ment­ed into wal­lets and oth­er ser­vices. Many are expect­ing Tap­root to get acti­vat­ed over the week­end and all its poten­tial ben­e­fits to be real­ized imme­di­ate­ly. This is sim­ply not the case and it is impor­tant that this fact is understood.

Bit­coin is a cathe­dral that is being built out and will con­tin­ue to be built out for gen­er­a­tions to come. Tap­root and Schnorr rep­re­sent new tools that we will be able to use to build out the cathe­dral in a more ornate fash­ion. How­ev­er, this type of build­ing can only begin when the tools are made avail­able and not a sec­ond earlier.

The acti­va­tion is a mas­sive win, but it only the begin­ning of a new chap­ter. Keep your nose to the grind­stone and get ready to play with some new toys.

Onward!

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