Taproot will follow segwit pump

[RapTarX]

I'm active in few crypto communities for the last few months. Recently, taproot has been a great topic to discuss & some are expecting a huge pump after the activation of taproot as it was after the segwit activation. Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

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[Vaskiy]

I'm active in few crypto communities for the last few months. Recently, taproot has been a great topic to discuss & some are expecting a huge pump after the activation of taproot as it was after the segwit activation. Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

I'm not that good in terms of technical briefing, but I used to compare with the upgrades of cryptocurrencies. The upcoming update won't make immediate effect on the market. It takes time for large scale growth and minor fluctuations could happen once after the upgrade takes place. I'm stating this in comparison to the recent London upgrade that happened with ethereum. During the upgrade the price was around $2700. The growth slowly took phase and has now come around $4500.

[Charles-Tim]

I only understand taproot in theory but technically, I don’t know anything at all.

To understand more about Taproot, you can read these:

Taproot - The biggest upgrade for Bitcoin since 2017 & documents to read.
Taproot transactions and significance

Key aggregation which will reduce multisig transactions, even 50-of-50 15-of-15 multisig wallet will have the same fee as wallet with just single public key

It will help in atomic swap through adaptor signature.

Making more input transactions lower if compared even to segwit.

[BlackHatCoiner]

Not improbable. Humans like stuff like that. When they've been waited for so long, to see how it works.

even 50-of-50 multisig wallet will have the same fee as wallet with just single public key

Right, but isn't 15-of-15 the maximum you can have?

Lightning network in a way even there can be means of recovering back, like having 3-of-4 Multisig wallet, if one seed phrase is lost or master private key is lost, you can still recover your funds.

You must not lose any of the four master public keys, though.

[coupable]

In general, bitcoin is in expanantial growth ; the price will continue to new ATH horizons.
According to bitcoin history, i can ensure you that Bitcoin price will hit a new all-time high ahead of Taproot upgrade sheuled to the end of year. Maybe it will reach 100$K or even higher.
From another side, i remember how it was expected that the price will increase significantly after Twitter lunch the option of btc reward paiement, but nothing happened.

What are most important about Taproot
Key aggregation which will reduce multisig transactions, even 50-of-50 multisig wallet will have the same fee as wallet with just single public key

Lightning network in a way even there can be means of recovering back, like having 3-of-5 multisig wallet, if one seed phrase is lost or master private key is lost, you can still recover your funds.

It will help in atomic swap through blind signature.

Making more input transactions lower if compared even to segwit.

Thank you for this detailed reply. I really needed those sentences to resume the whole matter.

[Charles-Tim]

even 50-of-50 multisig wallet will have the same fee as wallet with just single public key

Right, but isn't 15-of-15 the maximum you can have?

Thanks for bringing this to my notice. Yes, it is 15-of-15 maximum

P2SH multisignature scripts are limited to 15 keys, allowing for up to 15-of-15 multisignature. This limitation is also imposed by the IsStandard() function. We will learn about P2SH in Pay-to-Script-Hash (P2SH).

But just using 50-of-50 as an example like of this case:

Constant-size signatures irrespective of the number of participants in the multisig setup. A 50-of-50 transaction is effectively the same size as one that uses a single public key and signature.

[Dave1]

I'm active in few crypto communities for the last few months. Recently, taproot has been a great topic to discuss & some are expecting a huge pump after the activation of taproot as it was after the segwit activation. Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

I'm not that expert as well, but as far as FOMO goes, we might the same with Segwit last 2017, it was a catalyst on a massive spike in November and then December, the CBoE and CME bitcoin futures.

So Segwit=Taproot, but the question is CBoe/CME=???

Maybe we can see Bitcoin ETF approval in December? or another big news that will push the price to $100k or higher?

[SquirrelJulietGarden]

Taproot - The biggest upgrade for Bitcoin since 2017 & documents to read.

I collected some sources about Taproot that is a cool upgrade for Bitcoin. Will it follow Segwit to pump Bitcoin? I don't know because I think EFT news are the biggest news for Bitcoin in the last wave of this year.

So if something comes, it would come next year, even with Taproot activation. By that I mean it might take a several months for Taproot to show effect.

[virasog]

I'm active in few crypto communities for the last few months. Recently, taproot has been a great topic to discuss & some are expecting a huge pump after the activation of taproot as it was after the segwit activation. Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

Bitcoin has been consolidating for last few days over 60,000 but unable to break the new all time high of 66,000$. This taproot activation could act as a fuel and hype for a major bitcoin pump we have been waiting for. The month of November will be very bullish due to the taproot hype.

[pooya87]

Taproot alone (or any upgrade for that matter) is not enough for a rise. We are seeing a lot of hype and that hype alone is not enough either. What makes it so that I speculate a big jump after activation is the timing. If you look at the price, we have been ready for the next leg up for some time now and $100k has been the next target. With the accumulation phase these days and the fact that bull market started a couple of months ago and is going strong, we can expect that a catalyst like Taproot activation could be the ignition the next big rise needs.

[Shenzou]

I'm active in few crypto communities for the last few months. Recently, taproot has been a great topic to discuss & some are expecting a huge pump after the activation of taproot as it was after the segwit activation. Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

I don't have much knowledge about how the taproot will change transactions fundamentally but i feel like it won't have that much affect on the ones that are being made by regular people, because in its core the taproot doesn't change the spend or the fees of the transactions itself like segwit did, which is why it had a great impact on the price, but it is said that traproot will make smart contracts that are created on the bitcoin's core network and the segwit take less space and therefore be cheaper, and i feel like we need to wait to see if that will actually will make an impact on the price.

[Bttzed03]

Now that we have more institutional investors and retail traders from traditional markets, I wonder what do they think of this or if they know anything about it. They probably understand it as just an asset with a limited supply and a good store of value but doesn't know what goes on in the network. I'm also in a group that transitioned from stocks to crypto but none of them discusses about technical details on blockchain. All they talk about is chart formations, market sentiments, and the next big thing.

I think it will be us, the retail investors/traders who has a basic knowledge of the major upgrade, that will kick start the next wave. They will follow when they see volume picking up.

[Wind_FURY]

OP, any probability for a pump/price surge because of Taproot might already be priced in in my opinion. If everyone expects it, everyone buys weeks before the “expected date”, then by the time of “the date”, nothing. BUT I also said the expected pump for the halving was also priced in. I was never more wrong in my life.

[dkbit98]

You can't really compare taproot with segwit fork so I don't expect this would be the reason for any major price change, but I am not worried about that because we have our good old fiat printing machine for that purpose.
Taproot benefits are mostly related with scripts and multisig setups, and I doubt many people are using this options.

[witcher_sense]

There is no direct correlation between the implementation of Taproot and the changes in the price of Bitcoin because the latter is more of speculative nature while the former is determined by pure technical need. However, the price of bitcoin is slightly dependent on the scale of its adoption and the pace of adoption, both of which may potentially be affected by the activation of Taproot. Given that the soft fork is aimed to make bitcoin more private and fungible, it is clearly not going to make bitcoin more attractive for regulators, which may negatively impact both the price and the speed of adoption. At the same time, it may result in increased usage of the Lightning Network due to enhanced privacy upon opening/closing channels, which in turn may considerably hasten the adoption and therefore the growth in the price of bitcoin.

[Lucius]

Will taproot really have that huge impact? FYI, I'm not much expert; I only understand taproot in theory but technically, I don’t know anything at all.

You answered right after your question - because if you, as a longtime member of this forum, do not understand what this is all about, why do you expect that the majority who have even less knowledge of technical matters will react to something like Taproot? In addition, for something to have an effect, mainstream media would have to write a lot about it - and it's not a story that can be sold to the average reader who hasn't even figured out what SegWit is.

SegWit pump? I do not know that such a thing ever existed...

[Stedsm]

--snip--

SegWit pump? I do not know that such a thing ever existed...

Exactly going to be my point here.
I mean, how can someone even adjoin two completely different matters into one subject? How can segwit or taproot become the reason for a major price change when both of them doesn't even belong to the genre of speculation and are rather more technically connected? Something that reduces the size or cost of a transaction is only helping users to transact in a much efficient and cost-effective ways, so there isn't anything that connects it to price speculations.

[Lucius]

Something that reduces the size or cost of a transaction is only helping users to transact in a much efficient and cost-effective ways, so there isn't anything that connects it to price speculations.

I would say that it would be more accurate to say that all technical upgrades help one part of the users to pay lower fees for on-chain transactions, because even today a significant part of the crypto community thinks that these fees are too high. This of course goes hand in hand with those who promote Bitcoin as a “store of value/digital gold” and various altcoins as cryptocurrencies to be used for payment.

People can be given various favorable options, but the problem is that the level of knowledge among average users is so low that it takes years for any serious adaptation of any upgrade.

[Wind_FURY]

You can't really compare taproot with segwit fork so I don't expect this would be the reason for any major price change, but I am not worried about that because we have our good old fiat printing machine for that purpose.
Taproot benefits are mostly related with scripts and multisig setups, and I doubt many people are using this options.

I believe you might be right. It’s not actually about the technical upgrade itself, or what improvements of each upgrade brought to the protocol. It’s about what argument “one upgrade” brought, and how it won against troll-narratives of the flat-Earthers.

[Charles-Tim]

You can't really compare taproot with segwit fork so I don't expect this would be the reason for any major price change,

In 2017 was also US election, this year US election proved to me how it affected bitcoin price in uptrend direction. Also there are other factors that resulted to bitcoin price uptrend in 2017. I too do not think segwit activation really have effect on the price (I am only guessing this), I haven't known much about bitcoin at the time (2017) and I am lazy to relate segwit activation to price of bitcoin few days before and after the the activation.

Taproot benefits are mostly related with scripts and multisig setups, and I doubt many people are using this options.

Yes, but also as the transaction input increases, with just one, two or very little output, the more the transaction fee will be reduced if compared to even segiwt. It will also helps consolidation, making input consolidation comes with lower fee if compared to segwit.