If you are looking to increase your earnings through Bitcoin, the world’s most valuable cryptocurrency, then your search will be completed next month. This is because bitcoin is about to undergo a major upgrade in November 2021. This is expected to increase the price of bitcoin.
According to media reports, preparations are being made to change the privacy of bitcoin. Its transaction fee can be low. In such a situation, it will be possible to build a decentralized finance service on top of the Bitcoin network due to low fees.
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In fact, in the recent past, many altcoins have started attracting people’s attention through decentralized finance and NFTs and their value has started increasing. Since the year 2017 till now, many new cryptocurrencies are providing solutions through smart contracts that have changed the world of finance very rapidly.
In such a situation, Bitcoin, which seems to be lagging behind, has put forward a new upgrade. This upgrade named Taproot will be implemented in November 2021. 90 percent of the people who miner bitcoin have agreed to this and as soon as it is implemented, bitcoin will be better at the level of technology. Simply understand, you are about to enter Windows 10 from Windows XP.
Such changes will happen
There will be two changes to the code of the Bitcoin network. Firstly, its ECDSA algorithm will be changed and upgraded to the SSA algorithm and secondly, the requirements to perform a transaction will be reduced. Actually this whole thing is quite complicated, but common people can easily understand that due to this the memory spent in 10 transactions of bitcoin will be reduced to equal to one transaction. It can also be understood that if earlier it used to take 10 MB to do 10 transactions, then now it will cost one MB to do the same work.
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Investors can benefit
This will increase the privacy of bitcoin. A few years ago the darkweb was used for the sale and purchase of Bitcoin. Today bitcoin can be bought and sold on mobile phones. This has greatly reduced its privacy. People can be identified through transactions. Taproot upgrade will eliminate this problem. Along with this, due to the reduction in the transaction fee of bitcoin, the transactions in it will increase. Also, it will be easier to create smart contract tokens on bitcoin. While there will still be a lot of room for improvement after this upgrade, it will be a major fundamental change coming to bitcoin.
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