Taproot is the biggest upgrade Bitcoin , providing the cryptocurrency with a range of new features that make it more private and more versatile.
Activated in November 2021, Taproot adoption hasn’t exactly taken off, despite its benefits.
However, Bitcoin developers speaking with Cryptonews.com say they’re confident that the use of Taproot will gradually increase over time, just as it did with SegWit.
It’s been five months, yet Taproot adoption by Bitcoin users remains glaringly low.
For example, of the 54 exchanges listed on the wiki, at the time of writing, only two have enabled P2TR transactions so far.
The situation is somewhat better for hardware wallets, in that three out of 15 have enabled P2TR transactions, with a further three planning to do so.
This positive outlook appears to be the prevailing sentiment among coders, with one Bitcoin developer — who asked to remain anonymous — also expecting adoption to gather steam soon enough.
“Remember, SegWit happened in 2017 and adoption took years after that.
This is an important point, and on the brighter side, the absolute number of Taproot transactions has increased steadily since activation in November.
Obviously, it’s relatively easy to post big percentage gains when you’re beginning from zero, yet these figures have risen by 6,366% and 10,869%, respectively.
Still, it’s worth noting that, four months after its own activation, SegWit transactions had risen from 0% to 16%.
Given that a number of projects are already aiming to bring enhanced functionality to bitcoin, it’s possible that wider demand for Taproot may end up being less than it was for SegWit.
“Much of Bitcoin Core development ] network more robust, decentralized, secure, and resource-efficient.
The developer also notes that Bitcoin’s development community is undertaking ongoing longer-term work on a wide variety of new technical features.