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BTC: Taproot will support very few wallets from its launch

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Taproot, upcoming updates BTC, will be activated in November, but very few wallets have already stated that they will support it.

Very few wallets have confirmed P2TR activation

In fact, they are on BTC Wiki Only three wallets have been reported to have activated Pay to Taproot (P2TR) support soon:

  • Wasabi,
  • Sparrow,
  • hardware wallet Safe.

Three others said they would activate it later after activation. For all other wallets listed on the BTC Wiki, it is not known at this time whether and when Taproot support will be activated.

The fact is that there are still very few nodes updated to support Taproot, and for by far the most widely used client, BTC Core, we will probably have to wait for version 0.22.0 (we still have 0.21.1), because a manual manual is now required to create P2TR addresses. import.

As far as payment processors are concerned, only BTCPay seems to be ready for Taproot.

So while almost all miners have already signaled their support for this update, the nodes are still lagging behind, in part because BTC Core 0.22.0 has been released, the vast majority do not yet support this update.

To date, only 27% of nodes have been updated to be compatible with Taproot.

Bitcoin: Taproot will support very few wallets from its launch
source: Twitter

To be ready for activation, many more nodes would need to be upgraded, and Taproot could support a large number of wallets.

In fact, there would be a possibility of an attack on the BTC network if 50% of the nodes were not updated in time. In this case, the miner could have intentionally extracted an invalid Taproot transaction once the update is activated and the network is forked. For this reason, it is recommended not to use Taproot transactions even after activating the update until the vast majority of nodes support it.

Profile Taproot Signal on Twitter, it constantly updates the percentage of upgraded nodes that support the upgrade, so it won’t be hard to know when the 50% threshold will be exceeded, although it would be best to wait until it is exceeded with more margin.

BTC update

Taproot is BTC’s biggest update in four years, and although it’s not a hard fork, it’s a milestone in project development. For this reason, there is no rush, but instead it is better to do things right and ensure that everything works perfectly.

BTC is now too important to risk that something will not work properly and its success is based on its exceptional reliability.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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