Bitcoin Core Devs Optimistic, Despite Low Taproot Adoption

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Despite bitcoin’s Taproot activation in November 2021, data available from transactionfee.info indicates that only approximately 0.37 percent of all Bitcoin transactions use Taproot, as opposed to 85% for the Segregated Witness upgrade which was activated in August 2017.

The Taproot upgrade to the Bitcoin Core was activated in November 2021, promising a plethora of new features such as greater privacy, support for multi-signature transactions, and making Lightning nodes appear like Bitcoin transactions.

Despite only having a 0.37 percent share of all transactions, bitcoin developers aren’t concerned, citing similar adoption rates of bitcoin’s previous Segregated Witness upgrade, which increased steadily after launch. Currently, the adoption rate sits at 85 percent.

SegWit, which was proposed by Pieter Wiulle back in 2015, changes the data storage structure during Bitcoin transactions. SegWit updates address the Bitcoin scaling issue, allowing for more transactions to be included in each block. Ultimately, this makes Bitcoin more suitable for large volumes of transactions.

However, SegWit’s primary purpose was to fix “transaction malleability,” a bug that could cause transactions to be reopened, where bad actors could alter the transaction ID and hash. Within four months of its activation, Segwit transactions saw an uptick of 16 percent.

Source: https://beincrypto.com/bitcoin-core-devs-optimistic-despite-low-taproot-adoption/