Only three bitcoin wallets have announced plans to adopt Taproot so far

According to Bitcoin Wiki, Trezor hardware wallet and Wasabi and Sparrow digital wallets are the only ones currently planning to add support for the scalability and privacy solution, Taproot. On the other hand, there are few nodes that have updated to support Taproot, which would present security problems.

In the list of hardware wallets appear Trezor Suite and Trezor Electrumother cold wallets, such as Ledger, Coldcard and Archos, still don’t seem to fit the new improvement for Bitcoin.

Regarding software wallets, apart from Wasabi and Sparrow, the list shows that BlueWallet, Samourai, Trust Wallet, Muun, among others, have also not added support for Taproot.

Regarding payment processors for Bitcoin, the only one that appears prepared for Taproot is BTCPay.

Among the exchanges that appear on the list and that have not yet adopted the new solution are Bitfinex, Coinbase, Gemini, Hodl Hodl and LocalBitcoins.

Total Taproot adoption benefits the network

The Bitcoin community approved by consensus the implementation of Taproot from next November, via Speedy Trial (ST). This mechanism sought to determine whether miners were ready for Taproot activation, as reported by CriptoNoticias.

Taproot, as explained in this media, increase the privacy of BTC shipments by making single-signature and multi-signature transactions indistinguishable when analyzing the blockchain.

The adoption of Taproot by Bitcoin wallets, service providers and nodes is important for users to benefit from this implementation.

However, up to this point, only 26% of Bitcoin nodes has been updated to be compatible with Taproot, which means that the rest, you have 4 months to implement the new solution.

According to Luke Dashjr. Bitcoin code improvement proposal (BEP) editor, it is important to update the nodes so that Taproot works correctly, as reported by CriptoNoticias.

Additionally, with Taproot, both single-signature and multi-signature transactions are expected to look similarly signed, making them indistinguishable in a blockchain analysis.

Consequences of not accepting Taproot

For his part, specialist Rusty Russell, considers that not complying with the adoption of Taproot, could activate attack vectors on Bitcoin.

That is, “if they are not updated and 50% of the mining power is not updated (not only signals, but updates its nodes), a miner could deliberately mine an invalid Taproot transaction in November and split the network,” Russell explained.

While he considers the odds of an attack occurring to be low, he recommends that users “should not use Taproot until they are convinced that the vast majority will enforce it.”

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