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    Bitcoin Taproot activation megathread

    May 05, 2021

    Bitcoin Taproot activation megathread

    Taproot activation megathread

    Posted: 04 May 2021 08:33 AM PDT

    An activation mechanism called "Speedy Trial" has just started on the 1st of May. Its goal is to give miners an opportunity to coordinate a quick activation of the Taproot update.

    The gist of it is: miners are given a three months time period to signal for Taproot activation. Within those three months, there are six sub-phases (each consists of 2016 blocks, aka ~2 weeks). As soon as there are 90% of blocks signalling for Taproot within any of those six sub-phases, Taproot activation will be locked in. The actual new protocol rules will then be enforced starting from block height 709,632, which is expected to be mined in November.

    We are currently in the first of those six sub-phases, and Taproot activation will not happen in this one, as miners need time to upgrade their equipment (this is expected, as the software update with Taproot activation mechanism was only released a few days ago). But already now (as of 4th of May) there is roughly ~50% of mining power that has updated and started signalling for Taproot.

    You can watch the currently signalling blocks/mining pools here:

    https://taproot.watch

    Currently signalling for Taproot:

    • SlushPool (~3% mining power)
    • AntPool (~18%)
    • F2Pool (~18%)
    • 1THash (~4%)
    • Foundry (~4%)
    • Poolin (~10%)

    Keep in mind, actual hashrate is always unknown and numbers above are an estimation only, based on observations of the recent blocks, which is always subject to variance.

    What is Taproot?

    Summary

    • If you are a singlesig HODL-only Bitcoin user, Taproot will not affect you positively or negatively. Importantly: Taproot does no harm!

    • If you use or intend to use multisig, Taproot will be a positive for you.

    • If you transact onchain regularly using typical P2PKH/P2WPKH addresses, you get a minor reduction in feerates since multisig users will likely switch to Taproot to get smaller tx sizes, freeing up blockspace for yours.

    • If you are using multiparticipant setups for special systems of trade, Taproot will be a positive for you. Remember: Lightning channels are multipartiicpiant setups for special systems of lightning-fast offchain trades!

    Source: Taproot - Why Activate

    Further reading:

    FAQ:

    If 90% is not reached by August, what then? Is Taproot dead?

    No, if miners are not cooperating, then another activation mechanism will be attempted (something similar to UASF in 2017), where full node maintainers simply say "from blockheight x Taproot will be enforced and non-compliant blocks will be rejected", or something similar. The "speedy trial" mechanism was just the least contentious/the fastest one. If it doesn't work, we move on to another mechanism.

    If you are running a node - do you need to take any action now?

    You don't need to, but you could upgrade your client to 0.21.1, which has Taproot activation code included: https://bitcoincore.org/en/2021/05/01/release-0.21.1/

    ELI5 this please?

    There is an update to bitcoin's code, called Taproot. It is good for privacy and efficiency of some important usecases. The update itself (the code) is ready, now it needs to be activated on the network. The developers/users gave the miners three months time to coordinate this activation (the coordination through miners makes it a bit easier, if everyone cooperates).

    That three months time window started on the 1st of May, and this current thread/the first link is keeping track of the current activation status. Now we have to wait and see how cooperative the miners will be (most likely they will, but it's not a guarantee).

    Additions (more helpful links, questions, improvements etc) welcome! Please post them in comments :)

    submitted by /u/TheGreatMuffin
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    Daily Discussion, May 05, 2021

    Posted: 04 May 2021 10:04 PM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Today is Hal Finney's 65th birthday. RIP to the cypherpunk and man who tested the first-ever Bitcoin transaction.

    Posted: 04 May 2021 10:47 AM PDT

    So I just learned that years and years ago my dad declined an offer of 40k bitcoin as partial payment. That'd be 2 billion USD right now. Hope this puts that 5 btc you paid for weed way back when in perspective ;)

    Posted: 04 May 2021 12:03 PM PDT

    Could've been a billionaire ¯\_(ツ)_/¯

    submitted by /u/_Enclose_
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    I'm also a new owner of 1 whole BTC.

    Posted: 05 May 2021 12:07 AM PDT

    I sleep tight knowing that I now have 1 whole piece of the worlds most scarce asset.

    The 2.1 BTC club is very temping and I'd love to jump into it now but I'm thinking perhaps the better choice is to just have 1 BTC and then DCA the rest of the money towards 2.1 rather than getting 2.1 straight away. Particularly since the bear is always waiting just around the corner.

    I'm happy to be part of this community.

    submitted by /u/PsychedelicHell
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    Just hodl

    Posted: 04 May 2021 09:31 PM PDT

    Argentinians are flocking to Bitcoin (BTC) amid inflation, economic decline

    Posted: 05 May 2021 12:24 AM PDT

    Hearing 2 customers discussing blockchain at the gas station made me so happy. ��

    Posted: 04 May 2021 04:53 PM PDT

    I just stopped into the gas station and a plain clothed middle aged lady was explaining to a woman in scrubs (both strangers) how to use the bitcoin atm. The nurse said she prefers to use cashapp (so at this point I'm shocked that they're both coiners!) but the plain clothed lady says she likes the convenience (and anonymity probably) the atm provides her because she typically keeps cash money. She continued on to the finer points of transaction speed, blockchain verification, and congestion during high transaction rate spikes. Just to hear 2 totally normal, average citizen, women in small town North Carolina talking about blockchain congestion and transaction fees made my heart melt. Crypto is here to stay and that was a really great example for me of mass adoption and that this is only the beginning. VIVA LA CRYPTO!!!!

    submitted by /u/rundmc214
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    Looking at the charts the years. What do you think about this run?

    Posted: 04 May 2021 01:36 PM PDT

    Over the years there seems to be something a tad bit different this run, do you think with the influx of bigger money this run will be long?

    submitted by /u/PeggJonesf
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    Current financial system vs Bitcoin

    Posted: 04 May 2021 09:39 PM PDT

    Its that simple. Get more

    Posted: 05 May 2021 02:50 AM PDT

    eBay is preparing to accept Bitcoin as payment and exploring NFT’s, says company CEO

    Posted: 04 May 2021 02:39 PM PDT

    I’m enjoying getting used to a humble lifestyle - one that will become self sustaining thanks to btc

    Posted: 05 May 2021 02:28 AM PDT

    Anyone else massively cut their expenditure to invest in Bitcoin?

    In mean seriously cut!?! I'm spending half my disposable income on this at the moment (excluding the roof over my head). Stopped wasting money on the useless things in life.

    At the end of the month I have 0 in the bank. That's not new! Previously I'd have zero having blown my pay cheque on nights out, extravagant gadgets and not really giving a damn about saving. If I keep doing that I will be an old pensioner with a crap pension, and a whole load of gadgets and unfashionable cloths being sold by the kilo to a thrift shop to make ends meet.

    Instead I'm spending on the things that matter, and the only extravagant tech I'm buying is LASER EYES!

    🙌🙌🙌

    submitted by /u/zcpu
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    Bitcoin Is Now Bigger Than Facebook

    Posted: 04 May 2021 11:57 AM PDT

    I must say I was always skeptical of the lightning network, but using Phoenix Wallet reminds me this is the way of the future and it will only get easier!

    Posted: 04 May 2021 04:26 AM PDT

    Inflation Risk Intensifies With Supply Shortages Multiplying

    Posted: 04 May 2021 10:48 PM PDT

    A sad day

    Posted: 04 May 2021 01:33 PM PDT

    Unfortunately, after years of holding I have to sell one of my bitcoins in order to pay for my taxes.

    Truly hurts me to do this, luckily I still have some to play with but fuck man, taxes suck.

    Don't move to California.

    submitted by /u/Accomplished_Dig_247
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    am I alone thinking 'Blood Coins' is stupid?

    Posted: 04 May 2021 03:49 PM PDT

    Hello,

    ​

    I think this idea is stupid, Kevin O'leary is talking about this. How institutions are 'rejecting' coins who come from China who doesn't have great human rights track record.

    How does this even make any sense? There is a finite number of them...they are rejecting a piece of the pie because it came from a specific place? I know its FUD but I find it annoying that nobody challenges Kevin when he says things like this.

    submitted by /u/ConkerRob
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    Lost my wallet password but still have the address and private key my brother gave me years ago. Is there anything I can do?

    Posted: 04 May 2021 07:20 PM PDT

    A few years ago my brother gave me some bitcoin using an address and a private key. I set up a wallet when I got it, but over the time since I got it I've moved several times and have lost the password and the 12 word recovery code. I still have the address and key my brother originally sent me. Is there anything I can do with what I have available to restore my bitcoin?

    Edit: You might have to ELI5 your responses as I'm in this situation because I didn't fully understand at the time what this was when I got it.

    Edit Edit: Thanks for the help. I tried sweeping the key I have an it has no funds. So I think I'm gonna say my search is complete and bore no fruit.

    submitted by /u/Bar_Har
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    Over the past few months the Lightning Network has quietly surged to all-time highs. 45,000+ public channels $70M+ of liquidity in those channels Anecdotally, seeing increased payment volume routed through my own nodes.

    Posted: 04 May 2021 08:20 AM PDT

    Excellent Bitcoin Article about Satoshi Nakamoto about to reach 1 million views on Forbes! 1 million people discovering Bitcoin's history for the first time.

    Posted: 04 May 2021 08:18 AM PDT

    A bill in New York aims to halt bitcoin mining for 3 years until its environmental impact can be assessed

    Posted: 04 May 2021 11:28 PM PDT

    over 1500 BTC on RSK, Bitcoin's defi's sidechain

    Posted: 05 May 2021 03:05 AM PDT

    The number of bitcoins on RSK has more than tripled from the beginning of the year and breached the 1500 level.

    https://explorer.rsk.co/

    submitted by /u/Miky06
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    S&P Goes Live With Bitcoin, Ethereum Crypto Indexes

    Posted: 05 May 2021 12:13 AM PDT

    DeFi for Bitcoin is really here. All Bitcoiners need to know this. Sovryn Uses the Rootstock sidechain with a decentralized peg (Btc -> RBtc)

    Posted: 04 May 2021 05:10 PM PDT

    Hollywood Star Mila Bought Bitcoin 8-Years Ago

    Posted: 05 May 2021 12:21 AM PDT
    Read more
    at

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