Taproot Adoption Remains Low, But Devs Say It Isn’t a Problem for Bitcoin

cryptonews.com:

Taproot is the biggest upgrade Bitcoin (BTC) has seen since SegWit (Segregated Witness), providing the cryptocurrency with a range of new features that make it more private and more versatile. These include support for complex transactions involving multiple signatures, as well as the ability to make Lightning channels look like normal Bitcoin transactions.

Activated in November 2021, Taproot adoption hasn’t exactly taken off, despite its benefits. Available data from transactionfee.info shows that around 0.37% of all Bitcoin transactions are using Taproot at the moment, compared to 85% for SegWit, which was activated back in August 2017.

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. And while no further major upgrades for Bitcoin are on the immediate horizon, a big number of minor enhancements are regularly being worked on, which together are estimated to make Bitcoin more secure, efficient, and robust as Taproot makes it private and articulate.

It’s been five months, yet Taproot adoption by Bitcoin users remains glaringly low. So low, in fact, that various commentators have felt compelled to remark on it recently, including Arcane Assets Chief Investment Officer Eric Wall.

From 0.0048% of transactions using Taproot on November 14, the day of its launch, the total percentage has crept only very modestly.

Further info on the Bitcoin Wiki shows that implementation of P2TR (pay-to-Taproot) outputs by wallets, exchanges, and Bitcoin clients also remain low.

For example, of the 54 exchanges listed on the wiki, at the time of writing, only two have enabled P2TR transactions so far. Of the 34 software wallets, only