Blockchains, especially some of the world’s most valuable ones like Bitcoin, are functional because of communities’ efforts. Continuous upgrades have a contagion effect, affecting all appendages of Bitcoin, including the operations of online gambling platforms and even players of some of the best crypto games around. Read on to know about Bitcoin Taproot & its impact on Crypto Gambling:
The Bitcoin Taproot reminds us of Satoshi’s Objectives
For this reason alone, the crypto community always keeps tabs on network enhancement, aware of its ramification. This is bearing in mind that some upgrades might require extra configurations.
Four years after the ruffling of SegWit and SegWit 2X, Bitcoin now plans for the next major upgrade, the Bitcoin Taproot.
The significance of the Bitcoin Taproot upgrade is its reminder that Bitcoin–as far as people are fixated about price movements, tribalism, and the usual politicking in crypto–, is but another technology.
Without changes to core and continuous improvement, the technology becomes obsolete.
To prevent this from happening, developers are hard at work to introduce enhancements to make Bitcoin better, faster, and more robust. It is only fitting.
According to the upgrade’s proponents, the Taproot will remind us exactly how Satoshi wanted Bitcoin to operate. In all this, users must still be reminded that Bitcoin is superior because of its privacy-by default yet transparent trait.
Adding open access and global reach to the mix birthed a movement that’s unfortunately now struggling with scalability (and to some extent) privacy concerns.
BTC Taproot : Better Privacy Needed by The Online Crypto Gambling Community
The Bitcoin Taproot upgrade aims to fix this by introducing better privacy. In all this, it must be remembered that online crypto gambling players prefer to keep their privacy intact for several reasons.
One of them is because of the misinformation about gambling. Most people, unaware of the benefits of safe and educated gambling, tend to make wrong judgments on participants.
To prevent this and to protect user interests, online casinos often integrate preserving measures and even technology.
In the digital age, Bitcoin and cryptocurrency, riding on their baked-in privacy safeguards, are a perfect fit. Therefore, further improvement on Bitcoin’s privacy is undoubtedly welcomed.
Specifically, Taproot will work on the core of Bitcoin’s transaction types.
Ordinarily, complex transactions such as those requiring multi-signature can be picked out.
After the Taproot upgrade, it will be virtually impossible for agents to distinguish these types of transactions resulting in even more private operations.
Placing a Lid on Transaction Fees—More Game Time for Players
But there is more. Transaction fees are a burden for blockchain users.
Since public ledgers like Ethereum and Bitcoin, for example, rely on miners for transaction confirmation and security, transaction fees will fluctuate depending on network demand.
It is no surprise for platforms like Bitcoin to experience congestion at peak time, leading to high transaction fees. Partly this is foundational, stemming from the low transaction processing speed at just 7 TPS.
The Taproot upgrade will contribute to driving transaction fees lower because it reduces the size of complex transactions. In addition, it goes a long way in improving scalability, therefore leading to low transaction fees.
It should be mentioned that this fee reduction upgrade is on-chain and doesn’t include external off-chain means like Layer-2 like in competing platforms.
Lower fees are a net positive, a win for the multi-million online crypto gambling platforms.
This is because it incentivizes participation from gamers who, at times, opt to stay out from high fee protocols.
Adaptability for Bitcoin Smart Contracting
Beyond fees, the Bitcoin core will be more adaptable and flexible to smart contracting. The absence of smart contracts in Bitcoin and the developers’ decision to keep it that way makes Bitcoin a purely transactional layer.
Out of this laser-focus goal, it has morphed to be the most valuable and widely adopted. However, some platforms rely on the Bitcoin layer to secure their smart contracts through merge-mining operations.
These networks are, from on-set secure, but do benefit from more than one way.
Such offshoots help in Bitcoin advocacy, while their association with the most valuable network also gives them mileage.
A boost for the Lightning Network: Lower Transaction Fees and instant confirmation for Players
However, perhaps the most positive application of the Bitcoin Taproot is how it boosts the use of the Lightning Network (LN).
The Layer-2 solution helps scale Bitcoin by rerouting transactions and bundling them off-chain before confirming in the primary chain.
Although still experimental, LN’s already finding use, garnering support across the board, especially for what it brings on board.
Using the LN, for example, means lower transaction fees and tremendous scalability at rates exceeding the processing speeds of traditional establishments.
Online gambling platforms that adopt the LN offer players instantaneous deposit and withdrawal, negligibly low trading fees, and above all, the freedom to wager with low amounts.
This is because LN supports micro-dusts, enabling even more complex business models to be developed. After Taproot, transacting using the LN would be faster, cheaper, more flexible, and above all, more private.
BC Game is one of the earliest online crypto casinos to integrate the LN—a real boon for players. It has been a success thus far.
Players need not worry about transaction fees; neither do they have to be bothered by blockchain latency since transactions settle almost immediately.
In the road to blockchain adoption and affirmation of Bitcoin’s lead, Taproot is precisely what the crypto community and online gambling platform need.
The benefits of the Taproot will make the space more attractive since the advantages would reverberate across the board.
From better privacy, on-chain scaling to taming inconveniencing fees, Bitcoin as a medium of exchange and technology would be brought to the fore as a winner.