Friday, December 3

First transactions after Bitcoin update are from Brazilians

The Bitcoin update has already been confirmed on the network, with Brazilians already experiencing the advantages of Taproot in transactions.

The update was expected a few months ago by the worldwide Bitcoin community, which saw the last one being carried out in 2017, when the implementation of the Followed.

However, Taproot is an update that can be considered the most important update in Bitcoin history, as it brings more privacy to the digital currency ecosystem.

The event took place in the block 709.632, but in block 709,635 alone the first 14 Taproot-enabled transactions appeared.

Brazilians leave messages after Bitcoin Taproot update

the brazilian Narcélio Son was one of the first to use the Bitcoin Taproot update, mined at dawn from Saturday to Sunday (14). According to him, three Brazilians made 3 of the 14 first transactions mined after the update.

“The first block with Taproot was 709635 (containing 14 transactions of this type) and 3 are from Brazilians!”

In his post, the cryptographer and Bitcoin fan said his was the fifth transaction included in the block. For this, he used fractions that he had received by Márcio Gandra when they carried out the experiment of sending Bitcoin after it reflected on the moon, which took place in April 2021.

He had published the day before that he was waiting for the block to be able to participate in the long-awaited initiative worldwide, and left a message in the block “Narcelio is still here“, which in the literal translation would be something like “Narcelius is still here”.

Narcélio Filho explained that he had already tested Segwit and now he has done the same with Taproot: “on the run”

In conversation with the Livecoins, Narcelium recalled that he was one of the first to test Segwit in 2017, repeating his tests now with Taproot.

I always like to try these new Bitcoin features, to learn how it works. And it’s always fun to rush to make your presence felt in the first block. I did it on SegWit day and I did it again now.

I had already done some tests on testnet, but I left it to make the transaction at the last minute, there seemed to be time. I was even calm until suddenly 18 blocks passed in one hour! 5 in a minute. Then I started running to finish, otherwise I wouldn’t have time. I managed to assemble it with a few minutes to go.

The strangest thing is that after activation, none of our transactions enter the blocks. AntPool mined one with none with taproot, then another and nothing. But then the third one came and they entered. Hence the suspicion that maybe they lied earlier this year, during the signaling, and they weren’t supported at all.

João Dias was inspired by Narcélio to test Taproot

Brazilian João Dias (now) was another to test the Bitcoin update, publishing a tribute to Narcélio Filho, who he says was an inspiration to study more deeply about Bitcoin, he told the Livecoins.

“In my case, I only managed to do it because Narcelio was an inspiration for me. By the time Segwit came out he did something similar. This opened my eyes to study Bitcoin more deeply”.

On Twitter, one of the first Brazilians to test Bitcoin even created a discussion where he explained more about the details of his tests.

Otto has been waiting for days to submit his transaction

Another Brazilian to send transaction with Taproot was Otto, which has also already tested the new Bitcoin technology and posted a message. In conversation with the Livecoins, the Brazilian enthusiast said that he had already had his transaction ready for several days, just waiting for the exact moment to propagate it through the network.

“I had my transaction ready several days before, just waiting to send it.”

He recalled that in a voice chat on Discord, in The Bitcoin community, where several interested parties were talking about the subject. According to him, it was really cool to participate in the beginning of the implementation of Taproot in the Bitcoin network, which was very successful.

Otto said they kept following everything on the site, which left the Taproot activation block golden and glowing, popping confetti when it was validated on the network. However, nobody’s transaction was approved in this one, taking a few blocks for the first one to validate their transactions, which was fun.

Until, one missing, had the next block golden and glowing. Someone said they could send the transaction now (we thought we could only do the next one) and we sent it. A guy named b10c had made a program that monitored the block’s taproot transactions and was broadcasting it. We saw our transaction entering the mempool from his live.

Until the block arrived, confetti burst in But none of our transactions (nor any taproot). Then came another block without them, another one. I even thought that the taproot update had failed, when finally in the next block they came.”

Price is unlikely to change in the short term, but fundamentals are very good

These changes should not reflect on the price of Bitcoin in the short term, as the market has not yet evaluated what benefits the new update will bring, but the scenario is certainly promising for those who want to use the network as a means of payment.

Remember that this update will not be used as much by transactions and common users compared to SegWit. Despite this, multisig transactions already represent 11% of all submissions and this update should benefit all network users.

In any case, Taproot implementation has been expected since June 2021, when the network of miners agreed to the update. As Bitcoin is a decentralized currency, decision-making in Bitcoin involves having the consensus of the majority of the network, which ended up happening and did not cause disputes.

Bitcoin developer and educator Jimmy Song said that in his first tests with Taproot he found the solution to be very well designed.

“I knew I was conceptually smart, but now I know the whole thing was designed really well. Good job the Bitcoin core devs and everyone who helped make Taproot happen!”

Leave a Reply

Your email address will not be published. Required fields are marked *