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11. Nov. 2021 - News

BTC Soft Fork - Taproot Upgrade

The Taproot Soft Fork Upgrade introduces a new level of anonymity and complexity. Bank Frick clients do not need to take action - their assets are safe at all times.

BTC Soft Fork - Taproot Upgrade

Please be informed that for this fork customers of Bank Frick do not have to get active and their funds are safely secured at any point in time.  There will not be any restrictions when it comes to trading Bitcoin via Bank Frick at any point in time.

Technical background

Developers in Bitcoin are about to mark a fundamental alteration by bringing in a new layer of anonymity and complexity with the Taproot soft fork upgrade in mid November this year (in block 709,632). Taproot has been locked in on June 12th, 2021 after it was added to the Bitcoin Core library in 2020. In January 2018 Bitcoin Core developer Greg Maxwell unveiled Taproot for the first time. For this soft fork, miners and mining pools helped to coordinate its deployment. 

Taproot will improve the scripting capabilities and privacy features. A new feature, that will be enabled can be beneficial in the process of constructing smart contracts more efficient and increase privacy characteristics by only revealing the relevant parts of a contract when spending. By processing less data, network efficiency is increased and more transactions per block are supported, improving the overall TPS (Transactions per Second). Taproot also achieves a reduction in transaction fees through smaller data processing.

If you do have any questions about the upgrade or the security of your funds, please do not hesitate to contact us.

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