Bitcoin's biggest upgrade in four years just happened – here's what changes

The first bitcoin upgrade in four years is called Taproot, and it just activated.
The Taproot update means greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, which can be used to eliminate middlemen from transactions.

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The first bitcoin upgrade in four years has just gone live. It is a rare moment of consensus among stakeholders, and it's a big deal for the world's most popular cryptocurrency. 

The Taproot update means greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, which can be used to eliminate middlemen from transactions. 

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