Major BIP 360 Update

The selection of the term Pay to Tapscript Hash (P2TSH) was influenced by its phonetic similarity and visual alignment with existing Bitcoin protocol elements such as Pay to Script Hash (P2SH) and Pay to Witness Script Hash (P2WSH), along with the new addition, Pay to Taproot (P2TR). This choice aims for consistency and ease of comparison within the list of transaction types. The approval from Stephen Roose, a notable figure discussed in a previous thread on Delving, further validated this naming decision.

The rejection of alternative acronyms like P2STMR, P2TTR, and P2MAST stems from a preference for aesthetic cohesion over purely technical representations. Additionally, the term MAST, standing for Merkelized Alternative Script Trees, was deemed confusing due to its deviation from earlier proposals under the same acronym and the resultant challenges in disambiguation. Consequently, P2TSH is favored for maintaining a sense of continuity and clarity within the evolving landscape of Bitcoin transaction nomenclature. This approach underscores the subjective nature of naming conventions in the technological domain, where the balance between form and function plays a critical role in adoption and understanding.