Cryptocurrency News

What are Bitcoin improvement proposals (BIPs), and how do they work?

06/13/2022

Less than a minute

2022.06.13 00:36

What are Bitcoin improvement proposals (BIPs), and how do they work?

Standard BIPs

They identify standards used by Bitcoin software like wallets or exchanges and aim at changing the protocol; therefore, they require consensus to be approved. For example, they might submit encoding methods for securing Bitcoin or are recommended in the case of interoperability, which means that wallets should be able to recognize and function with any Bitcoin address to be useful.

Informational BIPs

Consensus BIPs

06/13/2022

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