BIP (Bitcoin Improvement Proposal)

Formal document that describes proposed improvements or changes for Bitcoin.

What is it? - Dummies

It's a paper where they suggest an idea to improve Bitcoin and, if they like, they put it into action.

What is it? - PRO

A BIP is a standardized format for presenting technical proposals for improvement or new features in the Bitcoin protocol, following a rigorous community process.

Key points

  • It facilitates controlled evolution.
  • It involves debate and consensus.
  • Examples: BIP-32 (HD wallets), BIP-39 (mnemonics).
  • Sales and disadvantages

  • Advantages:
    • Transparency in changes.
    • Community participation.
    • Clear documentation.
  • Disadvantages:
    • Slow process.
    • Risk of division if there is no consensus.
  • Related Concepts

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