BIP

Definition

A Bitcoin Improvement Proposal (BIP) is the formal mechanism through which any developer can propose improvements to the Bitcoin protocol. It follows the process of Satoshi's BEP (Bitcoin Enhancement Proposal) and the standard set by Ethereum's EIPs. Landmark BIPs include BIP 141 (SegWit), BIP 340-342 (Taproot) and BIP 32 (Hierarchical Deterministic Wallets). BIPs are essential to understanding Bitcoin's decentralized governance.