BIP- Bitcoin Improvement Proposal

While we mostly hear about common BIP like the BIP 32, BIP 39, BIP 44, , BIP  84, BIP 86,  we can in lay terms refer BIP to be upgrades in Bitcoin network.

Even the founder Satoshi wasn't part of the first BIP that makes Bitcoin an open source, anyone is free to attempt improvement in the network and tender it formally to Bitcoin devs, where it will be reviewed either accepted or rejected.

We have three categories of BIP which all fall under

Standard Track BIP - BIP under this category pass changes in the blockchain protocol like transactions and consensus mechanism.

Information BIP - To raise awareness and sharing of updates concerning Bitcoin proposals.

Process BIP - Guide on how proposals should be followed.


Where to find Bitcoin BIP progress

Common BIP and what they do

Currently we are upto 443 Bitcoin Improvement Proposals and still counting.

BIP	|	What they do	|
BIP 32	|	Creates a master key that compounds plenty wallet address	|
BIP 39	|	Allows a mnemonic setup (seed phrase) in a simple language for easy recall	|
BIP 44	|	Multi Crypto friendly - Can have different crypto address using the same seed phrase as Bitcoin address	|
BIP 84	|	Initiated path for Native Segwit - Comes with cheaper fees and faster transactions	|
BIP 341:342:343	|	Initiated path for Taproot - Validation - Set up	|