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 | | |