What is Bitcoin Improvement Proposal (BIP)

It is a standard for proposing changes to Bitcoin protocol. They include consensus related critical changes like soft fork and hard fork protocol upgrades, bitcoin software implementations such as modifications pertaining to backing up seed formats and peer to peer layer.

The first BIP – BIP 0001 was proposed by Amir Taaki in the year 2011. BIP 141 also known as Segragated Witness or SegWit has resulted in increasing Block size to address size limitation problem that reduced Bitcoin transaction speeds.

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