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bip 2017-10-30T22:50:01+00:00

What is Bitcoin Improvement Proposal (BIP)?

Bitcoin Improvement Proposals come about when the current state of the network is struggling to keep up with increasing transactions and other ever changing factors. They can be proposed by anyone due to the code being open source, and anyone being able to write and propose improvements. ​All are proposed to make the transaction times faster and in turn enhance user experience.

There are many different forms of improvements proposed, and it often causes a divide in the community over which route the currency should go down. Most recently, an August 1st 2017 deadline was set for which BIP should be taken, and ultimately it’s the miners who collectively decide. Each proposal requires a certain percentage acceptance to take effect.

 

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