Bitcoin doesn't have a defined structure or organizational regulations, meaning that there is a different standard for suggesting new ideas and changes to Bitcoin. These ideas can be proposed by almost anyone, regarding <strong>the development process or community standards</strong>.</p>\n<p><em>BIP doesn’t have a centralized leader, and the process is organized by the Bitcoin community.</em></p>\n<p>2011 was the year when the first-ever BIP was released, and every BIP can be seen on <strong>GitHub.Bitcoin.</strong> BIPs usually begin as developers email their proposals to the email list, and if anyone is intrigued, they will respond. However, not every idea gets a response. Some remain in discussion for several years.</p>\n<p>Once the idea is optimized, it gets a BIP number and gets posted to GitHub.Bitcoin, the database for BIPs.</p>\n<p>The proposals have three categories:</p>\n<ul>\n<li><strong>Process BIPs.</strong> These are the proposed process improvements that are not part of the Bitcoin protocol.</li>\n<li><strong>Standards Track BIPs.</strong> These refer to changes to the protocol or validation techniques.</li>\n<li><strong>Informational BIPs.</strong> Intended to teach and promote awareness.</li>\n</ul>\n<p>Process and Standards Track BIPs have to be evaluated and debated within the community. However, if the community wants, the informational ones can be overlooked.</p>\n<p><em>It’s important to note, though, that some changes and modifications don’t need BIP.</em></p>\n<p>A great example of BIP is <strong>the confidential transactions proposal by Gregory Maxwell</strong>. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":93,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Bitcoiner?","slug":"what-is-bitcoiner","section":"B","keyword":"Bitcoiner","status":"published","definition":"Bitcoiners are Bitcoin devotees that are heavily involved in the cryptocurrency sector.","content":"<p><strong>Bitcoiners are very engaged in the cryptocurrency world. </strong>Some of them might be holding their bitcoins for at least a decade. To be fair, these individuals tend to keep track of the ups and downs of the Bitcoin price, and either celebrate their recent profit or complain about the drawdown and their loss.</p>\n<p>Bitcoiners remain steadfast in their belief that, in the future, Bitcoin will continue to thrive in the <strong>cryptocurrency <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market cap</a></strong>.</p>\n<p>Another popular belief among Bitcoiners is that <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">
Bitcoin will supposedly be the stepping stone in the political and financial system transformation. Besides, Bitcoin is <strong>a</strong> <strong>decentralized</strong> digital currency that doesn’t have a central bank involved in its functions.</p>\n<p> </p>","level":"easy","meta_title":"What is Bitcoiner? Definition & Meaning | Crypto Wiki","meta_description":"Bitcoiner meaning: Bitcoiner - Bitcoiners are Bitcoin devotees that are heavily involved in the cryptocurrency sector.","meta_keywords":null,"language":"en","created_at":"2022-02-14T12:26:46.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bitcoiner"},"prevSection":{"id":91,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Bitcoin Dominance (BTCD)?","slug":"what-is-bitcoin-dominance-btcd","section":"B","keyword":"Bitcoin Dominance (BTCD)","status":"published","definition":"a metric used to show what share of the cryptocurrency market cap is owned by Bitcoin.","content":"<p><strong>Bitcoin Dominance (BTCD)</strong> refers to the ratio of the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">
Bitcoin (BTC)</strong></a> market capitalization within the entire cryptocurrency market.</p>\n<p>Bitcoin was the first cryptocurrency in the world. It was developed by an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-anonymous/">anonymous person (or people) known by the pseudonym <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a> and launched in 2009. Bitcoin was the first <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain-based development, and its functionality is based on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-whitepaper/">whitepaper published prior to its launch.</p>\n<p>Bitcoin is built on the concept of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralization, though some international regulations have caused it to become more centralized than initially anticipated.</p>\n<p>Bitcoin is the biggest and most valuable cryptocurrency in the world by market capitalization. In recent years, Bitcoin has lost some of its dominance in the market due to the development of new cryptocurrencies and the rising popularity of <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></a>, the cryptocurrency with the second-biggest market cap at the time of writing.</p>\n<p>Bitcoin’s market share in 2013 was 94%. In comparison, by 2017, it had reduced to 85.4%, while its main market competitor ETH had a 5.7% at the time. Bitcoin’s dominance has been progressively lowering over the years. At the time of writing, it stands at 43.43%, having halved in roughly five years.</p>\n<p>Bitcoin is estimated to maintain an increasingly lower market share as new tokens and cryptocurrencies are introduced into the market, and coins using the more sustainable <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm gain more traction.</p>\n<p>However, Bitcoin still maintains influence on the cryptocurrency market. This can be seen by analyzing the charts, as any changes to the BTC price are reflected in the other cryptocurrencies, whether they are going upwards or downwards.</p>\n<p>Bitcoin’s global recognizability has led to increased accessibility to cryptocurrencies overall. Crypto, with Bitcoin at the forefront, has become an acceptable payment method in some online spaces. Software and hardware developments like <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hot-wallet/">hot and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cold-wallet/">cold wallets</strong></a> have made crypto holding easy. Crypto has also been used as a method to pay wages.</p>\n<p>Each BTC transaction is recorded on the network and is publicly accessible. However, the information about the parties involved in the transaction is kept completely confidential. The only information that is accessible is the transaction amount and the addresses of the wallets used. Everything else is anonymous.</p>\n<p>The anonymity aspect has made Bitcoin very popular on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-dark-web/">darknet. Cryptocurrencies have been used in transactions that involve narcotics, guns, or illegal goods. Bitcoin was used as the preferred payment method on the darknet black market <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-silk-road/">Silk Road</strong></a>. This has left a dent in Bitcoin’s reputation. Despite this, crypto is becoming increasingly popular.</p>","level":"medium","meta_title":"What is Bitcoin Dominance (BTCD)? Definition & Meaning | Crypto Wiki","meta_description":"Bitcoin Dominance (BTCD) meaning: Bitcoin Dominance (BTCD) - a metric used to show what share of the cryptocurrency market cap is owned by Bitcoin.","meta_keywords":null,"language":"en","created_at":"2022-02-14T11:37:05.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bitcoin-dominance-btcd"},"currentChapter":"B","currentSection":"what-is-bitcoin-improvement-proposal-bip","chapterTitle":"B","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-bitcoin-improvement-proposal-bip","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter B
What is Bitcoin Improvement Proposal (BIP)?
Bitcoin Improvement Proposal (BIP) MEANING:
Bitcoin Improvement Proposal (BIP) -
is a collection of documents that propose specific modifications to Bitcoin.
Let's find out Bitcoin Improvement Proposal (BIP) meaning, definition in crypto,
what is Bitcoin Improvement Proposal (BIP),
and all other detailed facts.
Bitcoin doesn't have a defined structure or organizational regulations, meaning that there is a different standard for suggesting new ideas and changes to Bitcoin. These ideas can be proposed by almost anyone, regarding the development process or community standards.
BIP doesn’t have a centralized leader, and the process is organized by the Bitcoin community.
2011 was the year when the first-ever BIP was released, and every BIP can be seen on GitHub.Bitcoin. BIPs usually begin as developers email their proposals to the email list, and if anyone is intrigued, they will respond. However, not every idea gets a response. Some remain in discussion for several years.
Once the idea is optimized, it gets a BIP number and gets posted to GitHub.Bitcoin, the database for BIPs.
The proposals have three categories:
- Process BIPs. These are the proposed process improvements that are not part of the Bitcoin protocol.
- Standards Track BIPs. These refer to changes to the protocol or validation techniques.
- Informational BIPs. Intended to teach and promote awareness.
Process and Standards Track BIPs have to be evaluated and debated within the community. However, if the community wants, the informational ones can be overlooked.
It’s important to note, though, that some changes and modifications don’t need BIP.
A great example of BIP is the confidential transactions proposal by Gregory Maxwell. It was accomplished through Pedersen Commitment - a cryptographic tool. This tool hides the values in a transaction, making everything anonymous.
