Bitcoin Improvement Proposal (BIP)

A Bitcoin Improvement Proposal (BIP) is a formal document used to propose changes, new features, or updates to the Bitcoin protocol. BIPs follow a structured process where anyone in the community can submit a proposal, which is then reviewed and discussed before potentially being implemented. Notable BIPs include BIP 32 (hierarchical deterministic wallets), BIP 39 (seed phrases), and BIP 141 (SegWit).