What are Bitcoin improvement proposals (BIPs), and how do they work? By Cointelegraph

What are Bitcoin improvement proposals (BIPs), and how do they work?

There are three main kinds of BIPs: standard, informational and consensus BIPs.

Standard BIPs

They identify standards used by software like wallets or exchanges and aim at changing the protocol; therefore, they require consensus to be approved. For example, they might submit encoding methods for securing Bitcoin or are recommended in the case of interoperability, which means that wallets should be able to recognize and function with any Bitcoin address to be useful.

Informational BIPs

Consensus BIPs

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