Bitcoin Improvement Proposal

A Bitcoin Improvement Proposal (BIP) is a formal proposal to change Bitcoin. Upgrades, security improvements, and bug fixes all enter the Bitcoin codebase via BIPs. Upgrades such as SegWit, HD Wallets, PSBT and more were all introduced via BIPs, which then underwent a review process and community discussion before being accepted. However, not all BIPs propose code changes. Some, such as BIP 39’s standard of mnemonic phrase backups, establish standards to be used by other Bitcoin related projects.