Bitcoin Improvement Proposal (BIP)
By CoinGecko | Updated on Mar 03, 2020
Initially proposed and described by Amir Takir in 2011, Bitcoin Improvement Proposal (BIP) now refers to any proposal submitted by developers to be used to improve Bitcoin either through new features, parameter changes or bug fixes.
Related Terms
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Turing-Complete
A "turing complete" code or blockchain refers to the ability to read program-written codes.
Nonce
Abbreviation for ‘number only used once’ It is of vital importance next to the hash in the verification of data from the Bitcoin blockchain network.
Mainnet
It is the main network of Bitcoin, where the transactions of this cryptocurrency are registered and take place.
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