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
Hybrid PoW/PoS
It is the allowance for both Proof-of-Stake and Proof-of-Work distribution consensus to work on the same network.
Cryptocurrency Act of 2020
The Cryptocurrency Act of 2020 is a bill which aims to clarify which federal agencies would regulate which type of crypto assets.
Masternodes
Computers that are responsible for processing blockchain transactions and receive a reward when a block is mined.
KYC (Know Your Customer)
KYC stands for "Know Your Customer", a process for business entities are required to verify its clients and assessing them.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.