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
Mnemonic Phrase
A mnemonic phrase (also known as mnemonic seed, or seed phrase) is a list of words used in sequence to access or restore your cryptocurrency assets.
Encryption
In cryptography, encryption is a process of encoding information the original form of information called plaintext via an algorithm called cipher. The encrypted message is now called ciphertext. Only authorized parties can decipher the ciphertext and convert back it to the original plaintext.
Bitcoin ATM
A machine from which you can buy or sell Bitcoin. Typically also offers different types of cryptocurrencies.
Market Taker
Participant of the market who buys and sells from currently existing orders
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