Bitcoin Improvement Proposals

Murch: Bitcoin improvement proposals are essentially Asian mechanisms for multiple different implementations to arrive at a standard of how to do things with Bitcoin. Informational BIPs are more about off-chain things or user experience, while standard BIPs apply to how the chain works. Murch: There's a broadly held misconception that every BIP is a change to the Bitcoin protocol. But it's something that application developers in the Bitcoin space might want to agree upon for interoperability.