What is a BIP (Bitcoin Improvement Proposal)?
A public document describing a proposed change to Bitcoin, or a standard that wallets can follow.
Anyone can write one. BIPs are discussed openly, numbered and given a status, such as Draft or Final. Being published doesn't mean a change is happening: rule changes need very wide agreement.
Some are rules for every node, like TaprootTaprootA 2021 upgrade that added Schnorr signatures and addresses starting bc1p, making complex payments cheaper and more private.. Others are standards wallets choose to follow, like recovery wordsRecovery words (seed phrase)A list of 12, 15, 18, 21 or 24 words that can restore wallet keys. Anyone who has them can take your bitcoin..