BIP

BIP stands for Bitcoin Improvement Proposal. A BIP is a technical document written by developers which introduces solutions to problems that the Bitcoin network is facing. The first BIP was created on 19 August 2011 by Amir Taaki. It was called BIP 0001 and it described what a BIP is. BIPs make sure that all the problems that Bitcoin faces are addressed and recorded. Lightning Network started off as a BIP in 2015 which recommended micropayment channels that would enable Satoshi level (0.00000001 Bitcoins) micropayments with near-instant transactions.