Understanding Bitcoin Specifications and Technology: BIP
BIP stands for "Bitcoin Improvement Proposals." These are documents published to facilitate discussions aimed at making Bitcoin technology more user-friendly, enhancing security, and promoting stable transactions and usage for the sake of its development, as well as to gather various suggestions. They also describe the de facto standard specifications currently in use for Bitcoin.
One such document is BIP 100, which proposes relaxing the upper limit on Bitcoin’s block size. It suggests setting the upper limit
at 32 MB, starting from the current block size, and adjusting the block size approximately every three months based on a vote by miners.
The BIP101 document contains a proposal to relax the Bitcoin block size limit—a topic that is arguably the most heatedly debated issue right now.
While the current block size is 1 MB, the proposal suggests raising this limit to a maximum of 8 MB in 2016 and then doubling it approximately every two years thereafter.
According to this proposal, the limit would be raised to 64 MB by 2022 and 8 GB by 2036, with the aim of speeding up transaction confirmation and block generation.
