Digital currencies have impacted our lives positively, and everyone in society finds crypto a useful tool. Despite the use of the latest technology, cryptocurrencies’ privacy is in jeopardy because hackers continue tricking investors with appealing deals or forcefully finding ways into their wallets and robbing them. Investors are tricked through various ways and end up giving their credentials, and they are scammed. This has brought insecurities to them because privacy with crypto has become wanting.
Bitcoin’s decentralised nature makes it free of central authority that can determine the improvement proposals. All the improvements on Bitcoin rely on the decisions made by the community. There are ups and downs with digital currencies. When investors incur a loss, they tend to quit the market with the view that it is a scam. Since Bitcoin involves the use of blockchain technology, there is a need to improve it to make it more efficient and simplify its working codes to make it more user-friendly.
How to generate the proposals for improving Bitcoin
To generate proposals for improving Bitcoin, the ideas usually come from social media chats such as Twitter accounts. It is usually a time taking process because the ideas are submitted to the developers and miners of Bitcoin to check whether the improvement proposal is in line with the standards of Bitcoin. The process involves making a draft that can proceed or not proceed to the next level. A draft proceeds to the final stage of approval or replacement if accepted.
Types of Bitcoin improvement proposals
There are several types of Bitcoin improvement proposals, and they include:
- The standard
- The information
- The process of Bitcoin improving proposals.
The standard (BIPS) aims at changing the network protocols; if there is a need to secure more digital wallets, then recommendations on how to make the wallets more secure lie under this.
The informational type of (BIPS) is informative. They aim to guide the community and not introduce new features. Their core aim is to ensure that the community understands Bitcoin’s general guidelines.
The process (BIPS) seeks to change the processes that Bitcoin uses. Their core aim is to describe a process change. The BIPS is essential because they are key to making Bitcoin more secure, mostly in these times when cryptocurrency privacy is in danger than it has been before. Knowledgeable personnel is working hard on looking for possible means to benefit from others’ investments, which is why there is a need to amend the Bitcoin operations to make it safe from scammers and secure it for the investors to remain safe when transacting in the market.