The document outlines the fundamentals of Bitcoin technology, emphasizing Bitcoin Improvement Proposals (BIPs) as key documents for design improvements, categorizing them into standard, informational, and process types. It distinguishes between hardforks and softforks, describing hardforks as requiring everyone to upgrade and not being backward compatible, while softforks necessitate miner consensus to validate changes. The document also provides links to resources for further details and lists over 150 BIPs available for review.

1. Bitcoin Technology
Fundamentals
Amitesh Raikwar
PhD Scholar
November
2021

2. Bitcoin Technology
Fundamentals
Tutorial – Bitcoin Improvement Proposals

3. Bitcoin Improvement Proposals
1. Bitcoin is open source.
2. It’s unstructured.
3. No formal agreements on what it should look like.
4. Bitcoin Improvement Proposals (BIPs) are documents that lay out
design improvements for Bitcoin.
5. Could be modified functionality.
6. Could be new features.
7. Could be better or new information on Bitcoin.

4. Bitcoin Improvement Proposals
1. Three kinds of BIPs:
• Standard Track BIPs.
• Informational BIPs.
• Process BIPs.
2. BIP 0001 (2011) – first BIP, describes a BIP and the workflow.
3. BIP 0001 is available for review.
4. A full list of BIPs to date ( more than 150 ) can be reviewed
online.
5. B.I.P Life Cycle
6. https://github.com/bitcoin/bips/blob/master
.README.mediawiki

5. Hardfork Wishlist
1. Hardfork Wishlist (HW) is a collection of information about
proposed changes to Bitcoin.
2. Unlike BIPs, HW would force a ‘hard-split’ of the blockchain.
3. Everyone needs to upgrade.
4. Not backward compatible.
5. Old software won’t accept new transactions (treated as invalid
blocks)
6. It is a wishlist.
7. In given link you can find details. https://en.bitcoin.it/wiki/

6. Softfork Wishlist
1. Softfork Wishlist (SW) is a place for information about changes
to Bitcoin.
2. Unlike HW, SW force a ‘soft split’ of the blockchain.
3. Requires a consensus of miners.
4. Consensus decides to reject valid blocks.
5. Old software will consider new transactions as being payable
to anybody.
6. But can’t be redeemed and will be rejected by clients.
7. It is a wishlist.
8. In given link you can find details. https://en.bitcoin.it/wiki/

7. THANK
YOU!
Amitesh
Raikwar
Phone
+91-9893093846
Email
amiteshraikwar@gmail.com