A little back story here: most bamboo rods today come with two tips because of tradition. Back over 100 years ago when rods were made from wood or a weaker bamboo (called "Calcutta" cane) the delicate tips would not hold up to the pressures of fighting fish very well. The tips were apt to break & they often did. The answer for this was to make a rod with multiple tip sections. It wouldn't be uncommon to buy a new rod back then & have it come with two, three, or more tip sections. Eventually, when we started using "Tonkin" bamboo, we kept on making rods with two tip sections.
Even today, there's good reason for the two tip sections: it will extend the life of your rod. The tip is where a lot of pressure goes when casting & fighting fish. If you alternate between the two tips every time you go fishing, you can extend the life of the tip section(s) quite a bit.
One of the little details that goes into a fine fly rod is to wrap the tip tops in such a way that you can easily tell the two sections apart, before you even pull them from the rod bag.
There are different ways of doing this, but how I do it is to give one wrap a delicate tipping wrap & leave the other without a tipping wrap, as shown in the photo below: