Taping up blisters can seriously help ease the pain and discomfort they cause. Though, keep in mind that if the tape is very sticky, it could rip the blister off when you take the tape off, so add a thin layer in between, just to not have the sticky parts on the actual blister. A band-aid is a good option for this, just put a band-aid over the blister, and then tape over the band-aid.
Many climbers also pop the blister, and then put a band-aid or tape over it. Though this may not be the healthiest option, but for some it is the most practical because it is quite uncomfortable climbing with blisters, even when they are taped up, and they may pop while climbing anyway.
If the blister is not that big, then I just put a band-aid on it and wrap it in tape so the band-aid stays in place, and that's it. If the blister is big and not popped, I usually wait a day or two before climbing.
I prefer to not pop blisters, so I just usually wait until it either pops anyway, or until it goes down in size to the point where I can climb with it. During those days I would normally do some weight training.
