Notes

History
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Problems
Consensus
In Bitcoin, the method used to determine which transactions are valid and are included in a block is called consensus. If a majority of the computers networked in a peer-to-peer network agree on a rule to produce a block, that block becomes part of the blockchain. The consensus algorithm was initially based on the use of proof-of-work and later shifted to proof-of-stake.

Because bitcoins are units of digital currency rather than units of any specific commodity, bitcoin transactions are permanent and irreversible. Consequently, bitcoin transactions are considered reliable and secure. This property is an advantage of cryptocurrencies in general, but it is especially important in a currency due to the nature of the applications, mainly Internet payments, it is being used for.

Transaction history
The blockchain is a public ledger of every transaction that has ever occurred in bitcoin. Each block in the blockchain contains a reference to the previous block. The first block is known as the genesis block. The date is derived from the Unix timestamp when the block was broadcast to the network (as detected by a timestamp embedded in the block).

Blocks that have yet to be added to the blockchain are known as unconfirmed. Unconfirmed blocks can be found in a list of unconfirmed transactions (when viewing on blockchain.info or by using bitcoin-cli). Once a block is fully confirmed, it is no longer considered for addition to the blockchain. The general convention is that full blocks are found every hour on average.

Backup mechanism
To ensure the safety of the system, Bitcoin implements a backup mechanism that will switch from the current blockchain when sufficient transactions are confirmed, to a saved version that has been updated only through successful transactions. According to the official documentation, only a hard drive failure, operator error, or application bug can force the blockchain to revert to an older version. The backup process is triggered automatically whenever a blockchain fork reaches a sufficiently large portion of the network's computing power.

Block size

The block size is the size, in bytes, of each block in the blockchain. Each block has a fixed size that cannot be changed by miners. Blocks can contain between 1 and 1,000 transactions.

The block size limit is a cap on the maximum number of transactions that can be included in a block. The fee per transaction for inclusion in a block will be reduced proportionally as the block size increases. The size limit is measured in bytes and, since 1024 bytes of data (
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