Notes

Verification
Bitcoin transactions are verified by miners. Miners are rewarded by being given freshly created bitcoins in exchange for verifying and recording transactions in the blockchain. This process is decentralized and trustless: the work is carried out by a distributed, volunteer-based computing network that is fully automated in order to eliminate the possibility of fraud or interference. An attempt to double-spend coins by creating a fraudulent transaction and refusing to follow through would be prevented when the miners refuse to process the transaction.: 220–223  After being verified, a transaction is included in the blockchain and is considered final.

A fundamental concept in bitcoin is that of 'proof-of-work', ensuring that transactions are secured by requiring miners to do work in order to authenticate transactions and add them to the blockchain. The work required to verify transactions is called mining. Because bitcoin miners are provided with the transaction fees paid by the sending parties, miners are incentivized to process transactions. As a side benefit, miners will also get transaction fees, outputs and block rewards. Miners are also responsible for generating enough entropy to prevent attacks on the blockchain.: 221 

Popularity
One of the key drivers of Bitcoin's success is its efficiency and cost compared with alternative technologies. Transactions can be included in blocks and broadcast within several minutes, on a global network with no central authorities or trusted intermediaries. This uses far fewer resources than the thousands of hardware servers that must be administered by banks and payment systems, which facilitates businesses and consumers to enter financial services. It also allows the secure storage of a significant amount of currency, since it is portable and not bound to the premises of a particular organization.

Block validation

A key function of the blockchain is the validation of each new block of transactions and the bundling of recent transactions with longer term transactions. The proof of work system used to validate each block is based on the assumption that it is computationally expensive to find a new block (the bitcoin network has a market capitalization of US$4 billion at the time of writing). This is achieved by requiring the miner to find a nonce value that is then included in the block header as a randomly generated number. This number is equivalent to a hash (digest) of the data in the block. https://cazino-lev-official.ru/ If the block is valid according to the longest chain of blocks seen so far by the miner's node, the miner is rewarded by being given freshly created bitcoins in exchange for verifying and recording transactions in the blockchain.
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