Notes

On 15 January 2009, the bitcoin network came into existence when Nakamoto mined the genesis block of the blockchain, with the reward for mining being 50 bitcoins. The BlockChain's lower layer workchain is designed for more scalability and is now the basis for most public Bitcoin implementations. The BlockChain can store up to 100 gigabytes.
Economic basics
A bitcoin is defined as having unique chain of transactions called a block.

A block is the basic component of the blockchain which contains a timestamp, a link to the previous block, and transaction data. Blocks can be mined in two ways: non-deterministically according to a proof-of-work scheme; or deterministically according to proof-of-stake. https://allportalonline.com/ The latter is less wasteful and more egalitarian in that it distributes mining among all users proportionately according to their relative wealth. The increase of mining computing power since the beginning of the existence of the blockchain renders proof-of-work mining economically untenable for most applications of the blockchain. Most public nodes start with the default of proof-of-work mining, and after a small number of blocks have been mined on the network, transition to proof-of-stake mining.

Nodes in the network verify transactions through a process called "mining", which secures the network, compensating miners for the time it takes them to do so. By design, bitcoin miners are only allowed to open one mining transaction at a time, as they solve the cryptographic puzzle of verifying the timestamps and adding them to the transaction stack. The combination of transactions making up a block form a chain, creating new transaction identifiers and a time-stamp. Each link in the chain is known as a block. Blocks also include a hash value of the previous block in the chain.

The network timestamps every transaction, and every node has a complete copy of all of the blockchain. The blockchain is a public ledger. As the number of users on the network increases, the load on the network and the amount of time it takes to process transactions increases. To prevent someone from spending the same bitcoins twice, each user must connect to a bitcoin node where transactions are broadcast, and which then add them to a public blockchain. Users with better computers are able to verify transactions in a quicker fashion and are able to broadcast their transactions to more nodes, adding to a collective blockchain. This collective approach allows the use of the word "mining" to describe the race to submit the next block of transactions that will be
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