TIMESTAMP ~ Stamps the time

Every block mined has a timestamp added to it.

This is for added security, immutability and to help establish the difficulty adjustment

IMMUTABILITY ~ Cannot be changed.

This means the blockchain is 'set in digital stone'.

PROOF-OF-WORK (PoW) ~ Cryptographic proof that difficult work was done to satisfy an algorithm.

Miners use the PoW algorithm to prove they have used a lot of computational power via electricity (work), in order to achieve consensus in a decentralized manner, and to prevent corrupt actors from spamming the network.

PUBLIC KEY CRYPTOGRAPHY ~ A process that creates the digital keys to access your bitcoins.

This is a system whereby two keys are created through a cryptographic algorithm.

One key is public - Like your bank account number, that you can give people to send bitcoin to you for goods, gifts or services.

The other key is private - Only you have a copy, and you use it to unlock access to your bitcoin, just as a password unlocks your online bank account.

You must secure your private key very well, since anyone who has access to it has access to your bitcoin.