What are the steps each node follows to run the network?

Broadcast transactions → collect them into a block → find a proof-of-work → broadcast the block → others validate it → they extend it by building the next block on its hash.

* The six steps every node repeats — and step six, extending the block, loops straight back to step one. *

1. New transactions are broadcast to all nodes.
2. Each node collects new transactions into a block.
3. Each node works on finding a proof-of-work for its block.
4. On finding one, the node broadcasts the block to all nodes.
5. Nodes accept the block only if all its transactions are valid and not already spent.
6. Nodes signal acceptance by working on the next block, using the accepted block's hash as the previous-hash.

Tip: acceptance isn't a message — it's building on top. Extending a block is the vote for it.

Go deeper:

• Bitcoin network — Wikipedia — how nodes relay transactions and blocks and reach consensus on the longest chain.