What are the 12 steps of the P2P cycle?

Could you please elaborate on the 12 steps of the Peer-to-Peer (P2P) cycle in cryptocurrency transactions? I'm curious to understand the entire process from initiation to completion, as I'm new to this field. Could you break it down step-by-step, highlighting the key elements and any potential challenges or considerations involved in each stage? Your detailed explanation would be immensely helpful in gaining a comprehensive understanding of the P2P cycle in the world of cryptocurrency.