1. When a new shell starts, it reads the ~/.bash_history file.

2. As new commands are typed, typing history will still only show the new commands, but they’re only stored in the memory temporarily and not yet appended to ~/.bash_history. Therefore, if you open a new bash shell while keeping the current shell running, typing history in the new shell won’t output the history of the recently typed commands in the current shell.

3. If you close the current shell, the newly typed commands will be written to the end of ~/.bash_history. Therefore, If you open a new terminal after the current one is closed, history in the new shell will output the most recent commands typed in the closed shell.

The above description is based on my own experiment, feel free to correct me if I am wrong or incomplete in any sense.