Homework on Bitcoin Ecosystem - Questions

Blockchain and Bitcoin 101
#784

SPV is is tx send to multiple nodes to get verification.Full node confirms SPV tx and verifies other tx with other nodes and miners.

It means that utxo is send as input and it s waiting to be put in a block.

Utxo added to the block are only ones who follow the blockchain protocol after that usually first go uxto with high fees.

#785

What is the difference between a SPV (simplified payment verification) and a full node?

SPV’s don’t have a full copy of the blockchain, but they trust the Nodes who have, and will interact with them when needed.

What does it mean when a transaction is broadcasted?

It’s sent to the nodes / the network.

How does a miner pick which transactions that gets added to the next block?

Miners usually select the transactions with the highest transaction fees in Sat/Byte.
#786

  1. Full nodes store the whole blockchain, while SPVs stores tx relevant to the address, but requires a full node in order to send a tx.

  2. all active nodes are propagating the tx and receiving based on location

  3. The highest tx fees, get added to the next block

#787
  1. What is the difference between a SPV (simplified payment verification) and a full node?
    a SPV doesn’t have the whole blockchain and a full node does.
  2. What does it mean when a transaction is broadcasted?
    that it was spread through the network to all the nodes.
  3. How does a miner pick which transactions that gets added to the next block?
    it goes and picks the transactions with the highest transaction fees.
#788
  1. SPV has a piece of the blockchain to look into , full node has the whole blockchain
  2. it is sent to the network of nodes and they confirm it weather it is valid or not
    3, simply by choosing the ones with more fees.
#789

  1. SPV is a method to verify transactions without having to download the entire blockchain while a full node must have a complete copy of the blockchain.

  2. When a transaction is broadcasted it means that it is propagated through the network so that all nodes receive the transaction and can store it in their mempools.

  3. A miner picks transactions from the nodes’ mempools. Because miners are financially incentivized they will most likely pick the transactions with the highest transaction fees.

#790

  1. SPV works with mobile wallets due to the fact that it has limited memory and a full node works with desktops which has copies of the entire blockchain

  2. It means the nodes receive the information about the transaction (propagates)

  3. The miner chooses the transaction with the largest fee

#791

Miners don’t wait for confirmations. They are the ones confirming the blocks. The miner picks the transactions with the most fees.

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#792

It does not matter if you use an SPV or a full node to do a transaction. If you want to be sure you transaction cannot be reversed you need to wait for 6 block confirmations.

#793

It is around 270gb now.

#794

A UTXO is just a part of a transaction. SPV wallets need to get the information from full nodes about the blockchain in general.

#795

Very nice answers, especially the second one. Keep it up. :slight_smile:

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#796

Keep in mind that each miner has their own version of the mempool. When you broadcast a transaction you propagate it through the network, from one node to another. Eventually every miner will have your transaction in their mempool.

#797
  1. Full node has full copy of the blockchain and SPV is not, SPV is working according to the other nodes data
  2. It means that the transaction has been sent to the network
  3. First they check and verify that you have enough funds to make a transaction, then they choose the most profitable transactions for miners as they have to pay for electricity in order to keep network secure
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#798

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPV stores your UTXO data but for info about blockchain it need a full node., needs full nodes to send transactions.

  2. What does it mean when a transaction is broadcasted?
    The nodes tell all nodes that this transaction have happened

  3. How does a miner pick which transactions that gets added to the next block?
    picks the one with TX fee

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#799

SVC doesn’t have the full copy of the blockchain info it’s like half a node, therefore, it needs to ask a full node to read the blockchain for them

broadcasted means the sent information to the network of nodes

miners usually pick transactions with higher fees from the mempool as they get to keep the feeds as well as the block rewatd

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#800

1 SPV doesn’t contain the whole blockchain database.It is possible to verify bitcoin payments without running a full network node.

2 A transaction is broadcasted when it is spread to all nodes.

3 A miner will always choose transactions with the higher transaction fees.

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#801

What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not have all UTXO data or a complete blockchain accessible. They must query a full node to receive data.

What does it mean when a transaction is broadcasted?
It means that a transaction is valid and is added to the mempool for confirmation.

How does a miner pick which transactions that gets added to the next block?
The miner usually selects the transactions with the highest fees first. Then will add transactions that fit inside the block. Highest fees make sense, as the miner wants to make as much as possible.

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#802

  1. What is the difference between a SPV (simplified payment verification) and a full node?
    SPVs do not hold a copy of the blockchain and depend on a Full Node to propagate info.

  2. What does it mean when a transaction is broadcasted?
    When a TX is broadcasted, it is accepted in a mined block and that block is then spread across the entire network.

  3. How does a miner pick which transactions that gets added to the next block?
    A miner will pick transactions with higher fees since they get that along with their block reward.

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#803
  1. SPV is for mempool. full node is for the blockchain
  2. nodes propergate txs
  3. miners incent to most profit by choosing a) txs with high fees and b) minimum input output or sat/bit to get more txs in one block

#please correct me if im wrong. not sure in some points

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