- The difference between SPV and a full node is that the SPVs don’t hold their copy of full blockchain. They need to check information with the full nodes, which have the complete copy of blockchain.
- This means that the transaction is propagated across the network, from one node to others.
- They pick transactions with the highest transaction fee from the mempool.
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- A SPV can be seen as a wallet, it holds or downloads block data in part whereas a node has the entirety of the blockchain data.
- A transaction from a SPV is broadcasted when it is sent to surrounding nodes.
- By picking transactions with the highest fees.
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1/ An SVP is not a full node. It will be connected to a node and therefore does not have the full blockchain database. The SVP will query the full node for info.
2/ When a transaction is broadcast is it being propagated to all the nodes of the network and entered into the mempool.
3/ The miners will pick the transactions from the mempool with the highest fees (greatest reward). The blocksize is limited therefore the miner will choose the highest fees based on satoshi per bytes.
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Question: Can anyone kindly explain to me what is the incentive of running a full node if you are not a miner?
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One reason could be to not be dependent on others, some SPV wallets allow you to specify the node they connect to. This can in term provide better privacy to the user. 
another reason I’m running it is to connect my lightning node to it. I have also been running my own block explorer a while ago, but it crashed and I didn’t got the time to fix it yet 
Running an explorer on your own node can also increase privacy since those who are running block explorers know that 90% of the time the addresses you are going to query are your own so they can create a quite accurate picture of how much money you own
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- An PSV only hold an individual’s private key, it does not have a full version of the blockcahin, and it communicates information with full nodes.
- A brodacasted UTXO means that it has been put in a block and shared with the network.
- He picks them according to the TX fees (highest fees first)
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The difference between a SPV and a full node is that a SPV does not contain the entire blockchain and requires a linkage to a full node to make transactions.
When a transaction is broadcasted, that means that it has been sent to multiple nodes to be placed on the blockchain.
A miner picks transactions from the mempool and is looking for transactions with the highest fees.
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- SPV does not have the full block chain data. It have to call full nodes nearby to verify or do a transaction. Full node has all the block chain data so it can easily verify transactions.
- The transaction will be verified and relayed to node to node and will be the part of the mempool on each node.
- Whatever has the highest fee will added to the next block first.
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What is the difference between a SPV (simplified payment verification) and a full node?
Full nodes verify every transaction in the blockchain including the entire blockchain and block header, this offers the best in security and privacy whilst a SPV downloads block headers only and transactions that apply to wallet addresses.
What does it mean when a transaction is broadcasted?
Think of it like how gossip would spread. There are a bunch of people (nodes), and when one of them knows something, they tell it to the few people they are near connected with, and then those people tell a few more people the message that was told to them, and then… Eventually everyone knows about the original information.
How does a miner pick which transactions that gets added to the next block?
Usually miners will prefer to mine the transactions offering the highest fees.
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- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not contain the full bitcoin blockchain. It communicates with a full node to be able to process transactions.
- What does it mean when a transaction is broadcasted?
A node sends a notification with information about the new transaction to other nodes in the network.
- How does a miner pick which transactions that gets added to the next block?
The miner picks the transactions with the highest fees that are waiting in the mempool.
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- a SPV isn’t a full ledger it is just contains the most recent making it not as accurate.
- a transaction is brodcasted to the other nodes and put into the mempool.
- it will pick transactions with the highest fee per byte.
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- A SPV do not have a full copy of the blockchain stored locally vs a full node that have a complete copy of the entire blockchain. A SPV request information from a full node.
- The transaction is shared to other nodes, the information is communicated to other nodes.
- Miner select the transactions with the highest fees first.
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SPV has just a part of the blockchain stored and they need to query full nodes which have the entire blockchain stored.
The wallet will put together a transaction and sent it to the network where is validated by the nodes and confirmed by the miners.
Miners will pick the transactions that will pay the highest fees and add them first to the next block.
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- spv have only a part of blockchain stored (phone etc.) and it connects to closer full node for data
- nodes in network will recieve this information and other nodes are synchronized
- transactions with higher fee are added faster because fee is reward for miners
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- SPV stores only transactions that are relevant to its addresses, while nodes stores a copy of the whole blockchain.
- That transaction was sent to the mempool and is visible on the blockchain
- valid transactions with the highest transaction fees
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1) What is the difference between an SPV (simplified payment verification) and a full node?
Full nodes keep a complete copy of all the bitcoin blockchain with all the transactions. So a full node independently and authoritatively verifies all the transactions by itself without having any need for external resources.
SPV clients are designed to run on smartphones, tablets and machines with low resources and storage. For those devices a simplified payment verification system runs to allow them to operate without the full blockchain stored locally. They rely on peers to provide parts of the blockchain when necessary.
2) What does it mean when a transaction is broadcasted?
New digitally signed transactions are broadcast from wallets to all nodes. Each miner node collects new transactions into a block. Each miner node works on finding a proof-of-work code for its block. When a node finds a proof-of-work, it broadcasts the block to all nodes.
3) How does a miner pick which transactions that get added to the next block?
Miners participate in blockchain mining with an aim to make profits. There are two types of rewards for
miners: fixed block subsidies and transaction fees.
Block subsidies, predetermined by design, are the current major revenue source. Transaction fees, offered by Bitcoin transaction senders to accelerate their transactions, heavily depend on the corresponding transaction size.
A larger-size block tends to contain higher transaction fees and hence more rewards.
However, the probability of a mining a block goes down as the block size increases, since it takes a longer time to reach consensus. The miners consider these variables when picking which transactions get added to the next block. how much bitcoin/byte does it offer me and what are my chances of mining it.
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SPV does not have a full copy of the blockchain and needs to query a full node to
read the entire block chain . -
A transaction being broadcast means it is being spread to all the nodes in the
network. -
Miners will pick the transactions with the higher fees .
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An SPV is a sort of “mini-node”, like a smart phone or small computer, that can only verify part of the network because it only has enough memory to store a fraction of the blockchain. A full node has the entire blockchain stored on it, such as a miner, and verifies transactions/appends new blocks on the chain.
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A transaction is sent from a wallet into the blockchain mempool to await verification by a node.
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The miners generally choose the transactions with the highest fee in order to earn the greatest reward.
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- A SPV is a node that does not have the full version of the blockchain. In order to operate, it needs to receive updates from a full node which has the full copy of the latest blockchain.
- Once a transaction is posted to the network with the view of being added to the blockchain, it is broadcast to be propagated across the network
- A miner is incentivised to pick up transactions with higher fees to make their work more profitable
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- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV provides an image of the keys that are available in a wallet that is not in our possession, this wallet can be on Coinbase for example and you have an SPV to manage that wallet that might contain many other utxos and not only yours.
A full node is the wallet that you own and have stored your private keys on it and only use it to sign transactions through it. - What does it mean when a transaction is broadcasted?
A transaction is broadcasted when it is embeded in a block that is linked to a valid blockchain and is spread across the network. - How does a miner pick which transactions that gets added to the next block?
Usually miners pick from the mempool transactions that have the highest fees as the fees are being returned to the miner.
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