- An SPV doesn’t hold a full copy of the ledger, just a store of recent transactions. This makes for faster processing of simple transactions. A full node holds a copy of the entire ledger. An SPV may have to refer to a full node for information to send transactions.
- When a transaction is broadcast, it has been proporgated to other nodes in the network and is in the mempool, waiting for a miner to pick it up.
3)Miners will be motivated to choose the transactions with higher transaction fees, or how the transaction is structured so as to enable the fastest completion of the mining process for the next block.
4)Bitcoin is a shift in conciousness.
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[quote=“ivan, post:1, topic:8444, full:true”]
Homework on Bitcoin Ecosystem - Questions
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What is the difference between a SPV (simplified payment verification) and a full node?
SPV does not have a full version of the blockchain but can query a full node for information it needs. A full node has the entire blockchain. -
What does it mean when a transaction is broadcasted?
It means that the transaction has been received by all nodes, the entire network. -
How does a miner pick which transactions that gets added to the next block?
Miners will pick the transactions with highest fees.
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- What is the difference between a SPV (simplified payment verification) and a full node?
An SPV does not have a copy of the blockchain, it needs to connect to the node for it, as the node holds a copy of the blockchain to verify its validity and to verify transactions.
- What does it mean when a transaction is broadcasted?
That it’s propagated/spread to all the nodes.
- How does a miner pick which transactions that gets added to the next block?
From the mempool, by the the highest transaction fees that will be part of the miner’s reward.
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It doesn’t store all recent transactions either. Mostly it just stores transactions relevant to the private keys it holds. 
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1.SPV does note have a copy of all transactions a node does.
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It is shared among all nodes.
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They choose the transaction with the highest fees.
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!.) The difference between an SPV and a full node is a node has private keys, and a copy of the blockchain. It is usually an app running on a desktop computer that signs , and sends transactions and can also quarry the blockchain. An SPV can only store private keys and communicate with other nodes. Usually the will be an app running on a mobile device.
2.) When a transaction is broadcast it means that it is sent out to all the other nodes in the network for approval or confirmation.
3.) A miner usually picks the transactions with the highest fees to add to the next block first. The higher the fees the faster the transaction is added to the blockchain. Higher sat/ bit ratio is preferred by miners.
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SPVs don’t have their own copy of the blockchain and need to connect to full nodes to get this information.
It means the transaction is broadcast to the rest of the network and sits in the mempool waiting for a miner to add it to a new block of transactions.
The miner prioritizes transactions with higher transaction fees.
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Homework on Bitcoin Ecosystem - Questions
- What is the difference between a SPV (simplified payment verification) and a full node?
The difference is that a full node has a full copy of the blockchain and a SPV is a small node that trusts a full node from someone else. Normally the SPV is used on a mobile phone and a full node has to run on a desktop computer.
- What does it mean when a transaction is broadcasted?
It means that when a miner picks up the transaction and the transaction is confirmed, this transaction will be sent to all the nodes so that the blockchain will be updated by all the nodes.
- How does a miner pick which transactions that gets added to the next block?
Normally a miner picks the transactions with the highest fees.
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- What is the difference between a SPV (simplified payment verification) and a full node?: SPV doesn’t have a copy of blockchain. It queries the closest node. Used for mobile devices whereas nodes definitely desktop.
- What does it mean when a transaction is broadcasted? A signed transaction is broadcasted, propagated to the nodes on the blockchain. Each node validates transaction and places on its mempool.
- How does a miner pick which transactions that gets added to the next block? Selects from mempool preferably utxos with high feess
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A Full node has full data on the blockchain while an SPV goes off the data of a full node to verify transactions.
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It means the transaction has been shared across the network of nodes.
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The miner will chose the transactions with the highest fees from the mempool.
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- the difference between a SPV (simplified payment verification) and a full node;
- Full nodes have the entire copy of the blockchain.
- SPV does not have the copy of the blockchain instead they query from the full nodes.
- It means when a wallet create a transaction and broadcast it and the nodes listen the transaction and put it in mempool and then the miners take it from mempool and produce the block.
- since they are financially incentive they pick a transaction with the highest fee.
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The difference is an SPV does store the full information like a full node. Typically only Miners will utilize a full node in order to make money and keep the blockchain up and running.
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The transaction is valid, once the UTXO is accepted in a block that is mined and is propagated to all other nodes on the network.
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The transactions with the highest transaction fee.
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1. What is the difference between a SPV (simplified payment verification) and a full node?
A SPV doesn’t have an entire copy of the blockchain ledger, only a part of it. SPVs query full nodes for to verify transactions. Can an SVP also be a miner?
A full node has the entire copy of the blockchain and use it to verify transactions. They can also be miners.
2. What does it mean when a transaction is broadcasted?
The transaction is propagated to nodes in the network so that it can be verified.
3. How does a miner pick which transactions that gets added to the next block?
Miners choose transactions with the highest fees (Satoshi/Byte).
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- Spvs doesn’t have all the blockchain
- It means it’s transmitted to the network of nodes
- Based on the fee, the higher the most likely to enter into the block
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- An SVP is node that uses as shorter version of the blockchain and checks the blockchain on a local full node. A full node carries the full copy of the blockchain
- All the nodes in the network confirm the transaction
- The miner picks the transactions with the highest fee in the mempool.
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An SPV (Simple Payment Verification) is very different than a node. It can be used on a mobile device a node needs a desktop. It does not have the entire blockchain. Acquires confirmations from many nodes.
To broadcast a transaction you need to ask for verifications/confirmations from nodes on the blockchain network.
A miner typically chooses the highest paying transaction fee, first, to add to the blockchain.
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- The difference between full and partial node:
- full node: stores complete blockchain ledger, it is a secure way to use bitcoins without andy attack
- partial node or SPV: doesn´t sotre complete ledger, no so secure
- When a transaction is broadcasted means that is has been propagated and put into a mempool. There it is waiting for a miner to pick it up.
- A miner chooses a TX with the highest fee.
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Miners must connect to a full node in order to function.
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[quote=“ivan, post:1, topic:8444”]
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What is the difference between a SPV (simplified payment verification) and a full node?
A full node stores a copy of the block chain locally, an SPV does not store a copy of the blockchain instead it verifies it with a full node via the internet -
What does it mean when a transaction is broadcasted?
When a full node sends a transaction to another node -
How does a miner pick which transactions that gets added to the next block?
Typically this will be the one with the highest transaction fee both because the reward is higher and because it is likely to be the block of transactions that will free up most space on the mempool
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- What is the difference between a SPV (simplified payment verification) and a full node? Spv are small nodes that don’t have a copy of the entire blockchain. Full node has a full copy of the blockchain.
- What does it mean when a transaction is broadcasted? Transaction has been signed with your private key and then sent out to the network.
- How does a miner pick which transactions that gets added to the next block? They pick the transactions with the highest fee
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