Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2329
  1. A database of all unconfirmed transactions waiting to be confirmed by miners

2.` The mempool becomes larger and gets backlogged which can slow transaction times

  1. It can raise fees because of the extra competition to get your transaction added to the block. Miners are incentivized to confirm the transactions with the higher fees since they get to keep the fees. The higher the fee you are willing to pay, the faster your transaction will be added to a block
1 Like
#2330

  1. What is the mempool?
    The mempool is a data structure of unconfirmed transactions waiting for miners to verify the information.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transaction falls back into the mempool and it gets distributed to all miners(nodes) for verification. The transaction takes longer.

  3. How does a growing mempool effect transaction fees?
    growing mempool will increase transaction fees for users.

1 Like
#2331

  1. What is the mempool?

    A memepool is where all pending, so no yet confirmed transactions are listed.

  2. What happens if the miners can’t keep up with the rate of the new transaction?

    The memepool gets bigger and miners prioritize those transactions with higher fees.

  3. How does a growing mempool effect transaction fees?

    With a growing memepool there will be growing transaction fees.

2 Likes
#2332

(1)
the list of all transactions

(2)

the mempool grows and transactions take longer and fees increase.

(3) Pay to play --> whoever is willing to pay more fees goes first.

2 Likes
#2333

1.What is the mempool?

  • This is data structure, that each node has. It stores a list of unconfirmed transactions.

2.What happens if the miners can’t keep up with the rate of the new transaction?

  • The mempool grows. The miners will take those transactions with the highest fees and try to put as much of them as possible in the block.

3.How does a growing mempool effect transaction fees?

  • The higher the transaction fee is, the better chance for the transaction to be handled faster. Because the miners are incentivised to make money, they will pick the transaction with the highest fee, because they get the transaction fee.
2 Likes
#2334

1/ is a list whit pending transaction

2/ pending transactions in the mempool increase

3/ The more transactions there are in the mempool, the more delay there will be, which can lead to people being willing to pay higher fees in order to have their transaction earlier.

3 Likes
#2335
  1. Mempool - a list of all unconfirmed transactions
    2… The Mempool grows
  2. Transaction fees are based on Satoshis/Byte. If you pay higher fees, your transaction will be taken by a miner quicker.
2 Likes
#2336
  1. a space with unconfirmed transactios
  2. mempool gets biger
  3. fees get higher
2 Likes
#2337

A mempool is a list of unconfirmed tx.

If miners cannot keep up with rate of tx then tx times increase.

A growing mempool will increase tx fees as wallets allocate more to getting the tx processed over competition.

2 Likes
#2338

What is the mempool?
The mempool holds unconfirmed transactions and every node has their own local copy of it, a miner will then query a mempool from a node or use their own local copy of the mempool to find a block that has the most Satoshis per byte to mine to make the most profit. Miners choose the blocks that contain the highest fees. Mempool blocks have limited space.

What happens if the miners can’t keep up with the rate of the new transaction?
Transaction confirmations will become very slow to confirm as the mempool becomes backlogged.

How does a growing mempool effect transaction fees?
It will make transaction fees become very expensive to incentivize people to not make as many transactions to then lower the TX fees back down. Also people who are willing to pay the higher fees, they will get their TX confirmed first.

2 Likes
#2339
  1. What is the mempool?

The mempool is a list of all the transactions that have been sense checked are are waiting to be picked up and confirmed on the blockchain by a miner.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

If the inflow of transactions is greater that the miner base can cope with the transactions time will increase because you will have to wait longer for miners to pick up and process them.

  1. How does a growing mempool affect transaction fees?

Transactions with higher fees are more likely to be picked up faster by a miner, because miners are rewarded with the transaction fee. This mean a congested mempool will attract higher transaction fee by people wanting their transactions to be processes first.

2 Likes
#2340

Homework on Mempool - Questions

  1. What is the mempool?
    Unconfirmed transactions
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Slows down confirmation rates
  3. How does a growing mempool effect transaction fees?
    increases fees
2 Likes
#2341

  1. What is the mempool?
    A mempool is a place where unconfirmed transactions await a miner to add them into the next block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool gradually grows in size and transaction speed will also increase.

  3. How does a growing mempool effect transaction fees?
    Transaction fees will generally grow in line with the increased mempool size, miners will be offered larger fees in return for picking up those transactions with the largest incentive.

2 Likes
#2342

  1. A mempool a cache each node keeps of all the unconfirmed UTXO’s.

  2. The mempool increases in size and transactions take longer.

  3. The miners will take the transaction with the highest fee so as the mempool increases in size this pumps the transaction fee.

#2343

  1. A data structure that each node have. Each node have a list of unconfirmed transactions.

  2. Transactions will need more time to process.

  3. fees will go up.

1 Like
#2344

The mempool stores unconfirmed transactions.
Utxo’s are not the same as a transaction. Utxo’s are batches of bitcoin that was send to your addresses wich are not yet spend. In a transaction you can change ownership of your utxo’s to other addresses

1 Like
#2345

yes, I understand the UTXO’s are in the unconfirmed transactions, which are in the mempool. thanks!

1 Like
#2346

  1. Mempool is the amount and time of transaction requests.

  2. Backlog, larger fees are required or transactions are canceled.

  3. Increasing fees to justify more demand. Higher fees will get passed through first.

1 Like
#2347

What do you mean by “time of transaction requests”? Mempool is a list of unconfirmed txs. :slight_smile:

#2348

The mempool is where the unconfirmed bitcoin transactions accumulate

If the miners can not keep up with the transactions then the wait times for blockchain integration increase

A growing mempool results in higher average transaction fees

1 Like