Homework on Mempool - Questions

[HGarach]

1. What is the mempool?
   Ans: It is a special place where all the unconfirmed but valid transactions accumulate.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   Ans: The Mempool will grow bigger in size
3. How does a growing mempool effect transaction fees?
   Ans: Growing Mempool will result in higher transaction fees because many people will be competing to get their transaction in the block and the miners are incentivized to pick the transaction with the highest transaction fee.

[tonmil]

As you said the "Mempool is a list of unconfirmed txs’’, but also the chart shows how many UTXO across the time axis, not just the linear list of transactions. I thought the time factor was important enough to mention given the fees scaling depending on how many UTXO are requested at any given time.

[Scratty]

1. The Mempool is a list of unconfirmed transactions
2. Transaction times increase miners will prioritise transactions with higher fees sats/bytes.
3. The increased size of the mempool will create higher tranactions fees as miners are incentivised on a Satoshi per Byte basis when creating new blocks that are added to the blockchain.

[Lior]

1. What is the mempool?

The mempool contain list of confirmed transactions that pending to be added to the blockchain via the miner(s).

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

The pending transaction list will grow larger and transactions fee will grow in price as well.

3. How does a growing mempool effect transaction fees?

Miners will priorities the transaction containing the most profit to them and list will lower fees will be pending for longer and longer.

[Damedius]

1)All of the unconfirmed transactions.

2)Mempool grows larger.

3)Transaction fees increase.

[Daniel_Haydn]

1: in the mempool all pending transactions are listed

2: the mempools grows.

3: the fees increase to incentivize miners.

[Vivek20]

1. The mempool is the collection of unconfirmed transactions that are kept in the nodes. It may vary slightly because not all transactions may have reached each node.

2. Mempool will increase and the transactions with higher satoshi per byte will get processed faster.

3. The transaction fees go up.

[Lurkur]

1. The mempool is a database of transactions and fees waiting to be confirmed.
2. Miners select transactions from the mempool with higher fees per byte.
3. A growing mempool increases fees.

[CryptoMike]

[quote=“ivan, post:1, topic:8438, full:true”]
Homework on Mempool - Questions

1. What is the mempool?
   1R. Temporary space use while the bitcoin transactions are confirmed or put in a block
2. What happens if the miners can’t keep up with the rate of the new transaction?
   2R. The transaction take longer to be confirmed
3. How does a growing mempool effect transaction fees?
   3R bigger fees for the user that make transactions, better revenue for the miners.

[cawilson]

1. What is the mempool?
   A: Where the tx that are unconfirmed go while the miner builds the block for it.
2. What happens if the miners can’t keep up with the rate of the new transaction?
   A: the mempool gets larger and tx times take longer.
3. How does a growing mempool effect transaction fees?
   A: The higher you are on the mempool, due to miners getting backed up, the higher your fee will be.

[Reid]

1. The mempool is a list of unconfirmed transaction waiting to be mined.
2. If the Mining can not keep up with the rate of the new transactions then the mempool will increase in size.
3. As the mempool grows transaction fees are likely to increase.

[mattwmc]

1. Bitcoin transactions awaiting verifications and confirmation which will be included in the next block.
2. The transaction won’t go through and miners won’t get paid.
3. Fees increase and if the fees aren’t high enough the transaction could take longer.

[Dino]

1. What is the mempool? A list of all unconfirmed transactions that are waiting to be mined.
2. What happens if the miners can’t keep up with the rate of the new transaction? Transactions start to back up.
3. How does a growing mempool effect transaction fees? Fees increase with a larger pool because of the competition to get the transaction to the next block. Larger fees are offered to get miners to pick up a transaction.

[CC123]

1. A place where a transaction waits to be confirmed by a miner.
2. They go for the most expensive ones, because then they earn more fees.
3. It increases them.

[Karima]

1.The place where transactions wait before being picked up by miners
2.The mempool will grow then the transaction will take longer to be processed.
3. Higher fees transactions get processed first.

[Bull75rm]

1. The mempool is a special place where all the unconfirmed transactions that make sense are placed before the miners come to pick them up and lock to the blockchain (the miners will pick up first the transactions with the highest fees).
2. The mempool grows.
3. The transaction fee will go up.

[RBIG]

1. The mempool is a waiting area for unspent transactions and fees until they can be added to the next block.
   2.The number of unspent transactions in the mempool will continue to get bigger which means transaction will take longer to be added to a block and confirmed.
2. As miners are incentivized to confirm transactions by collecting the fees they will process the transactions with the higher fees first This will drive up fees as people will be willing to pay more so that their transactions get added quicker.

[thoth]

1. A list of unconfirmed transactions created by each node from which miners can pick to add to a block.
2. Transaction confirmation will take longer
3. Transaction fees will rise

[Snowrider]

1. Is a place where unconfirmed transactions wait to be added to the blockchain.
2. There is an ever-increasing backlog of transactions that have yet to be confirmed.
3. Miners tend to select the transactions that have the highest fees first.

[Lonnie337]

1. The mempool is the database where all un-confirmed transactions go to until verified.

2. Wait time for transactions will increase as well as the mempool database.

3. The larger the mempool means a growth in competition resulting in larger fees being offered to the miners.