Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2549

It is a list of all unconfirmed transactions that haven’t yet been picked up by a miner. It may be different between nodes as transactions happen nonstop so the nodes need to update it constantly.

I guess the mempool gets higher and the fee grows higher?

It gets higher because there is more demand for miners than miners. Miners pick the highest transaction fee.

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#2550
  1. the Mempool is a repository where unconfirmed transactions are stored before they are included in the next block of the blockchain
  2. If miners cannot keep up with the rate of transactions, most likely the tx with the higher fees will be included in the next block. Those that have lower fees will have to wait (longer tx times) until the higher fee tx are processed before getting their verified. The mempool continues to grow and fees continue to climb until miners catch-up with the rate of tx.
  3. the larger the mempool the higher the fees required to get the tx included onto the blockchain
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#2551

  1. The mempool is a database of all unconfirmed transactions that were validated by nodes.

  2. if miners can’t keep up with the new transactions, the mempool will increase in size, transactions will take longer.

3.If a mempool is growing, the transaction fees will grow too.

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#2552
  1. It is a list of all the unconfirmed transactions waiting for a miner to attach to the next block.
  2. There is a back long of transactions and it takes longer to confirm
  3. The miners choose the highest transaction fees first and the lower ones have to wait much longer.
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#2554

1.Mempool is a pool of unconfirmed txns
2. The mempool grows in size, the waiting period is increasing as well
3. Txns go up in price

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#2555

  1. What is the mempool?
    waiting area

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the number of requests of unconfirmed requests remain in the mempool ( waiting area) until picked
    up from a Miner.

  3. How does a growing Mempool effect transaction fees?
    If you want your transaction to be added to a block in a short amount of time you will accept a higher
    fee to be added to the blockchain,

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#2556

  1. After a TX got validated by a node, the transaction waits in the mempool so that the miner adds it to a block and then to the blockchain

  2. The confirmation will be longer

  3. bigger transaction fees

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#2557
  1. It’s a pool of unconfirm transactions.
  2. The number of transaction in the mempool will increase.
  3. The fee will go up.
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#2558

Homework on Mempool - Questions

  1. What is the mempool?
  2. What happens if the miners can’t keep up with the rate of the new transaction?
  3. How does a growing mempool effect transaction fees?

1- Mempools are a data structure that host a list of Unconfirmed TXs.

2- Mempools grows.

3- Since transactions with higher proposed fee will get into the Blockchain first, a bigger mempool means fiercer competition to get in the Blockchain, and the consequent rise in fees.

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#2559

  1. What is the mempool?
    A mempool is a pool of unconfirmed transactions in a node waiting to be picked up by miners.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool of a node would keep growing larger.

  3. How does a growing mempool effect transaction fees?
    A growing mempool would indirectly cause transaction fees to increase as transactions with higher fees specified are prioritized to be picked up by miners.

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#2560

1 - The mempool is where all the new transactions are stored before they are confirmed.

2 - The mempool will grow and, as the miners prioritise the transactions with the higher fees, they will only process the ones who pay more.

3 - A growing mempool will raise the transaction fees.

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#2561

1.- A mempool is a record of transactions managed by nodes, that are waiting to be confirmed.
2.- The mempool size increases.
3.- A growing mempool will increase the transactions fees because the demand for the transactions to be picked up by miners will increase.

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#2562

unconfirmed transaction data
the mempool grows
fees rise

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#2563

That is where all the new transactions are stored.
Mempool gets larger.
The miners will choose which transaction will pay more and your transaction could just sit there.

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#2564
  1. What is the mempool?
  • A list of transactions broadcasted to nodes.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The network slows down until they can catch up.
  1. How does a growing mempool effect transaction fees?
  • Transaction fees will go higher.
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#2565
  1. list of unconfirmed transactions store in the node
  2. mempool grows
    3, sender need to pay more fee for processing transactions. it will increase the priority of transactions
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#2566

1. What is the mempool?
The mempool represents the waiting area for transactions of a blockchain. Once a transaction is verified by a node, it waits inside the mempool until it is picked up by a miner and inserted into a block

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

The mempool gets bigger than bigger and therefore there will be more valid transactions waiting to be put in the block

3. How does a growing mempool effect transaction fees?

The miner put the valid transaction from the mempool to the bloc based on the fee , the priority is give to the valid transaction in the mempool which have highest fees (what i find unfair , fees should be based on transaction size , amount, time in the meempool)

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#2567
  1. List of unconfirmed transactions in a node
  2. Backlog of unconfirmed transactions in the Mempool increases.
  3. A growing Mempool will cause higher transaction fees. Users that want faster confirmation will start increasing the transaction fees to get confirmed in the next block.
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#2568

Bitcoin needs a fee market to survive. Miners need to be incentivized to keep mining. And If every tx had to same fee in terms of sats per vbyte, there is no way to prioritize an urgent transaction or a spam transaction etc. For example if I make a transaction to one of my own addresses, I only pay 1 sat per vbyte, because it’s not urgent and in case the bitcoin network is so busy and miners can’t keep up, it’s not a big deal that the transaction takes a long time to get confirmed into the blockchain

#2569

  1. What is the mempool?
    mempool is like a local database of unconfirmed transactions each node has.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the mempool will grow in size, holding more unconfirmed transactions.

  3. How does a growing mempool effect transaction fees?
    It prioritizes transactions with higher fees

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