Homework on Mempool - Questions

Blockchain and Bitcoin 101
#2610

So you could in theory have bitcoin that is stuck and are unable to be spent unless you “deposit more into your account”. Enough so that you can pay for the Tx fee to create a new consolidated UTXO

#2611

What is the mempool?
A mempool is a queue where all new, unconfirmed transactions go while waiting for a miner to confirm them. Each node carries a mempool. As transactions propagate across the network of mempools there might be some differences between mempools such as missing transaction missing or parts of a chain of transactions missing.

What happens if the miners can’t keep up with the rate of the new transaction?
Unless there is some change to increase the blocksize or the verification time (currently set ot allow a new block every 10 minutes) there will likely be an increase in competition by the users posting transactions. This could drive up tnx fees like in a bidding war.

How does a growing mempool effect transaction fees?
As above, a growing mempool would pressure fees to increase.

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#2612

  1. a list of proposed transactions that make sense in the network. this list shrinks and grows as more or less transactions are picked up and put into blocks by the miners.

  2. the mempool grows

  3. due to limited block size transaction fees go up when the mempool gets larger because users don’t want to wait for their transaction to be picked up by a miner and added to a potential block.

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#2613
  • What is the mempool?
  • What happens if the miners can’t keep up with the rate of the new transaction?
  • How does a growing mempool effect transaction fees?
  1. A mempool is a list of unconfirmed TX.
  2. The mempool will grow in size - a backlog will occur.
  3. TX fees will increase - miners will prioritize higher paying TX fees.
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#2614

You would need to have a really small amount of BTC on your account to not be able to pay for the tx to “unstuck” your coins.
You could just save more in your account and eventually when you need to send the funds somewhere the UTXO will be used by the wallet and your funds will be released. :slight_smile:

#2615
  1. The mempool (memory pool) is a collection of all yet to be confirmed/verified transactions. Here they wait until a miner adopts them into the blockchain.
  2. The mempool will get very full - lots of unconfirmed transactions, which delays the transaction time.
  3. Transaction fees rise - large transactions (in terms of bit-size) get processed faster because they fill up the blocks faster and are more of an incentive for the miners.
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#2616

  1. What is the mempool?
    It is a data structure that each node has; a list of all unconfirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool size grows, fees go up.

  3. How does a growing mempool effect transaction fees?
    Fees go up.

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#2617 
  * What is the mempool?

The mempool is a data structure where all the transactions that have been submitted and waiting for confirmation will be put into a block and into the blockchain.

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

The mempool grows and the transaction take longer.

  * How does a growing mempool effect transaction fees?

Transactions with higher fees get confirmed first onto the blockchain.

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#2618

  1. It is the database for unconfirmed Bitcoin transactions.

  2. The mempool will just increase in size til the miners catch up to clear the backlog.

  3. Transaction fees are effected based on the byte size of the transaction. The greater the byte size, the greater the transaction fee.

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#2619

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

Summary of Bitcoin Mempoo,… the answer to questions are below the summary:

Bitcoin Mempool is a waiting area, where all unconfirmed pending transactions are store and patiently waits until a miner picks it u and includes it for transactions to be verified by a miner, it waits for its verification, once its verified/confirmed it is added to the Blockchain. The

Mempool do not overload due to a prioritizing transaction fee, all transaction with a free-rate are removed since these do not give any incentive to the node holder.

Mempool are important for three reason:

1 Token Holders either ho stake or are in the process of doing transactions need to know about transactions before the entered into a block.

  1. The Beneficiaries of Fees the miners want to continuously be checking for lucrative fees to download the transaction to start confirming transactions.

3 Everything can be done from a remote network to diagnosticate performance.

Each transaction is time consuming and it can range from a few minutes to an hour or more. It is important to te be aware and know what to do in case a Transaction is Stuck in the Mempool, but as a rule of thumb the transaction will be drop Of the Bitcoin Mempool and return to the wallet. This usually takes about 48 hours.

Two things you can do to get your transaction confirmed:

    1. Use Replace By Fee (RBF) you can replace an existing transaction with a new one paying a higher fee.
    1. Use Transaction Accelerators – Some mining pools supply a service so that you can have a specific transaction accelerated for a fee or on a first come first serve basis.

With this in mind this allows us to understand a be aware that the network is a exposed to various periods of traffic jams that result in slower confirmation times and higher fees.

Homework on Mempool - Questions

  1. What is the mempool?

Bitcoin Mempool is a waiting area, where all unconfirmed pending transactions are store and patiently waits until a miner picks it up and includes it for transactions to be verified by a miner, it waits for its verification, after that it is included in to a blockchain

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

The Mempool do not overload due to that miner prioritize on transaction fee, $$$ money talks, and all transaction with a free-rate are not prioritized and are removed since these do not give any incentive to the miner node holder.

  1. How does a growing Mempool effect transaction fees?

I see it as a matter of supply and demand the more traffic the more demand for transactions there for the higher the fees $$$ and since there is more traffic it slows down the system giving opportunistic chances for the use of Transaction Accelerators, it is in human nature to want more faster.

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#2620

Miners prefer txs with higher sat/B ratio. If large transactions have a bad ratio they will not be picked any faster than smaller transactions. :slight_smile:

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#2621
  1. What is the mempool?
  • A mempool consists of all unverified transactions and it is a data structure. There is a slight chance that the mempool might look different, but it all becomes one at the end.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • The mempool grows and transactions will be longer than usual traffic.
  1. How does a growing mempool affect transaction fees?
  • The fees will become more expensive and miners choose accordingly to the fees.
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#2622

  1. It is a list of all unconfirmed BTC transactions and their fees.

  2. The amount of unconfirmed (waiting) transactions in the pool will grow. Whit them will also grow the fees.

  3. Like said before, fees can skyrocket. In 2017 fees to send BTC worth of couple of bucks costed in fees like 50$ Miners will always take those transactions with high fees first. It’s free market.

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#2623

  1. The mempool is a data structure that each node has that lists all the unconfirmed transactions in the network.

  2. If the miners can’t keep up with the rate of the new transaction, the size of the mempool grows larger.

  3. A growing mempool affects transaction fees by driving transaction fees up as people compete to be among the first transactions added to the blockchain.

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#2624

thanks for clarifying!

#2625
  1. It is the record of unconfirmed UTXOs waiting for miners’ confirmation
  2. The mempool grows in size
  3. It is likely that miners can ask more so the fees increase
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#2626
  1. Mempool is the place where all transactions that were verified by the nodes are stored (unconfirmed transacations), waiting to be added on the blockchain by a miner.
    2.The mempool will grow in size.
    3.A growing mempool increases the transaction fees.
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#2627

  1. What is the mempool?
    Every node has a mempool where they can find all the unconfirmed transactions which are not integrated into a block, yet.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The tx with the lowest fees will stay in the mempool until they are integrated in another (later) block.

  3. How does a growing mempool effect transaction fees?
    A growing mempool will increase fees, because the miners will chose the txs with the highest fees.

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#2628

What is the mempool?
A: A list of unconfirmed transactions on each node.
What happens if the miners can’t keep up with the rate of the new transaction?
A: The size of the mempool grows and it takes longer to get the transaction confirmed.
How does a growing mempool effect transaction fees?
A: The fees go up!

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#2629

  1. A mempool is a record of all the unconfirmed transactions that currently exist. These are passed along from node to node after a wallet first initiates the transaction.

  2. If the miners can’t keep up with the rate of new transactions then the mempool will go up in size. If they can keep up with the rate of new transactions then the mempool will go down in 10min intervals.

  3. A growing mempool will cause transaction fees to increase because it will give miners more transaction fees to choose from and they will always choose the transaction that will pay them the most BTC/byte.

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