Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4332

1.A list of unconfirmed transactions waiting to be picked up and added to a new block(confirmed)
2.The mempool grows larger and transactions will take longer time to be confirmed unless you pay higher fees.
3.As mentioned in 2…If you want miners to choose your transaction before others ,you will have to increase your fee because the list of tx to be confirmed gets longer and longer.

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#4333

  1. A mempool is a pool of memory/data stored on nodes participating within a blockchain. Transactions that have yet to be verified are stored there until mining nodes process them.

  2. When miners can’t keep up with the unprocessed data piling up in mempools, the data in the mempool simply increases in size.

  3. A larger mempool would cause higher transaction fees since miners usually prioritize transactions with higher fees as they are financially incentivized to do so.

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#4334

mempool is all TX created
more TX in the mempool, more backlog, increased fees
transactions with bigger fees will be selected first

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#4335

1: The mempool is a database where all unconfirmed transactions sit until a miner confirms the transaction and adds it to the block.

2: If miners can’t keep up with the transaction rate, there will be an increase of unconfirmed transactions in the mempool leading to increased miner fees and a slower confirmation time for transactions with lower fees.

3: Growing mempool = higher fees.

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#4336

  1. a mempool stores all TXO’s

  2. the mempool fills up and becomes larger

  3. transactions become bigger, with possibly greater transactions in bytes, greater bytes in transactions means more income for miners.

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#4337
  1. A node’s mempool is a list of all the unconfirmed transactions that have been validated by the node but have not yet been picked up by a miner to be added to a block.
  2. The mempool grows in size.
  3. A growing mempool will mean more competition to get on to the block, therefore increasing fees.
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#4338

  1. Mempool is the data structure that each node has and consists of unconfirmed transactions.

  2. The mempool will increase in size and longer transaction times.

  3. Transaction fees will go up because people will be competing to get into the next block as miners will always look to validate transactions with the highest fees.

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#4339
  1. What is the mempool?

It’s basically a cue holding unconfirmed transaction waiting to be selected to be added to the blockchain.

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

The mempool would be overloaded and the transaction would basically become stuck. News transactions would have to pay higher fees which could grow rapidly.

  1. How does a growing mempool effect transaction fees?

Increased competition due to the growing volume, would cause an increase in fees.

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#4340

  1. The mempool is where unconfirmed transactions wait to be added to a block.

  2. If the miners can’t keep up with the rate of the new transactions, a traffic jam will occur, and transactions could take hours to be approved.

  3. A growing mempool will cause transaction fees to rise

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#4341
  1. What is the mempool?
    Unconfirmed transaction that are awaiting being added to the blockchain.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The pace of transactions would slow down.
  3. How does a growing mempool effect transaction fees?
    They would increase.
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#4342

  1. A mempool is where unconfirmed transactions are stored.

  2. fees increase

  3. A growing mempool will raise fees.

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#4343

  1. a list of all unconfirmed transactions

  2. new transactions will get stored in the mempool. mempool grows and longer tx times occure

  3. transactions fees will go up, since miners will always mine transactions with high fees first. To get your tx processed, you will have to pay higher fees.

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#4344

  1. A grouping of unconfirmed (by miners) transactions.

  2. The transactions with the highest fees (satoshi per byte) are prioritized first, the one that remain increases the size of the mempool.

  3. As mempool grows the average fee per transaction increases as competition to have transaction confirmed increases,

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#4345
  1. Data structure/list of yet unconfirmed transactions that the nodes keep.
  2. New transactions will be added to the mempool
  3. The bigger the mempool the higher the fees
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#4346
  1. Mempools are unconfirmed TXs into the nodes.
  2. Mempool grows
    3 A bigger mempool makes the tx fees more expensive. More bits per tx, then more fees.
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#4347
  1. A mempool is a datastore for pending Bitcoin transactions.
    2.Mempool increases in size, backlog of unconfirmed transactions.
    3.Tranaction fees increase.
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#4348

  1. A list of unconfirmed transactions. Miners reference this to add to the next block.

  2. If the miners can’t keep up then a backlog starts to form and the transaction times grow.

  3. Transaction fees go up when there is a large mempool.

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#4349
  1. What is the mempool?
  • It is where the unconfirmed transaction data are collected and kept by the nodes.
  1. What happens if the miners can’t keep up with the rate of the new transaction?
  • the unconfirmed transactions will have increased waiting time for it to be approved and added onto the blockchain, as well as increased fees.
  1. How does a growing mempool affect transaction fees?
  • with more and more unconfirmed transaction data pending approval by miners in the mempool, there is a competition by users to increase the incentives with transaction fees to miners for faster approval. Also, miners can now pick and select the transaction with the highest fees as well as lower data space transaction.
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#4350
  1. What is the mempool?

The mempool is a data structure that bitcoin nodes use to store the unconfirmed transactions before they are put in to a block. In this sense it is something like a buffer used for temporary storage before processing.

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

The size of the data stored in the mempool will grow.

  1. How does a growing mempool effect transaction fees?

The transaction fees go up since there is more demand for the miners to put transactions in to blocks quicker.

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#4351

Homework on Mempool - Questions

  1. What is the mempool?

The mempool is where unconfirmed transactions are kept until they are confirmed by a miner.

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

If miners cannot keep up, then the mempool size and transaction fees will increase.

  1. How does a growing mempool effect transaction fees?

A growing mempool size increases transaction fees as miners are incentivized to choose the transactions with the highest possible fees.

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