Homework on Mempool - Questions

Blockchain and Bitcoin 101
#423
  • What is the mempool?

It is a real-time record of bitcoin transactions currently in process

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

The mempool increases resulting in higher fees per transaction

  • How does a growing mempool effect transaction fees?

The higher the transaction fee, it is likely the sooner your transaction will be processed. Miners choose transactions paying the highest fees first.

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#424

  1. the mempool is a list in which a node collects all transactions that have been verified to be possible and saves them in there until a miners takes them out to include them into a block thus completing the transaction. inside the mempool verified transactions wait to be completed by a miner.

  2. if there are more transactions than a miner could fit inside his block, he will simply fill his block with all transactions that have the highest fees, because they will give the miner more money.

  3. if miners get overwhelmed by transactions they will start picking the transactions by satoshis/byte meaning they will try to fill the block by prioritizing transactions that give them the most satoshis per byte. transactions with low fees will have longer confirmationtime than transactions with higher fees as the miners want to make the most money per block that is possible.
    if someone wanted to make a fast payment he would have to include a high fee to be prioritized by the miners.

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#425

  1. The Mempool is a “waiting area” for Bitcoin transactions that each full node maintains for itself. After a transaction is verified by a node, it waits inside the Mempool until it’s picked up by a Bitcoin miner and inserted into a block.

  2. Once the Mempool reaches full capacity, the nodes start prioritizing transactions by setting up a minimal transaction fee threshold.Transactions with a fee-rate lower than the threshold are immediately removed from the Mempool and only new transactions with a large enough fee are allowed access to the Mempool.

  3. At times when a lot of people are sending Bitcoin a queue of UTXOs is formed. People who want to get their transaction approved faster attach a higher fee. This creates a “fee war” between participants who want to get confirmed as soon as possible.

#426
  1. Mempool is a data structure that contains the unconfirmed transactions. Each node has a copy of this.
  2. If miners cannot keep up then extra transactions with lower fees will; have to wait one or more blocks until there is not a full block’s worth ahead of them with more fees, before they get added to the mempool.
  3. Growing mempool means you need to boost your fees to get your tx processed, or you wait for a lull in mempool, might wait a long time.
#427
  1. the mempool holds unconfirmed transactions
  2. Confirmation times increase
  3. Fees will go up
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#428
  1. List of all unconfirmed transactions waiting to be confirmed and added to a block.
  2. The mempool is getting larger, the transactions wait longer to be confirmed, and side effect is the avarage miner’s fee is growing.
  3. The transaction fee is growing.
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#429
  1. The Mempool is the aggregation of all of the unconfirmed BTC blockchain transactions.
  2. The time for transactions to be confirmed will increase.
  3. Fees will increase.
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#430

  1. A list of new unconfirmed transactions waiting to be placed into the blockchain.

  2. Miners only select enough transactions to fill a block. Usually the ones that will pay them the most in fees.

  3. If the mempool gets large and you don’t pay enough in fees, your transaction may lay around in the mempool until a miner decides it’s worth it to include your transaction into a new block.

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#431
  1. The mempool consists of the unconfirmed transactions that are waiting for a miner to add them to the blockchain.
  2. The mempool will continue to grow.
    3, A growing mempool means that transactions fees are too low and miners are not incentivized, Therefore, transaction fees should increase because new transactions will take longer to process in a large mempool. The higher the fee, the quicker the miner will select the transaction.
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#432

1 - The mempool is a list of all unconfirmed transactions broadcasted to the network awaiting confirmation on the blockchain.

2 - If miners cant keep up with the rate of new transactions, then this results in delayed transaction times.

3 - A growing mempool can incentivise higher transaction fees as the transactions are fighting to be written to the block first.

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#433

1 Mempool is a a datastructure that each node has containing the transactions
2 If miner’s can;t keep up with the rate of the new transaction, a backlog and higher fees to process confirm transactions will result
3 The transaction fees will be higher as the mempool is larger

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#434
  1. The mempool is a list of unconfirmed transactions which is held on every node.
  2. Those transactions will the added to the mempool.
  3. A growing mempool will incline participants to raise their fee offer so that their transactions will be preferred by miners.
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#435

  1. A list of unconfirmed transactions waiting to be picked up by a miner and added to the next block

  2. The mempool grows causing longer wait times and possibly higher fees

  3. Miners make money by processing transactions and will alway process the transaction with the higher fees first. When the mempool grows and processing times slow, people with time-sensitive transactions will offer to pay a higher fee to get their transactions confirmed and added to the block first.

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#436

  1. A mempool is a data structure that every node has. A node puts in the transaction in the mempool only if the transaction seems correct. A mempool has transactions that are not confirmed yet.

  2. If your fee is too small it will not be prioritized by miners. Miners will take the transactions with the highest fees because they want to gain as much money as possible and the transactions that they can not keep up with will stay in the mempool and the mempool will just continue to grow.

  3. Transaction fees will become bigger, people will have to increase their TX fees because otherwise, the miners will leave the transactions that have too small TX fees. It’s a competition of who has the highest TX fee so that your transaction quickly gets put to the next block.

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#437

  1. The mempool is a waiting area for all pending bitcoin transactions which are unconfirmed.

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

3.Miners can prioritise transactions over other transactions if they provide a higher mining
reward.

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#438
  1. What is the mempool?
    The mempool is the pool of unconfirmed transactions from each node
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will increase in size and miners will select the transactions with the highest transaction fees (in satoshis/byte)
  3. How does a growing mempool effect transaction fees?
    Miners can then select the transactions with the highest fees.
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#439
  1. a mempool is where transactions stay inside a node until picked up by miners to confirm.
  2. if miners can’t keep up with the rate of a new transaction, the mempool gets bigger it will take longer to confirm .
  3. miners will choose easier, [less input and outputs]. miners will choose transactions that pay more satoshi’s per byte.
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#440

  1. A mempool is every computer which is a node. However a miner is also a node/mempool.

  2. Transactions take longer to complete.

  3. Miners will take transactions that have the highest fees first because they are incentivized
    to make the most per transaction.

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#441

It is a pool of outstanding unconfirmed transactions awaiting to be validated.

Transaction times will take longer and the mempool will grow in size.

The fees will go up Satoshi/Bite, and the transactions with the highest fees will get processed first.

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#442

1.) The Mempool is where a node keeps all UTXO’s.

2.) There will be a backlog of TX’s and miners will require more expensive fees.

3.) TX fees will increase as the Mempool is backlogged. TX fees decrease as the Mempool is less deep.