Homework on Mempool - Questions

Blockchain and Bitcoin 101
#4972 
1. What is the mempool?
    	The list of unconfirmed transactions that every node has.
2. What happens if the miners can’t keep up with the rate of the new transaction?	
       Then the wait time for your transaction grows longer.
3. How does a growing mempool effect transaction fees?
You will need to offer higher fees for your transaction to be processed sooner.
#4973

  1. What is the mempool?
    The mempool is a waiting area for Bitcoin transactions that have been broadcast to the network but not yet included in a block. It’s where transactions go until miners pick them up and add them to the blockchain.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    If miners can’t keep up with new transactions, the mempool gets crowded, leading to delays and higher fees as people compete to get their transactions processed.

  3. How does a growing mempool effect transaction fees?
    Miners take the higher fees, so if the transaction have low fees it will stay in line till miner decides to put transaction in a block.

#4974

  1. What is the mempool?
    The mempool is where unconfirmed transactions are stored. Each full node on the Bitcoin network maintains its own version of the mempool.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The unconfirmed transactions are stored in the mempool for a later time. Miners will prioritize transactions with higher fees. When the network congestion eases, the miners will confirm the remaining mempool transactions.

  3. How does a growing mempool affect transaction fees?
    Since miners are financially incentivized to confirm transactions with higher fees, fees should increase as users try to get their transactions confirmed sooner. Fees are calculated on the network per byte. Therefore, transactions with more data (multiple inputs and outputs) need higher total fees to ensure their transactions are included in blocks sooner.

#4975

  1. The mempool is a place where unconfirmed transactions are listed while waiting to be confirmed and added to the blockchain.

  2. A backlog will build if the miners cannot keep up, resulting in longer processing times.

  3. Transaction fees will increase when the backlog increases.