Homework on Mempool - Questions

Blockchain and Bitcoin 101
#483
  1. basically a queue for all transactions not yet verified.
  2. mempool becomes larger.
  3. Transactions fees go up
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#484
  • What is the mempool?
    An unconfirmed transaction.
  • What happens if the miners can’t keep up with the rate of the new transaction?
    It will takes longer transaction.
  • How does a growing mempool effect transaction fees?
    Fees will grow up
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#485

  1. What is the mempool?
    Ans.
    It is a reserve database of valid transactions of a node that have not been confirmed (unconfirmed) transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Ans.
    Another miner may eventually validate the transaction.

  3. How does a growing mempool effect transaction fees?
    Ans.
    This will lead to higher required transaction fees to get a timely transaction added to the blockchain (confirmed).

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#486
  1. a mempool is a the list of unconfirmed transactions, waiting to be added to the node.
    2.The mempool grows in size
    3.having more transactions waiting in the mempool would drive up fees as only the transactions with the highest paying fee will be selected by the miner.
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#487
  1. unconfirmed transactions and fees
  2. mempool grows and longer wait times for transactions times
  3. transaction fees increase as the mempool grows. miners will pick transactions with highest
    fees that will be completed first
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#488
  1. It’s a database of unconfirmed transactions.
  2. The mempool increases which increases fees and transaction times.
  3. The fees increase.
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#489

A mempool is a pool of unspent transactions that are held in the nodes.
If miners cant keep up with the rate of the new transactions then the mempool will fill up more and more.
A miner wants to pick the transactions with the highest fee to incentivize their work. A growing mempool creates competition in order for the transactions to broadcast thus users want to increase transaction fees in order to be picked up by a miner and to be placed onto the block to be verified.

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#490

  1. The mempool is some kind of wait place or list for non-confirmed but protocol conform transactions, waiting to be put into a new block by a miner.

  2. In this case the miner would choose transaction which are smaller in Bits to fill the block.

  3. There is a competition between transactions to be picked up quickly as possible by a miner.
    A transaction with a higher fee would be more likely to be put by a miner to a new mining block than a tx with a smaller fee.

#491

  1. A mempool consists of all of transactions on the bitcoin network that can be accessed by a particular node.

  2. If the miners cannot keep up with the rate of the new transactions the mempool grows in size and it will take longer for transactions to be processed by the network.

  3. When a mempool grows it will affect transaction fees because miners will look to take those transactions coming through offering higher fees before they will take transactions offering lower fees. Therefore those transacting on the network are incentivized to give larger fees if they want their transactions to be finalized quickly. Larger fees will also create more competition as more miners enter the mempool to try and scoop up the larger fees.

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#492
  1. A mempool is where tx are put before being confirmed by a miner.
  2. Confirmations are slower can get more expensive as users will pay more to have their tx completed.
  3. Transaction fees will increase.
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#493
  1. What is the mempool?

Mempool is a datastructure that each node has and it contains a list of unconfirmed transactions.

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

The mempool will get larger and different fees will pile up.

  1. How does a growing mempool effect transaction fees?

It will provide more transactions therefore more opportunities for the miners to pick the transaction with the highest values.

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#494

  1. The mempool is comprised of lists of unconfirmed transactions(broadcasted by wallets) that are kept by nodes as well as miners(given that they also runs nodes).

  2. The size of the mempool will increase.

  3. A growing mempool increases competition to be in the next block, thereby leading to upward pressure on TX fees.

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#495
  1. What is the mempool? it is where unconfirmed transactions are stored
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    pool size increase and transactions time increase
  3. How does a growing mempool effect transaction fees?
    fees increase
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#496

1/ What is the Mempool. ?

A mempool, is a data structure, where each node in the mempool, has a list of unconfirmed transactions ready to be confirmed by the miner, for the highest fees.

2/ What happens if the miners cant keep up with the rate of the new transaction.?

Well there is a limited size for each mempool, meaning only a limited number of transactions can be stored, if new transactions arrive faster than the old ones have been cleared, this will lead to ´ Traffic Congestion ´ & costing more for transactions to be verified & processed.

3/ How does a growing mempool, effect transaction fees. ?

The miner gets to choose which transactions to take from the mempool, because of fees, the higher the fee, the faster the transaction is done, the more transactions, the more choice for the miner to take the highest fees possible for the size of the transaction, the miners incentive’s are the highest fees being payed for the size of the transaction.

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#497

  1. What is the mempool?
    a) A database of unconfirmed transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    a) The mempool has a back log of transactions.

  3. How does a growing mempool effect transaction fees?
    a) A larger mempool means that transactions may have larger fees so that miners choose them before other transactions. Could mean longer transaction times.

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#498
  1. The mempool is the list where unconfirmed bitcoin transactions are sent.
  2. The mempool grows faster than miners remove transactions from it. This means that bitcoin users need wait longer, or spend more, in order to move funds on the bitcoin blockchain
  3. Higher demand for bitcoin transactions lead to higher price of bitcoin fees. Basic economics.
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#499
  1. Mempool is place every node has where all uncofirmed transactions accumulate.
  2. Number of Txs in Mempool waiting to be confirmed increases and delays occur
  3. People start to dedicate more to Tx fees in order to be included in the block sooner - as all of them start to do this fees get more expensive.
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#500

  1. Mempool is a place on a node where all unconfirmed transactions are stored.

  2. Mempool gets filled much more than usual and people increase the transaction fee so that they can be included in the next block of the miner. This slows down transactions.

  3. The transaction fees are higher due to people trying to get there transactuon confirmed by a miner in the next block. Miners love this cause they make more $

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#501

Hi,
1, Mempool is a pool of unfinished transactions. ( Transactions which are not added into blocks)
2, They will take ones with higher fees per byte. Rest stays in mempool.
3, Bigger pool = higher fees because of higher demand.

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#502

1.A List or data structure of valid unconfirmed transactions nodes and miners hold before being picked by miners to be added in a block.
2. The mempool grows as do the transaction fees and transaction times.
3. As the mempool grows so will the transaction fees. Miners are incentivized to pick the txns with the highest fees to add first.

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