Homework on Mempool - Questions

Blockchain and Bitcoin 101
#543

  1. A Mempool is a pool of transactions that varies per node.

  2. The Mempool’s log of transactions rises and fees increase.

3.The longer the tree is the higher the transaction fees are.

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#544
1. What is the mempool?

The Mempool stores all valid unconfirmed transactions the node knows about. Transactions are removed from the Mempool when they get included into a block (confirmed).

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

If there are more transactions in the mempool than can fit in the block, miners will prioritize transactions by the fees they generate to maximize their profits. The leftovers will need to wait.

3. How does a growing mempool effect transaction fees?

The larger the mempool the more competition there is to get included in the next block. This will put upward pressure on transaction fees for those who want their transactions to get processed faster.

#545
  1. Mempool consists of all unconfirmed transactions that make sense to the nodes
  2. The mempool will grow in size
  3. The larger mempool means fees will increase since miners will look for the highest fees first
#546
  1. The mempool is a temporary storage place where unconfirmed transactions by each node go into. When a transaction is broadcast by a node, another node picks it up and remains in the mempool until a miner picks up the transaction and appends it to the blockchain.
  2. Transaction fees would increase as the only way your transaction will get confirmed is by high fees, since miners are incentivized by fees relative to size of each block (bites), if miners can’t keep up due to high volume, transaction fees will increase as it will be the only way to incentivize them to pick up your transaction first. This is why fees were so high during the December 2017 bull run.
  3. The more transactions in the mempool, the less of a chance that miners will pick up a given transaction for the next block > they will pick up transactions that have the highest fees first. So with a growing mempool, fees will go up in order for the miners to have an incentive to pick them up sooner.
#547

Miners don’t choose the fee’s. Users can specify a fee they want to pay for the miners. The more fee you pay, the faster a miner will pick your transaction to put it into a block. In this case, the mempool will grow and Miners will probably prioritize transaction with the highest Satoshi’s / byte first. So if you pay a very low fee when the mempool is very large, it will probably take much more time for your transaction to be confirmed. And it also depends if it’s a segwit native transaction or not. Those transactions take less space because the signatures are not included.

#548
  1. Datastructure where we find all the unconfirmed transactions
  2. mempool gets filled with tx and it takes longer to make a tx
  3. higher fee
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#549
  1. The mempool is a place where all pending transactions wait for a miner, who will add them in the next block.
  2. The mempool grows bigger.
  3. Fees will go up.
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#550
  1. What is the mempool?
    This is a list of all unconfirmed transactions which are valid and are waiting to be put in a block. Each node in the network holds it’s own list.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The transactions with the highest fees get picked first.
  3. How does a growing mempool effect transaction fees?
    The fees required to put a transaction in the next block will rise.
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#551
  1. The mempool is a data structure on each node where all unconfirmed transactions are stored.
  2. If the miners can’t keep up with the rate of new transactions the mempool will grow in size. This occurs when the network is very busy, so if you want your transaction to be in the next block you could increase your transaction fee. Miners will choose transactions with the highest fee first.
  3. As the mempool grows, the average fee to get your transation on the next block will go up. If you do not care about speed, you could choose a smaller fee. Eventually all transactions will be mined. The fee determines who is first in line.
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#552
  1. Mempool is the record of unconfirmed transactions
  2. Mempool grows larger
  3. technically it doesnt, but if people want their transactions included the price of the fees will rise.
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#553

  1. The mempool is the pool of transactions waiting to be confirmed.

  2. If miners can’t keep up with the rate of the new transactions, the mempool will grow.

  3. A growing mempool gives the miners more transactions to pick from to include in the next block. In result, they can be more picky and only pick the transactions with the highest fees. Then in order to get your transaction processed quickly you’ll have to specify a higher fee, this results in the fees getting more and more expensive.

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#554
  1. A 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.The Mempool grows larger and then its longer time to wait for the transaction to go through.

  1. Network Congestion on the blockchain competitively raises fees, supply and demand.
#555 
  1.  What is the mempool?

Storage area of transactions from where miners retrieve transactions for mining

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

The puzzle difficult is adjusted

  1.  How does a growing mempool effect transaction fees?

Transaction fees are increased to enhance incentive

#556
  1. A mempool is a collection of transactions waiting to be added to the blockchain
  2. The mempool propogated to nodes to be confirmed until the miners are ready to add them to the blockchain
  3. The transactions fees are increased as the mempool gets larger.
#557

  1. A data structure of unconfirmed transactions that is present in every node.

  2. The mempool will grow and transactions may take longer to be confirmed.

  3. The transaction fees may increase as the miners will select the transactions with the highest Satoshi to byte ratio.

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#558
  1. Memory pool of transactions which are approved bij the nodes and from which the miners will collect the tx 's to create a block.
  2. Mempool grows
  3. Miners pick the tx with the biggest fees.
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#559
  1. A list of unconfirmed transactions.
  2. The mempool grows and transactions take longer to confirm.
  3. the fees will increase
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#560

  1. Mempool is the tx waiting to be confirmed on the block

  2. if miners cant keep up with the rate of new tx then the tx is rejected or stays in the mempool, depends on the size of Capicity of the node keeping the pool who wants to broadcast the tx

  3. the larger the mempool the higher the fee

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#561
  1. A mempool is a list of transactions that are waiting to be confirmed/mined
  2. The mempool will grow in size
  3. The mempool is not first in first out typically a miner will pick the transaction that offers the best fee therefore if you need a transaction processed quickly you will need to pay a higher fee.
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#562

Homework on Mempool - Questions

  1. What is the mempool?
    The mempool is a list of still to be confirmed transactions.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool will grow and transactions with low fees will take longer to be confirmed.

  3. How does a growing mempool effect transaction fees?
    When the mempool grows the fees might increase because the miners automatically choose transaction with higher fees first.

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