Homework on Mempool - Questions

Blockchain and Bitcoin 101
#965

What is the mempool?
-The mempool is the place between nodes were the unconfirmed transaction is hold till a miner picks it up.

What happens if the miners can’t keep up with the rate of the new transaction?
-The mempool will grow in size.

How does a growing mempool effect transaction fees?
-Miners will pick the highest transaction fees,so a transaction with low fees will stay longer in the mempool.

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#966
  1. A mempool is a place where all of the unconfirmed transactions in nodes waiting for miners to be verified.
  2. If the miners cannot keep up with the rate, the mempool will get bigger and the transaction times will be longer.
  3. The slower the transaction time the high the fee it will cost per transaction,
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#967
  1. What is the mempool?
    The Mempool is a ‘Holding Area’ (Data Structure) for unconfirmed transactions in a node.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Miners will prioritize the transactions with higher fees. These will obviously be the transactions with greater size, therefore, the Mempool overall size will decrease quicker. New transactions which are smaller in size will take longer to be confirmed.
  3. How does a growing mempool effect transaction fees?
    A growing Mempool itself does not affect transaction fees. The size of the transaction is what determines the transaction fee, as the fees are calculated as Satoshies Per Byte. A growing Mempool really gives the miners more options to fill a block with as much transactions as possible.
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#968

The mempool is where unconfirmed transactions are added until picked up by a miner and placed in to a block with other transaction that is then added to the blockchain and verified.

The transactions are filed in the mempool and fees may increase to motivate miners and incentivise cheaper/slower fees

Higher transaction fees are prioritised by miners

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#969

1. What is the mempool?
It represents the data structure that each node has.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The number of unconfirmed transactions in the mempool increases.

3. How does a growing mempool effect transaction fees?
Transaction fees increase with the growing mempool.

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#970

  1. A cache of transactions waiting to be confirmed by miners

  2. The mempool gets larger

  3. The transactions with higher fees get priority with the miners

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#971
  1. A mempool is a database of unconfirmed transactions (and can actually look different for each node).
  2. The transactions will remain in the mempool until miners place it on the blockchain, so the mempool will increase in size.
  3. Transaction fee’s will increase if the mempool increases as there will be more competition by people wanting to transact (TX’s).
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#972

  1. Mempool is a temporary buffer of transactions submitted from the nodes and proposed to the miners from which they can choose to build new blocks to the blockchain thus confirming the transactions.

  2. The transaction is slowed.

  3. Fees grow.

#973

  1. A list shared between all the nods containing all transactions that have not yet been mined

  2. Mempool will grow larger. Time for transaction to be picked up and put in to block by miners might increase and transaction fees will increase for those who want a fast transaction

  3. Fees will go up

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#974

Okay, thank you for the correction. Believe me, this information is so much to process. I still have much to learn, you know. Thanks.

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#975

The mempool is where all transactions go to wait to be confirmed into the next block.

The transaction will get confirmed in the next block

The more transactions that are sitting in a mempool the higher the transaction fees will be to get your transaction confirmed into the next block.

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#976

  1. What is the mempool?
    A collection of verified transaction waiting to be bundled into a block.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    the rate of Tx sitting in the Mempool will grow larger, increasing Tx time.

  3. How does a growing mempool effect transaction fees?
    The amount of Sat’s paid per Byte will increase.

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#977
  1. Holding place for unconfirmed transactions.
  2. Memepool transactions start to pile up
  3. Increase in transaction fees and larger fees are prioritized Satoshis/Byte.
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#978
  1. The mempool is the place where transactions are stored waiting to be picked by the miners.
  2. I think fees might increase and the transactions will be waiting longer in the mempool.
  3. Transactions fees increase.
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#979

  1. Mempool is a place, a memory, where the nodes store the broadcasted transactions unconfirmed or yet to be confirmed by the miners.

  2. The mempool would grow and the transactions processing speed should become slower.

  3. When a mempool grows, miners will give priority to the broadcasted transactions offering higher transaction fees because miners work based on financial incentives. Theoretically, this will lead to higher transaction fees overall because users tend to use the proposed transaction fees by the wallets. There are users who prefer to manually select the transaction fees (of course).

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#980
  1. A mempool is a list of all unconfirmed transactions.
  2. The longer it will take to have your transaction be confirmed.
  3. The bigger the list of unconfirmed tx in a mempool means you will have to pay a larger fee to skip the line and get your transaction confirmed.
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#981
  1. What is the mempool?
    storage place for unconfirmed transactions.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Mempool will grow larger. The time for TX to be picked and placed into the block will increase and TX fee will be increased.
  3. How does a growing mempool effect transaction fees? Fees will increase. To put it simply, the higher the mempool is the higher the fee will be.
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#982

1. What is the mempool?

A waiting area for unconfirmed tx’s

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

Waiting times are longer for tx’s to be confirmed, fees go up, miners are happy

3. How does a growing mempool effect transaction fees?

Sat/B will increase

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#983

  • What is the mempool?
    It is a ‘‘waiting area’’ where the transaction remain unprocessed until miner will pick it up and finish it. Each node has its own mempool where they record all the info about the incoming transaction.

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

It will create a queue or unconfirmed transactions.

  • How does a growing mempool effect transaction fees?

It will affect the fees, as miners are incentified with money, therefore will choose the highest fees to small ones.

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#984

What is the mempool?
Is a place where all unconfirmed transactions go to be confirmed by miners.

What happens if the miners can’t keep up with the rate of the new transaction?
The mempool would become bigger and more transactions will have to wait to be confirmed.

How does a growing mempool effect transaction fees?
Transactions with higher fees will be confirmed sooner than transactions with lower fees.
Because every miner wants to earn more with every transaction

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