Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1045
  1. Is the database that store all uncofirmed transactions (waiting to be put on blocks and join to the blockchain)
  2. The mempool increases in size (number of unconfirmed transactions)
  3. It increases the fees (the higher demand, the higher price)
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#1046

What is the mempool?
A: The mempool is the memory pool where all valid transactions sit unconfirmed waiting to be picked up and included in a block by a miner.

What happens if the miners can’t keep up with the rate of the new transaction?
A: The average amount of time becomes longer for a transaction to be confirmed and included in a block. The the size of the mempool, at any given time, will also provide a good indication of how long congestion on the network will last.

How does a growing mempool affect transaction fees?
A: A growing mempool leads to transactions with higher fees receiving priority from miners.

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#1047

What is the mempool?

A mempool is a “storage area” located within Nodes on the blockchain.

When a transaction is broadcasted for the first time, Nodes collect the broadcast, stores it in there mempool.

The Nodes first check that the transaction complies with its protocol before being appending for mining.

If it all checks out, the transaction becomes an unconfirmed transaction.

Unconfirmed transactions wait in the Mempool appending to be mined onto the blockchain.

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

The mempool will increase in size.

How does a growing mempool effect transaction fees?

Miners are incentivised by transaction fees. So, they will mine transactions that have been instructed to pay a higher fee to be appended first into the blockchain.

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#1048

  1. Mempool is referred to as space where the unconfirmed transactions are placed where they wait for miners to pick them up and add to the block. Transactions in the mempool are signed by the wallet using private keys and verified by all nodes in network.

  2. Mempool grows in size and longer wait times for transactions to get confirmed and added to bock.

  3. Usually the Transaction with higher fees gets confirmed first.

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#1049
  1. All the bitcoin transactions that are not yet confirmed in a block, are put in the unconfirmed transaction pool. All of these unconfirmed transactions can be shown in the mempool.
  2. The mempool will grow larger and because of this, there are longer transaction times and higher fees.
  3. The higher your fee is, the more likely the transaction is to be put in the mempool.
#1050
  1. What is the mempool?

The Mempool is a temporary pool of newly created transactions that have been broadcasted to nodes by wallets. Transactions are kept on mempools till a miner picks up the transaction to mine it and add it to next block.

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

The transactions are put on hold and the mempool will become larger till the flow is picked up by the miners.

  1. How does a growing mempool effect transaction fees?
    Transactions fees are the driver for Miners’s work. Therefore higher priority is attributed to the transaction carrying a high fee and the quickest the transaction gets picked up by a miner and added to the next block and verified.
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#1051

1 A list of transactions on hold. It contains all the transactions that makes sense for a specific node.

  1. The mempool will grow. All the transactions will not be processed in the next block.

  2. The larger the mempook is, the higher are the fees. Larger transactions in bytes will be more expensive.

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#1052

1- Tx waiting to be confirmed form the mempool
2- we get q bigger mempool.
3- tx with higher fees will be picked by the miner. small fees will need to wait.

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#1053
  1. A Mempool consists of all the transactions that are unconfirmed to a particular node
  2. If the miner cannot keep up with the rate of the new transaction, the mempool grows larger and there are longer transaction wait times
  3. A growing mempool increases competition to get transactions confirmed into the next block, which will increase transaction fees. Miners are incentivized to pick transactions with the highest fees.
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#1054

Every valid transaction will enter the mempool. The more fee you spend on a transaction (in sats/byte) the faster your transaction will get confirmed and be on the blockchain. When there are to much transactions in the mempool, average fee will go up because people are basically bidding for blockspace.

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#1055
  1. The mempool is a list of all unconfirmed transactions waiting to be added to the blockchain by miners.
  2. The mempool becomes larger and it prioritises transactions with higher fees
  3. The transaction fees would increase because miners are more likely to choose transactions with high fees to put into the blockchain first which would make them more money.
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#1056

1. What is the mempool?

The mempool is a pool of unconfirmed transactions waiting to be picked by a miner.

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

If the miners can’t keep up then the mempool becomes larger and the transactions take longer as there are more and more unconfirmed transactions.

3. How does a growing mempool effect transaction fees?

As the mempool of unconfirmed transactions grows larger so does the fees. The miners need an extra incentive to mine the unconfirmed transactions.

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#1057

  1. What is the mempool?
    Where Unverified transactions who seem valid with a certain node go to get validated by miners.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows and validation gets bottlenecked until miners are able to keep up.

  3. How does a growing mempool effect transaction fees?
    Only the transactions with the highest offered fees will be worked on first. This will increase the price of the fees for all who want to be validated.

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#1058

  1. What is the mempool?
    A mempool is where all valid transactions wait to be confirmed by the Bitcoin network.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    When miners cannot keep up with the rate of new transactions on the network it creates delays in the ability to confirm transactions quickly.

  3. How does a growing mempool effect transaction fees? As the mempool grows with a large amount of transactions the costs to perform transaction with priority over the network require a higher fee.

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#1059
  1. Unconfirmed transactions
  2. the mempool gets bigger and the fees go up
  3. The fees get bigger
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#1061
  1. Each nodes have a mempool which contains a list of unconfirmed transactions
  2. mempool will increase
  3. it increases the transaction fees
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#1062
  1. What is the mempool?

Mempool is the register of all transaction awaiting to be confirm UTXO that have not be confirm or integrated to blocks by miners yet.

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

The transaction will be stack in the mempool until a miner pick it to add it to a block

  1. How does a growing mempool effect transaction fees?

This causes that fees increasse because people will pay higher fees in other to include their transactions into a block.

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#1063
  1. Log of all transactions
  2. Then fees get more expensive?
  3. More expensive?
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#1064

Oh, i c

  1. The higher fees get prioritized under bottleneck
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#1065

  1. The mempool is the list of unconfirmed bitcoin transactions at a given moment. The mempool is stored in all nodes on a bitcoin network.

  2. If miners cannot keep up with the rate of the creation of new transactions, more and more transactions will be piled up in the mempool. Since miners are incentivized to mine transactions that are more complex (more inputs and outputs), relatively simple transactions will be left in the mempool for a longer time without getting confirmed.

  3. A growing mempool will boost up transaction fees because wallets will bid up trasaction fees to get transactions they created confirmed by offering more monetary incentives, especially when a backlog of transactions of comparable complexity is growing in the mempool.

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