Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1687

Homework on Mempool - Questions

  1. What is the mempool?
    Mempool is a storage for unconfirmed transactions or their proposed fees
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Miners will pick the unconfirmed transactions with the highest fees first. Mempool will grow bigger with all of the pending transactions.
  3. How does a growing mempool effect transaction fees?
    Unconfirmed transactions will compete for each other based on their transaction fees. The ones with higher fees gets to be the first into a block, while the ones with low transaction fees will wait longer. Competition breeds higher fees.
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#1688

  1. Mempool is a waiting area were after been confirm the transaction wait to be add to a block.

  2. If you waiting more than 48hrs. your transaction will drop from all of the bitcoin mempools and the founds will be returned to your wallet.

  3. Bigger the better. Miners like height fees so they give priority to a larger transactions or transactions whit a multiples inputs and outputs, which occupy more space, since the fees are charge in sat/bit.

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#1689

  1. Mempool its like a holding of all unconfirmed transactions before they are picked by the miner to be joined in a block.

  2. The mempool increase, waiting times are longer for tx to be confirmed,
    and the miners get higher fees for the TX,

  3. fees increase for the tx to be confirmed

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#1690

  1. Mempool is a list of unconfirmed transaction. Miners get the transactions from the mempool in order to create a new block.

  2. It will be a much larger mempool and the time to process transaction will be longer.

  3. Cause Miners when create a new block gets the fees as a reward (they mine btc too) so they will definitely pick a higher fee transactions in order to meke more money and the market will follow this rule.

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#1691

Is the default set to only 48 hours? :thinking: I thought it was 14 days. Also this is the default value and some nodes might have this value set higher, it can be changed :slight_smile:

#1692
  1. What is the mempool?
    Mempool are a database that is in every node that keeps track of unconfirmed Tx and all verified Tx.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool creates a backlog of pending Tx and the fees will go up.
  3. How does a growing mempool effect transaction fees?
    The larger the mempool, the greater the transaction fee.
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#1693

1: Mempool is a pool of transactions not yet confirmed
2: It slows down the rate of confirmations
3: Mempool tx fees are based on the size of the transactions taking place. A complicated transactions with several inputs and outputs will take up more space than a transaction with one input and one output.

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#1694

  1. A list of unconfirmed transaction requests waiting the be confirmed by the miners.

  2. The transaction will stay in the mempool until it is confirmed with higher fees taking network priority.

  3. The transactions with the highest fee will be prioritised by the network. However at the end of a block there is only so many bits left available to fill that block. So high fee transactions will be held in the mempool until the next block is available, again taking priority.

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#1695

  • What is the mempool?
    It’s a space which stores the not processed Tx, until a miner takes it to verify it.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    It will take more time to be confirmed.

  • How does a growing mempool effect transaction fees?
    When mempool is large, that means there’re plenty of waiting Tx’s, so people would want to pay more to get faster confirmations.

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#1696
  1. A Mempool is a set of unconfirmed transactions pending on bitcoin miners to verify
  2. When miners can not withstand the rate of new transactions the Mempool grows
  3. A growing Mempool effects transaction fees by raising the fee especially if the transactions are bigger in terms of binary complexity or pay per bit
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#1697

  1. A mempool is a data structure that holds a list of unconfirmed transactions

  2. The mempool becomes larger

  3. Fees become higher

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#1698

What is the mempool?
The mempool is a data structure where all the current unconfirmed transactions are stored for the miners to freely pick which transaction they want to start building on the next block. Its a way for transactions to be put in a “wating room” during the mining process, even if the miners could keep up with the incoming transactions they still are unconfirmed for at least 10 minutes on average when the blocks are created.

What happens if the miners can’t keep up with the rate of the new transaction?
If the miners can’t keep up with the rate of new transactions then the mempool will grow as much as it needs to store all unconfirmed transactions.

How does a growing mempool effect transaction fees?
A growing mempool usually have the effect in that the transaction fees to be included in the blockchain in a reasonable time will increase and it gets more expensive if you are not willing to wait until it comes a time in the future where the miners catch up on the mempool.

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#1699

  1. The mempool is a data structure that each node of the bitcoin network holds of transactions that have been transmitted to the network by a private key, but which have not yet been confirmed by the network.

  2. The mempool will increase in size, because the list of unconfirmed transactions will increase in size.

  3. In a growing mempool, the transaction fee is likely to increase because the probability that you have more transactions with higher fees in a mempool that is growing in size is higher, and if you have more transactions with a higher fees, miners will take those transactions with a higher fees to add into a block first, so that the transaction fee you will need to pay to have your transaction included in a block will increase.

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#1700

No is not 48Hrs. the default time frame. Just the article I red said it takes usually 48hrs. Thank you for the support. :+1:

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#1701
  1. Where all unconfirmed transactions on the bitcoin ledger reside.
  2. They will not get the rewards as quick making more unconfirmed transactions in the mempool, ultimately increasing transaction times.
  3. Transaction fees will increase.
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#1702

1.the mempool is the nodes holding area for all the pending transactions.it is the nodes collection. of all the uncomfirmed transactions it has already seen enabling it to decide whether or not to relay a new transaction.

2.the mempool grows larger.

3.whoever pays the highest fee will more likely go first.

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#1703
  1. What is the mempool?

It is a list of unconfirmed transactions that wait for a miner to pick them up and add to the next block.

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

The number of unconfirmed transactions will increase in the mempool and therefore it will prioritize transactions with higher fees.

  1. How does a growing mempool effect transaction fees?

Competition will occur to add the transaction to the next block in the blockchain. This phenomena resulting in higher transaction fees.

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#1704

  1. The mempool is a list (or ‘pool’) of unconfirmed transactions.

  2. If the miners can’t keep up with the rate of transactions, the mempool grows larger.

  3. A growing mempool will result in higher transaction fees, as there will be more competition to get your transaction into the next block and the miners will choose the transactions with higher transaction fees.

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#1705
  • The mempool are all unconfirmed transactions
  • If miners can’t keep up the rate of new transactions, the mempool grows in size and transactions take longer to process, especially those with low fees. It will cost more to push transactions through quicker due to the bottleneck
  • The more transaction fees in the mempool, the higher the cost to process. Transactions with low fees might not get processed until bottleneck lessens.
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#1706

1- Mempool is all transactions that are unconfirmed but make sense to a particular node.
2- Mempool will be bigger.
3- Transaction fees increase.

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