Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1868
  1. set of all broadcasted transactions yet not confirmed and therefore not part of a block
  2. The mempool increases and the time it takes for transactions with lower fees to be confirmed increases.
  3. They rise.
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#1869

#1- Mempool is a " Waiting Area for Bitcoin transactions" varified by a Node , waiting to be picked up by “Bitcoin Miner”.
#2- If the Miners are unable to keep up with transaction rate then size of the"Mempool" will increase.
#3- As size of mempool grows fees grow , which gives incentive to Miners through higher fees.

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#1870

Homework on Mempool - Questions

  1. What is the mempool?
    Unconfirmed bitcoin transactions

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    They will pick the transactions whit the highest fees and because more people wanna send btc they have to pay higher fees in order to receive it sooner

  3. How does a growing mempool effect transaction fees?
    Transaction fees are going to be high

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#1871
  1. Mempool is a collection of validated transactions waiting to be written into the blockchain.
  2. When Mempool is full it will set a minimum fee(fee rate). Transactions with less than minimum fee are dropped while those with a higher fee are included and prioritized.
  3. A growing Mempool means there’s a lot of transactions waiting to be processed transaction fee will rise as more transactions are competing against each other to be confirmed.
#1872

The mempool will never set a minimum fee. Most wallets check the mempool to predict a fair fee for expensive fast comfirmation, medium etcetera.
Everybody is allowed to use a tiny small fee. They will not be dropped, but it will take a long time before these low fee transaction will be included. It’s just a bidding war for blockspace. How faster you want it to confirm, the higher you need to bid than others.
If I move my bitcoin to another adress I own, I only use 1sat/byte. Because if you pay yourself, I don’t need to have it transfered fast. Most nodes hold transactions for approximately 2weeks. So worst case is that the transaction didn’t went through. I use the RBF option (replace by fee) then you can send a transaction with very low fee and if it takes to long, you can boost the fee up later

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#1873

  1. The mempool is a data structure inside each node that holds validated unconfirmed transactions.

  2. Validated unconfirmed transactions will build up in the mempool.

  3. Higher transaction fees and longer confirmation time.

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#1874
  1. its where unconfirmed transasctions wait to get picked up by a miner.
  2. longer waiting times.
    3.the fees go up.
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#1875
  1. What is the mempool?
    Record of unconfirmed transactions,waiting for a miner to pick them up to add to the next block.
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    mempool grows and gives longer transaction times
  3. How does a growing mempool effect transaction fees?
    people will have pay more to get their transaction processed. Miners can choose to mine transactions with more fees as first or larger fees are offered to miners to get the transaction picked first.
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#1876

  1. A place where all the unconfirmed transactions are kept.

  2. It will take a longer time to process.

  3. Most likely , the transaction fees will increase due to the demand.

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#1877
  1. list of unconfirmed transactions
  2. mempool grows and will take longer for transacttion to get confirmed
  3. Fee price would increase
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#1878

  1. A mempool is a component of the node architecture that acts as the repository for unconfirmed transaction requests.

  2. If miners cant keep up with transaction requests, then the requests are held in the mempool.

  3. A growing mempool tends to push up transaction fees because miners will prioritise transactions that pay higher fees.

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#1879
  1. Mempool is a list of unconfirmed transactions.
  2. Traffic jam will occur and transactions can take a long time to get approved.
  3. It will take longer time and higher transaction fee for transaction to get approved.
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#1880
  1. A data structure on each node that holds unconfirmed transactions until they are confirmed and added to the blockchain.

2.The mempool grows larger and transaction times increase.

  1. It increases the fees so the transaction will be processed sooner than lower fee transactions.
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#1881
  1. Unconfirmed transactions
  2. Mempool gets bigger
  3. The transaction fees goes up. with a growing mempool.
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#1882

  1. The mempool is a data space with unconfirmed txs. Each node has its own mempool.

  2. The mempool grows in size

  3. The tx fees are higher

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#1883

What is the mempool?
Is a list of unconfirmed transactions, a pool of unconfirmed transaction to be more precise.

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?
The transaction fees will increase as it grows.

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#1884

  • What is the mempool?
    A collection of all known transactions at the node that are ready to be put in a block

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows in size and transaction fees rise

  • How does a growing mempool effect transaction fees?
    If there are fewer transactions in the pool it costs less to be included in a block(in bytes)
    The reverse happens when mempool grows.

#1885

1.) The mempool holds all of the unconfirmed transactions that are waiting to be picked up by a miner and added to a block.

2.) The mempool would simply become larger because it is holding more transactions, and the transaction confirmation time would take longer since the mempool is more backed up.

3.) A growing mempool results in increased transaction fees.

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#1886

Yes, because users are basically bidding for blockspace. So the fee to get your transaction confirmed fast enough will depend on how much others are bidding. The more transactions that are in the mempool the more competition.

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#1887
  1. Mempool is the combining of two words, memory and pool, into a contraction. A mempool is a place of waiting for transactions that have not been included.
  2. If miners are not able to keep up with the rate of new transactions, there will be no transactions allowed to be confirmed until a new block is created.
    3.Small transactions generate small fees, so as the transactions increase the fees become higher.
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