Homework on Mempool - Questions

Blockchain and Bitcoin 101
#1948

  1. The mempool is a pool of UTXOs validated by nodes, but that have yet to be confirmed by miners.

  2. The mempool increases in size with backlogs.

  3. A growing mempool effects transactions by way of supply and demand. Since there are more transactions to be confirmed, miners will search for the transactions with the highest fees, and disregard those with the smallest room for pofit.

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#1949
  1. Contains all the unpaid transactions
  2. The mempool builds up transaction size
  3. It causes tx fees to go up
#1950
  1. What is the mempool?
    Can be a board with all the transactions awaiting pegged with a discrete fee as satochi per processed bit. A complex transaction with few satochi per bit may be more expensive than a simple one for the same Bitcoin value. The complexity needs more bits to describe the velocity so 10 micro transations at 3sat/B is 30sat beside of 1 micro transaction at 7sat/B so 7sat at the end.
  2. 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 then the mempool grows larger and there are longer transaction times. Demand and supply make faster the highest paid fee
  3. How does a growing mempool effect transaction fees?
    Transaction fees increase with a larger mempool because of the competition to get the transaction to the next block. Larger fees are offered to miners to get the transaction picked first.
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#1951
  1. The mempool is like purgatory where all the lost souls are waiting to be taken :yum:
  2. Unconfirmed transactions get stuck in the memepool causing higher fees and longer wait times.
  3. People will pay higher fees to get their transaction accepted first.
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#1952

The mempool is a list of unconfirmed transactions.

The mempool will continue to fill.

Since miners prioritize higher fees, a growing mempool would push fees higher.

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#1953

  1. What is the mempool?
    A place where all unconfirmed transactions reside.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    Transactions will take longer to be confirmed by miners.

  3. How does a growing mempool effect transaction fees?
    Transactions with higher fees will be confirmed first.

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#1954

What is the mempool?

  • The mempool is an in-memory list of pending transactions that are verified but waiting to be added into a block.

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

  • The mempool size increases,

How does a growing mempool effect transaction fees?

  • there will be more competition to get a transaction validated so the fees will naturally go up.
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#1955
  1. The mempool is where all transactions go!
  2. Then a back log will build up
  3. Transaction fees rise.
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#1956
  1. mempool is a list of unconfirmed transactions, that every node and miners do have.
  2. The miners will choose the most profitable transactions, meaning they will choose transactions which pays the most satoshis per Byte.
  3. Growing mempool doesn’t affect the price of transaction fees, as they are determined by the wallets/users. Growing mempool just indicates that there are more and more unconfirmed transactions. The transactions with best satoshi:Bytes ratio will be chosen first, as they are the most profitable (important to know is, that miners are limited by size per each block)
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#1957
  1. The mempool is a list of unconfirmed transactions
  2. The mempool grows as miners fall behind on the new transactions
  3. A growing mempool makes transaction fees rise, as people sending transactions will raise their fee paid per byte to attempt to get their transaction confirmed faster
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#1958
  1. a list of backlogged transactions.
  2. The mempool grows larger and there are longer transaction times.
  3. the larger mempool leads to higher fees.
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#1959

To be precise, the mempool is a pool where all unconfirmed transactions wiil go. not utxo’s, utxo’s are unspent outputs that users can use to change ownership to others in a transaction. Transactions are more than utxo’s alone.
Every node will gossip the transactions in their mempool to all their peers Until it reaches to all full nodes. Then Miners will pick transactions from their mempool and try to mine them for a reward. And end up into the blockchain

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#1960

The mempool contains all new transaction that users are sending. Then Miners will try to mine them into a block in the blockchain. So if you make a bitcoin transaction to pay someone, the transaction will first be validated, end up in every nodes mempool. If your transaction gets 1 confirmation, it means that some miner picked your transaction from that mempool and added it to the public bitcoin blockchain. Then your transaction is officially settled. The more confirmations your transaction has, the deeper it is written in stone and can never be erased.

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#1961
  1. Store of unconfirmed transactions on a node waiting to be handled by a miner.
  2. The mempool grows with pending transactions
  3. Transaction fees will increase
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#1962
  1. a pool of unconfirmed transactions
  2. transaction fees will probably go up, miners process transaction with the highest fees first
  3. the fees will go up
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#1963

1.mempool is a lists of unconfirmed transactions and it serve us a waiting area for the transactions to be picked up by a miner.
2.If miners cant keep up with the rate of new transactions, the mempool will rise and if its full the excess transactions will be dropped from the network.
3.the growing mempool becomes a competition because of users, users will include higher and higher fees to get their transactions done. In short the growing mempool will increase the fees for miners.

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#1964

1)unconfirmed transactions
2)The miners take the transactions with highest fees, leaving rest in mempool
3)Need to pay higher fees if you want faster confirmation

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#1965
  1. What is the mempool?
    Store of unconfirmed Tx’s
  2. What happens if the miners can’t keep up with the rate of the new transaction?
    A backlog will result, growing mempool.
  3. How does a growing mempool effect transaction fees?
    It will result in an increase in Fees
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#1966

1.) The Mempool is basically a database full of Unconfirmed transactions that are waiting to be picked up by miners and put into a block so that they can become confirmed.

2.) Then the Mempool will grow bigger in size and it will take longer for most transactions to be confirmed.

3.) The prices of the fees will go up and the miners will have heavy competition trying to get the unconfirmed transactions with the highest fees.

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#1967
  1. A list of all unconfirmed transactions
  2. The mempool grows
  3. fees are higher, (through that more probable to get picked first by miner)
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