How does the blockchain mempool affect transaction fees in cryptocurrencies?

1 answers

• Nov 26, 2021 · 3 years ago
  Ah, the blockchain mempool and transaction fees, a classic topic. The mempool is like a virtual waiting room for transactions in cryptocurrencies. When you send a transaction, it joins the queue in the mempool, waiting for miners to pick it up and include it in a block. However, miners are profit-driven creatures, and they tend to prioritize transactions with higher fees. So, if the mempool is jam-packed with pending transactions, you'll have to offer a higher fee to entice miners to pick your transaction. On the flip side, if the mempool is relatively empty, you can get away with paying a lower fee. It's all about supply and demand in the mempool game. Keep an eye on the mempool if you want to gauge the current transaction fee situation in cryptocurrencies.
  768384