Hi I wanted to ask a few questions and need help understanding few basic technical things and give more info to a few friends:
1) In summary is the below correct? From start to finish, from a transaction view?
A user sends a transaction 1 BTC to user B.
This trasaction then goes to the "Mempool" - which is basically, like a big empty train station where ALL transactions first enter and wait there.
Gven how blocks are mined on average every 10 minutes, which is 144 blocks per day.
Miner's come every 10 minutes with a block/ as a train.
Transactions then leave the empty platform Train station and go into the miner's block.
Miners take the block and broadcast and confirm and verify it.
2) Given the above at the mempool stage, assuming all transactions include the same fee and 100k transactions hit at the same time. How and WHO decides WHICH transcations are included in the block? (I guess in normal situations it's higher fees first, then on time, first first serve, but then what?? Who gets priority if fees are same and so is the time into mempool)
3) How and what is the "transaction size" "bytes" thing? If I send 10$ Vs 500$ v 5000$ are the transaction the same size? In bytes? How is that calculated?
4) Back to above on blocks every 10 minutes. E.g if there are 20 miner's, and given how every 10 minutes, 1 block.
All 20 compete for the next new block. 19 lose and get nothing, while 1 wins and gets the 12.5 BTC reward? Is that correct?
Therefore am I right in thinking, when that is happening every 10 minutes. Transcations from the mempool are all boarded and entered for all 20 miner's but the block winner himself, will take the transcations and confirm them. While the loser miner's transactions are disregarded and put back in the mempool and the whole process starts again after 10 minutes/new block? Does that make sense?
Big thanks
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source https://www.reddit.com/r/btc/comments/9q1r8f/few_basic_questions_and_bitcoin/
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