Mempool and transaction fee question

#1

I don’t understand how a backed up and growing mempooll increases transaction fees.
I understand that miners select the transactions with the highest fees, but aren’t transaction fees based on the amount of bytes in the transaction itself?
If the mempool is growing, It makes sense for transactions to be delayed. But if the transaction’s fees are determined by the number of bytes of the transactionan (not how long it takes to complete), why are fees increased?

#2

You can toggle the amount of fees to pay for your transaction. Often wallets will estimate the amount to pay as a fee but, in reality, it could be understated if you want your transaction to be settled as a priority and not sit in the mempool.

Here’s an easy explanation: https://www.youtube.com/watch?v=waP7n8crMhg

1 Like
#3

Thanks so much! That helps to clear it up. :pray:t2::pray:t2:

#4

My pleasure! Happy learning!

1 Like