The speed in which bitcoin transactions are approved, confirmed and verified by miners across the globe largely depend on the size of the bitcoin mempool and blocks. The optimal or recommended fee also depends on the size of the bitcoin mempool. Users may spend only a fraction of the usual transaction fee if the size of the bitcoin mempool significantly decreases.
The size of the bitcoin mempool represents the aggregate size of transactions waiting to be confirmed. In essence, bitcoin mempool is the holding area for all transactions waiting to be picked up and confirmed by bitcoin miners.
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