Get my paid Bitcoin course here:https://www.bitcoinuniversity.com/courses/76599-the-ultimate-guide-to-bitcoinIn this video, I provide a basic introduction to mempool.space, how Bitcoin mempools work, and how transaction fees are set by the market.Every Bitcoin node has its own mempool, so there are actually many "mempools" rather than "THE mempool."A mempool (memory pool) is a waiting room for Bitcoin transactions that have not yet been included in a block by a miner. Transactions compete for the attention of a mining pool by including a juicy transaction fee that will tempt a mining pool to include that transaction in the next block. Transaction fee rates ebb and flow over time, though they have been markedly higher in 2023 mostly due to the ordinals/inscriptions/brc20 token craze.Not investment advice! Consult a financial advisor.Mempool.space:https://mempool.space/Donate to mempool.space:https://mempool.space/aboutSatoshi to USD converter:https://www.kraken.com/learn/satoshi-to-usd-converter Introduction to the Sparrow Wallet:https://www.youtube.com/watch?v=HLi8p9aTlBQ&ab_channel=BitcoinUniversityHow much data does your transaction take up?https://jlopp.github.io/unspendable-utxo-calculator/?ref=blog.lopp.netPay-to-Witness-Public-Key-Hash (P2WPKH):https://river.com/learn/terms/p/p2wpkh/Different Bitcoin address types:https://unchained.com/blog/bitcoin-address-types-compared/3-year chart of transaction fee rates:https://mempool.space/graphs/mempool#3yearsold Mempool as an Umbrel app:https://apps.umbrel.com/app/mempoolI am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals. #Bitcoin #mempoolDisclaimer Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky....https://www.youtube.com/watch?v=DOQvqrfBTGY