Yes, it's called the "mempool". A higher fee means it'll be executed more quickly, because miners prioritise transactions with higher fees for obvious reasons.

Yes, it's called the "mempool". A higher fee means it'll be executed more quickly, because miners prioritise transactions with higher fees for obvious reasons. It's possible for a transaction to get stuck and never be confirmed if it's fee is low enough. If that happens, then you'd need to send a new transaction, which cancels out the stuck one.