What is the state of new Bitcoin transactions?

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I almost understand the details of how bitcoin works. However, new transactions are a bit confusing. They are created between block additions to the chain. They are broadcast to nodes. Then after ~10min they are packaged in a new minted block and added to the chain. All good. But during those 10 min before a new block is created, what then is the state of a transaction? Who is it visible to and how?

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