- Bit2Me will be fully compatible with the new Proof-of-Stake era of Ethereum, following The Merge, and our community will enjoy its improvements.
- You won't have to do anything to adapt to the Ethereum upgrade.
- On September 15th, we will pause withdrawals and deposits of ETH, ERC-20 and the Polygon network starting at 00:01h, but the rest of our operations will continue to function normally.
- On September 15th at 00:01h, ETH Earn will be temporarily paused.
The 15 of September of 2022 The Merge will take place, the event that will merge the Ethereum network with the Beacon Chain. The merger will mark an unprecedented milestone in the history of Ethereum (and blockchain in general), as it will be the first time that a blockchain changes its consensus mechanism.
Tras The MergeEthereum will move from a Proof-of-Work consensus mechanism, based on cryptocurrency mining, to a Proof-of-Stake one, based on validation and staking nodes.
First of all, we want you to know that you can live through this period with peace of mind, as your tokens will be safe and secure during this period, and no action is required on your part to adapt to the Ethereum upgrade.
Why is Ethereum changing its consensus mechanism?
The change in Ethereum's consensus mechanism has been made so that the blockchain be more efficient in your energy consumptionThe PoW consensus mechanism consumes a large amount of electricity (estimated at about 110 TW/h per year), which has drawn criticism from many users and institutions.
With The Merge change, Ethereum will continue to function as always, only with a “more efficient engine”; as if we were to change the gasoline engine of our car for a hybrid one or, better yet, an electric one.
What should I do if I have Ethereum in my Bit2Me wallet?
As we have explained to you, You won't have to do anything to adapt to the Ethereum update.
En Bit2Me will offer support for the new version of ETH and at the same time, we will review any forked tokens, just as we do with all cryptos before they are available for trading on our platform, if the network is working properly and providing value to users, then we will start sending the new forked ETH to your accounts.
As a precaution to ensure the security of your funds, on September 6th we briefly paused withdrawals and deposits of new ETH and ERC-20 tokens, as well as the Polygon network during the first phase of The Merge.
On the 15th at 00:01h, when the next phase of the merger will take place, We will again pause ETH and ERC-20 withdrawals and deposits on Ethereum and Polygon, as well as ETH EarnHowever, don't worry, because the rest of Bit2Me's operations will continue to work the same throughout the entire time.
Once the merger is complete and we have thoroughly checked that everything is working correctly, you will be able to find your ETH PoS balance in your Ethereum wallet on Bit2Me.
What will happen to my ETH if a fork occurs?
For now, it is very difficult to know whether or not there will be a fork in the network after the Beacon Chain merger, so two different scenarios are contemplated:
- No fork: The Merge takes place and no new token is created, so at Bit2Me we will open withdrawals and deposits of ETH and ERC-20 tokens as soon as possible.
- With fork: It is possible that The Merge will cause a fork in which will create a new tokenIn this case, the ETH ticker will be used for PoS chain tokens. The forked tokens will be thoroughly reviewed, like any new token we list on Bit2Me, before enabling trading again.
How will the Ethereum network change after The Merge?
The Merge involves a change in the Ethereum network that will affect gas fees, staking, and transaction speed:
- Gas rates: For now, the Ethereum gas fees will remain the same. However, the update lays the groundwork for the sharding of the network, which will split Ethereum into smaller chains, potentially reducing costs in the future.
- Staking: Users will help keep the network secure by staking ETH, although their tokens will remain locked for 6-12 months. However, when the Shanghai upgrade is implemented, Ethereum will allow for the daily withdrawal of 40.000 staked ETH.
- Transaction speed: The increase in transaction speed has been one of the Great myths of The MergeThe reality is that the speed of transactions on the network will be similar to the current one, with changes that will be imperceptible in most cases.
Bit2Me works for protect your assets and ensure that the transition from Ethereum to PoS is completed smoothly. We apologize in advance for any inconvenience that may occur as a result of unforeseen developments during The Merge and we want to remind you that we are here to help you with whatever you need, whether through our support team, The status web page or on our social networks.
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