Ethereum’s Transition to Proof-of-Stake – The Merge
In a few weeks, the exciting Ethereum update, the so-called Ethereum Merge, will take place. The all-important question now is, how do the big Bitcoin exchanges deal with this update? Can you just hold the coins and get your credit converted into the new ETH? Or will your own coins become a kind of Ethereum Core token, as has been the case before, and you have to update and change the new coins yourself? Bitpanda at least sent out a pretty simple and good explanation this morning, which says how Bitpanda deals with the Ehetereum Merge:
We support The Merge
You’ve probably already heard that The Merge – the transition of the Ethereum blockchain from proof-of-work (PoW) to proof-of-stake (PoS) – is expected to take place on September 15, 2022.
This event is the beginning of a series of upgrades for Ethereum that will make it more secure and environmentally friendly, creating the conditions for faster and cheaper transactions in the future. It is the largest infrastructure overhaul in the crypto world to date, and we are proud to support this event.
You can find out what this means for you and your Ethereum here:
- You don’t have to do anything to protect your investments or your wallet from The Merge. We support upgrading to PoS and that means your Ethereum is safe with us. HODL simply.
- Be careful – there are a lot of scams that offer an ETH2 token that doesn’t exist at all.
- Withdrawals and deposits on the Ethereum network will be suspended a few hours before The merge to ensure the safety of your money. Once we have verified that the PoS network is secure, we will allow deposits and withdrawals again.
- Any support for forked assets on the PoW chain will be reviewed as part of our regular asset listing process.
We will soon publish a detailed blog post in which we will write in detail about The Merge and the importance of ETH as an asset.
