How to prepare for the Ethereum merge

The time has come: The Ethereum merge date has been set. On August 18, the ETH developer community agreed on the final deadline for the historic upgrade. In a 76-minute meeting, the developers decided on September 15th.

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1 Ethereum Forks

1.1 Crypto exchange or own non-custodial wallet

1.2 Related posts:

September 15 is therefore considered the most likely date for the network upgrade. However, the exact time of the merge could still change, since the final implementation of the upgrade depends on the hash rate of the Ethereum network, explains the Ethereum developer Marius van der Wijden.

Live forecasts for the second-accurate start of ETH 2.0 can be viewed live here or here.

With the merger now a done deal, many investors are wondering how to prepare for this historic event. First of all, there is no immediate need for action for Ether holders as their ETH will be automatically upgraded to ETH 2.0.

So the easiest way to prepare for the Ethereum merge is to keep your feet still and wait.

Nevertheless, the time before the Ethereum merge offers savvy crypto enthusiasts a few more topics to look at in advance.

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Ethereum 2.0: Everything about the merge in the BTC-ECHO Magazine (Print & Digital)

The BTC-ECHO Magazin is the leading German-language magazine since 2014 on the topics of Bitcoin, Blockchain, NFTs & cryptocurrencies.

To the magazine

Ethereum Forks

Anyone who has been active in the crypto market since 2017 knows that forks are not uncommon in blockchain network upgrades. Bitcoin also experienced a large number of forks in 2017 because large parts of the Bitcoin community did not agree with the so-called SegWit upgrade at the time.

As a result, the Bitcoin blockchain was forked and BTC holders received tokens at a 1:1 ratio on each forked blockchain (BCH for Bitcoin Cash, BCD for Bitcoin Diamond, BSV for Bitcoin Satoshi Vision, etc.). Some of these cryptocurrencies still have market capitalizations in the billions of dollars today.

Also with the Ethereum Merge there will be one or possibly even several forks whose tokens can be potentially valuable. But how to get these tokens?

Crypto exchange or own non-custodial wallet

There are two ways to get potential ETH forks after the merge:

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Option 1: You hold Ethereum on a centralized exchange that supports ETHPow tokens (simple option). All you have to do is hold your ETH during the merge (expected on September 15) on a crypto exchange that has announced that it will support ETH forks.

If you choose this option, you will receive ETHPOW in your wallet on the crypto exchange after the merge. At the moment, relatively few reputable exchanges have pledged their support for ETHPOW, apart from poloniex.com or mexc.com.

However, it stands to reason that in the coming weeks more crypto exchanges could announce that they will support possible ETH forks. For example, you can already see the course of a possible ETH fork on Coinbase.

Option 2: This is about the independent custody of ETH on a non-custodial wallet (MetaMask, Trust Wallet, Exodus etc.) during the merge. This option is significantly more complicated.

It is not very easy to access your ETHPoW tokens after the merge, as you have to manually enter the parameters of the forked Ethereum blockchains in your wallet before you can trade them. Moreover, it can be dangerous to interact with this new blockchain as malicious actors could steal your tokens with so-called “replay attacks”.

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You can find out more about the background to the merger and the consequences for the Ethereum ecosystem in the current issue of BTC-ECHO Magazine.

Disclaimer: The content presented on this page does not constitute a buy or sell recommendation. It is for information only.

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