The Ethereum Merge update is coming soon, and Ether (ETH) will transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus model. This upgrade should reduce ethereum’s energy consumption by more than 99%, making the second-largest cryptocurrency even more attractive in this age of environmental awareness. This also means that the overall security and scalability of Ethereum will increase. While all of these are positives for ethereum and the cryptocurrency industry in general, for some, Merge may not be as perfect as people say it is. Here is a summary of some misunderstandings about Merge, please be careful not to be fooled.

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Merge means lower gas bills

Ethereum-related gas prices and everyday life are entirely different types of issues. This refers to the amount of currency consumed when making ether transactions. The Ethereum community has been complaining about gas fees for some time now, with some claiming that the Merge update will fix the problem by lowering the fees. Unfortunately, the Ethereum Foundation has confirmed that Merge will not have a significant impact on gas fees, which will continue to depend on the supply and demand of network computing power.

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Faster transaction speed

The efficiency gains from Merge are expected to reduce the average block processing time on the Ethereum network by about 10%. But it’s hard for end users to notice such a speedup. Ethereum core developers have repeatedly denied the claim that Merge would significantly increase transaction speed. Instead, transaction speed on the user side depends more on the application using the blockchain than on the chain itself.

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User must activate Merge manually

This dangerous misconception came from wily thieves and crooks, who were specifically targeting relatively ill-informed individual traders during the pre-Merge hype period. Officials have confirmed many times: Ether holders do not need to take any action to receive upgrade benefits; the entire upgrade process will take effect automatically, and all Ether held will remain unchanged. If you receive any request to transfer your ether to another address for any reason, eg: to exchange it for ETH2 tokens (which do not exist), just ignore it.

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Get ready for Merge, trade Ether on StormGain and see more possibilities

StormGain remains the best platform to buy, trade and hold ether and over 65 other digital assets. Invest in Ether before the Merge upgrade, or trade it against Bitcoin (BTC) and other crypto-asset currency pairs with very low fees. Not registered with StormGain yet? Sign up in seconds and use the best easy-to-use app in the cryptocurrency market.

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