Misconceptions about the upcoming ethereum merge

[_act_]

Some people thought that the next ethereum merge will reduce bitcoin transaction fee, you can check the few misconceptions circulating around among people but which are actually not true but false.

The Merge

Misconception: "The Merge will reduce gas fees."
False. The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.

Misconception: "Transactions will be noticeably faster after The Merge."
False. Though some slight changes exist, transaction speed will mostly remain the same on layer 1.

You can click on the link and read the other misconceptions about the upgrade.

[TastyChillySauce00]

Yeah but people didn't understand it correctly but can i ask you now? Is there a relationship with bitcoin transaction fees? i thought that if it was ethereum transaction fees and not bitcoin. People are too lazy to understand the main purpose of merged update. That's about making ethereum will not be so inflated and changing the consensus to the POS mechanism. I think that people didn't even aware about this. They keep talking about scalability upgrade.

[vv181]

Yeah but people didn't understand it correctly but can i ask you now? Is there a relationship with bitcoin transaction fees? i thought that if it was ethereum transaction fees and not bitcoin.

I didn't hear any Ethereum community really thought so. It is likely OP just misspelt.

People are too lazy to understand the main purpose of merged update. That's about making ethereum will not be so inflated and changing the consensus to the POS mechanism. I think that people didn't even aware about this.

Taking the bigger picture I believe so, the Ethereum community are just simply doesn't care enough to comprehend what it is all about. And the unintended consequence of any decentralization it seems they couldn't care less.

[Ketesnuko]

Nonsense, what does Ethereum have to do with Bitcoin? The only thing that changes is Ethereum going PoS and yes gas fee will be lower but as for Bitcoin everything stays the same.

[goaldigger]

Bitcoin and ETH have their own different network, so technically the update on ETH has no effect with Bitcoin especially on its network.
I don't know who misunderstood the merge here, is it OP or other people who really think the update can affect ETH fees?
Well, its good to have your own research about the update on ETH especially if you are concern about the update, this can be a big one or just an ordinary update but I think with the merge, this is one of the biggest update with ETH and that's why there's a good hype for that.

[Baofeng]

Yeah but people didn't understand it correctly but can i ask you now? Is there a relationship with bitcoin transaction fees? i thought that if it was ethereum transaction fees and not bitcoin. People are too lazy to understand the main purpose of merged update. That's about making ethereum will not be so inflated and changing the consensus to the POS mechanism. I think that people didn't even aware about this. They keep talking about scalability upgrade.

Perhaps it was just a typo mistake from the OP because we know that there is no correlation from the merge to bitcoin fees. Of course it has nothing to do like reducing the gas fees because it is just moving form PoW to PoS.

And so if there is a huge demand for ETH then the gas fees will continue to exist.

For sure many are not that technically adept to understand what will happen to the merge but it's good the ETH foundation themselves are clearing this misconception.

[lumbanrang]

As far as I know, ETH and BTC have different networks, so it won't make sense when the ethereum merge in the future will affect bitcoin fees because they both have different networks.

[Jawhead999]

Some people thought that the next ethereum merge will reduce bitcoin transaction fee

I don't find any word about Bitcoin in the article, are you typed wrong word?

As far as I know, ETH and BTC have different networks, so it won't make sense when the ethereum merge in the future will affect bitcoin fees because they both have different networks.

Yeah, that's correct and I did cross check about the point created by @OP and the article, which the article didn't mention anything about Bitcoin or BTC. It must be a joke if Ethereum merge will affect to Bitcoin fee or price, I mean actually Ethereum did follow Bitcoin price, not Bitcoin follow Ethereum price.

[Wiwo]

Some people thought that the next ethereum merge will reduce bitcoin transaction fees,

If anyone has that kind of thought then am sorry to announce to them that they will end up being disappointed, ethereum merge to the beacon chain does not have any direct connection with Bitcoin and as far as I know, only ethereum is moving to the proof of stake system and that will still be subject to public testing period, certainly, there is going to be some setbacks with this development but to say it going to reduce bitcoin transaction fees is out of the question and what this migration is intended at.

[lumbanrang]

As far as I know, ETH and BTC have different networks, so it won't make sense when the ethereum merge in the future will affect bitcoin fees because they both have different networks.

Yeah, that's correct and I did cross check about the point created by @OP and the article, which the article didn't mention anything about Bitcoin or BTC. It must be a joke if Ethereum merge will affect to Bitcoin fee or price, I mean actually Ethereum did follow Bitcoin price, not Bitcoin follow Ethereum price.

Yes, that's true, the price of ETH and many other tokens does follow the BTC price trend, for example now the BTC price is corrected and it affects the prices of other tokens.

[_act_]

Yeah but people didn't understand it correctly but can i ask you now? Is there a relationship with bitcoin transaction fees? i thought that if it was ethereum transaction fees and not bitcoin.

The reason I posted this on altcoin board is because it has nothing to do with bitcoin transaction fee. I am able to understand you, but if I should answer you question correctly, bitcoin transaction and ethereum transaction has no relationship, they have different blockchain and different miners.

[hugeblack]

So far, the details of the merger are not clear, and whether the transition will be smooth and ideal, and therefore greater chances for the success of the principle of proof of stake, or will it be chaotic, and will it succeed in achieving decentralization, or will the currency be dependent on some central entities? of decentralization.

As for the fees, it will be cheaper on average, and the network will be faster than the current one and more efficient.

[_act_]

As for the fees, it will be cheaper on average, and the network will be faster than the current one and more efficient.

I have been reading news even before and after I found this out, people are only getting the ethereum merge wrong. I was even surprised when I saw USCD company saying they will move 100% to ethereum blockchain after the merge, but I do not know if that news is absolutely true or not.

The merge is about redicing energy (electricity) usage by over 90%  as it moves from PoW to PoS, there is nothing about scalability for now, but said to pave way for scalability, but not in this upgrade.

People have been getting the upgrade wrongly right from time, like in December 2021, when they upgraded to ethereum 2.0, some people were expecting exactly low fee and scalability, but see what happened up till now.

[fuguebtc]

As for the fees, it will be cheaper on average, and the network will be faster than the current one and more efficient.

I have been reading news even before and after I found this out, people are only getting the ethereum merge wrong. I was even surprised when I saw USCD company saying they will move 100% to ethereum blockchain after the merge, but I do not know if that news is absolutely true or not.

The merge is about redicing energy (electricity) usage by over 90%  as it moves from PoW to PoS, there is nothing about scalability for now, but said to pave way for scalability, but not in this upgrade.

People have been getting the upgrade wrongly right from time, like in December 2021, when they upgraded to ethereum 2.0, some people were expecting exactly low fee and scalability, but see what happened up till now.

The merger event is only a few days away and many people are still misinterpreting the event. Upgrading to POS only helps ethereum reduce energy consumption by up to 90% like atltcoins using POS today. If we want gas fees to go down and the processing speed and scalability of the ethereum network, we need to update our sharding technology, which is expected to happen next year.

I also read news about USDC, they said that they will only support Ethereum poS and not support ethereum poW at all if there is a hardfork.