Sirwin
Sirwin

What happens to ETH when ETH02 starts trading?

By TMod_Marco | TMod_Marco | 9 Dec 2020


Someone on Quora asked: What happens to ETH when ETH02 starts trading? I got an email telling me to deposit into an account to receive the value back in ETH02, as ETH will no longer exist. Is this true?

It's unfortunate to see how many scammers are trying to profit from unknowing people. Therefore, I decided to briefly answer the question to remove some misunderstandings.

First, always make sure you receive information from official sources. In this case, Ethereum’s website is Home | ethereum.org and their official Twitter account is Ethereum (@ethereum) | Twitter.

There is a huge difference between wanting to participate in ETH2.0 staking and your ETH maintaining value. ETH 1.0 will simply be part of ETH2.0 and therefore no action is required by those holding ETH, there isn’t a token swap. So you don’t have to send your ETH anywhere to be able to trade ETH. This post explains that pretty well.

In order to participate in ETH2.0 staking and earn rewards, you will need to follow certain steps though, and deposit ETH into the Beacon Chain’s deposit contract address.

Their page reads: Eth2 deposit contract address | ethereum.org

‘’We expect there to be a lot of fake addresses and scams out there. To be safe, check the Eth2 staking address you're using against the address on this page. We recommend checking it with other trustworthy sources too.’’

Hope this gives you good insights in how this works. Stay safe and don’t get scammed! Do your own research.

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TMod_Marco
TMod_Marco

@TMod_Marco on Twitter < Follow me. Dutch blockchain, marketing & strategy consultant. Head of Community at Presearch.org.


TMod_Marco
TMod_Marco

https://www.quora.com/profile/Marco-Van-den-Heuvel

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