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How The Ethereum Merge Will Impact BitPay Merchants & Users

Started by Bitcoin, Sep 13, 2022, 06:52 am

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How The Ethereum Merge Will Impact BitPay Merchants & Users

How The Ethereum Merge Will Impact BitPay Merchants & Users

The Merge, Ethereum’s transition to proof of stake, began on September 6th. As the update rolls out,  BitPay users and merchants will be updated via this article, the official BitPay Twitter account and the BitPay Status page. You can also get updates directly from the Ethereum Foundation blog or Official Twitter. Here’s what you need to know as a BitPay user or merchant.

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9/9/2022 Update: The Merge officially started its roll out on 9/6/2022! Ethereum and ERC-20 transactions will continue as normal until noted otherwise. We do expect to disable Ethereum and ERC-20 acceptance, invoice payments, BitPay Card loads and gift card buys for an estimated 6-12 hours during the Terminal Total Difficulty (TTD) event (on or around 9/13).

What is happening with The Merge?

The Ethereum network has always used a proof of work consensus method to validate transactions. During The Merge, Ethereum will move to a proof of stake consensus when it merges with the Beacon Chain (aka the Consensus Layer). This will help Ethereum become more scalable, secure and sustainable. Read our full breakdown of The Merge and what it means for the future of Ethereum.

When will it happen?

The Merge officially kicked off on 9/6/2022. The transition to proof of stake will take place between September 13th - September 15th, 2022.

I am a BitPay Wallet user. Will I still be able to buy, store, swap, spend, receive and send ETH/ERC-20 tokens?

Your assets will remain safely within your wallet during the duration of The Merge. ETH transactions will not be disabled within the BitPay Wallet. However, we strongly recommend wallet users NOT make ETH/ERC-20 transactions until the Terminal Total Difficulty (TTD) event has ended. Transactions made during this time will be made at the users own risk. This includes buying, swapping, sending and receiving ETH/ERC-20 tokens. At this time, the exact date and time of the TTD event is unknown, but it will likely occur between September 13th - September 15th, 2022. BitPay will update its app users once the event has completed. Following completion of The Merge, all Ethereum transactions within the BitPay Wallet will be supported as normal. You don’t need to do anything before, during or after The Merge in the BitPay Wallet app. Your ETH will remain safely inside your wallet.

I am a BitPay Card user. Will I still be able to load my card and buy gift cards using an Ethereum wallet during The Merge?

BitPay Card loads and gift card buys funded from Ethereum/ERC-20 wallets will be temporarily paused for an estimated 6-12 hours during the Terminal Total Difficulty (TTD) event. At this time, the exact date and time of the TTD event is unknown, but it will likely occur between September 13th - September 15th, 2022. BitPay will notify its card holders exactly when loads are disabled temporarily. Card loads and usage will not be impacted following completion of The Merge; BitPay will continue to support loads from Ethereum wallets. There is nothing you need to do before, during or after The Merge as a BitPay Card user. Any existing funds loaded onto the BitPay Card will not be impacted.

I pay BitPay invoices with ETH/ERC-20 tokens. Will I still be able to pay invoices during and after The Merge?

BitPay will temporarily pause invoices being paid in ETH/ERC-20 tokens for an estimated 6-12 hours during the Terminal Total Difficulty (TTD) event. At this time, the exact date and time of the TTD event is unknown, but it will likely occur between September 13th - September 15th, 2022. Following completion of The Merge, all invoices will be payable in ETH as normal. There is nothing you need to do to continue paying ETH invoices following the completion of The Merge.

I am a business that accepts ETH/ERC-20 token payments. Will I still be able to accept ETH/ERC-20 token payments during The Merge?

ETH payments will be temporarily paused for an estimated 6-12 hours during the Terminal Total Difficulty (TTD) event. At this time, the exact date and time of the TTD event is unknown, but it will likely occur between September 13th - September 15th, 2022. Next day settlements will continue as usual for non ERC-20 tokens. There is nothing you need to do to continue accepting ETH payments for your business following the completion of The Merge.

Will BitPay support ETH 2.0?

ETH as an asset will not change during or after The Merge. You will still be able to buy, store, swap, send, receive, spend and accept ETH/ERC-20 tokens with BitPay after The Merge.

Will BitPay support Ethereum PoW chains after The Merge?

In the event of forked coins, BitPay does not have any immediate plans to support an Ethereum proof of work chain.

Will transaction fees be lower following Ethereum’s transition to proof of stake?

The short answer is no, but it could lead to decreased gas fees in the future. Gas fees are related to block space demand. The Merge does nothing to increase block size nor does it decrease demand for block space which would be counterproductive to the health of the network.


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