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    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    January 03, 2022

    Ethereum Frequently Asked Questions + Weekly Discussion Thread

    Frequently Asked Questions + Weekly Discussion Thread

    Posted: 02 Jan 2022 11:00 PM PST

    Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Rules:

    • All sub rules apply in this thread.
    • Discussion topics must be related to Ethereum.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    Reminder

    /r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

    ​

    Frequently Asked Questions

    Where's the best place to buy ETH?

    There are many centralized exchanges that support Ethereum. If you live in the US, the most popular exchanges are Coinbase, Gemeni and Kraken. Coinbase users can use Coinbase Pro for lower fees.

    When is Eth2 launching?

    Eth2 is a marketing term used to represent a number of updates to Ethereum. The Eth2 proof-of-stake chain first launched in December 2020. "The Merge", which is the event that will fully switch Ethereum's consensus to proof-of-stake, is estimated to be ready in early 2022, although there is no exact timeline. Other updates, such as data shards, will follow that update.

    Visit ethmerge.com to learn more about "The Merge".

    Do I need to do anything to update to Eth2? Will Eth2 create a new token?

    No, ETH holders never need to take any action to keep holding ETH. Ethereum users will be unaffected by the Eth2 upgrade. And the Eth2 updates will not create any new tokens.

    How can I stake my ETH?

    There are two ways that you can stake your ETH: by running your own validator, or providing your ETH to a staking pool.

    • Running your own validator requires a modern computer and 32 ETH. Visit /r/ethstaker for more details
    • Staking pools accept any amount of ETH. We recommend Lido or StakeWise

    Why are Ethereum transaction fees so high?

    Like most blockchains, Ethereum fees are determined by supply-and-demand. The large demand to use Ethereum has pushed transaction fees quite high (however, fees were just a few cents only 2 years ago). Fees are especially high during market volatility, and during NFT drops.

    What is being done to lower Ethereum transaction fees?

    Ethereum fees are reduced by using layer-2 rollups. Rollups are scaling solutions that allow for significantly cheaper transactions, while still maintaining Ethereum's security.

    Additionally, Eth2's data shards will make rollups even cheaper.

    While rollups are cutting-edge technology being actively developed, a number are already live on Ethereum mainnet. Visit l2beat.com to learn more about rollups.

    What's the best wallet for Ethereum?

    The most popular tool for using decentralized applications is Metamask. However, for security reasons, we recommend using a hardware wallet such as a Trezor or Ledger.

    ​

    Are there questions you'd like to see added? Leave a comment below.

    submitted by /u/AutoModerator
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    There is a very dangerous disgusting scam going on Instagram with 650k followers impersonating Vitalik. Please upvote this so something can be done about it. People need to be aware of this

    Posted: 02 Jan 2022 11:37 PM PST

    Guys,

    Please be aware there is a fraud account on Instagram with the alias @vitalik.eth (which is his real Twitter handle) with almost 650k followers as of now. They are running harmless paid sponsored ads on photos of Vitalik. Everything looks harmless and legit at first glance, even the engagement is through the roof with likes and comments

    This fraud account is based out of Israel, Vitalik does not have Instagram. The clowns behind this page are stealing from people.

    The scam gets people to dm this person whom they think is Vitalik, and they proceed to rope them into your classic crypto scams such as sending seed phrases or sending them coins where they get 3x in return or something similarly stupid. Also being sent malicious links.

    The account can't be reported as a fake because the real one is not on Instagram. I hope someone who sees this can do something about it to get this account banned. It has been around since 2019 which is ridiculous

    submitted by /u/nwa1g
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    Comparison of transfer fees across different exchanges, seems Loopring are the cheapest way to go. Thoughts?

    Posted: 03 Jan 2022 06:30 AM PST

    Nearly $34 Billion Worth of ETH Locked in the Ethereum 2.0 Deposit Contract

    Posted: 03 Jan 2022 07:03 AM PST

    99 - Endgame | Vitalik Buterin (Bankless)

    Posted: 03 Jan 2022 07:27 AM PST

    ETH miners will have little choice once Ethereum 2.0 launches with Proof-of-Stake

    Posted: 03 Jan 2022 11:13 AM PST

    How Loopring uses zk-rollups to scale DEXs

    Posted: 03 Jan 2022 05:23 AM PST

    Ethereum NFT Market Soars in First Days of 2022 After OpenSea Marks Another $3B Month

    Posted: 03 Jan 2022 11:35 AM PST

    Got Scammed Bridging to Polygon - Shame on me!

    Posted: 03 Jan 2022 01:08 PM PST

    Hi Everyone,

    I just got scammed trying out layer 2, and I thought I'd share my mistake such that others might not follow in my footsteps. I got confident bridging on a few other web apps and let my guard down.

    Despite having clicked through the Polygon website a billion times, I arrived at and submitted my attempt to bridge from Ethereum Mainnet to the Polygon network through this site: https://polygon-bsc-bridge.com/US/ . In retrospect, the URL is a clear giveaway. I submitted a transaction (https://etherscan.io/tx/0xcefc63e1854a85912b1a8055875364be674d0a8b24b8ccf806e9782104b4da8a) then realized it wasn't a contract address.

    Thought I would hold myself up as an example. DOUBLE-TRIPLE-QUADRUPLE your URL and go through the legit website to the web app before submitting your transaction!

    Much love to my crypto brethren. May my stupidity be your guiding light!

    submitted by /u/mahabibi
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    Will the Ethereum Name Service (ENS) become the digital identity of choice to users of the Metaverse?

    Posted: 03 Jan 2022 03:19 AM PST

    2022 might be the year web3 technologies explode and shine

    Posted: 02 Jan 2022 03:25 PM PST

    Avalanche introduces new paradigms to the blockchain world like Bitcoin and Ethereum. The fact that Avalanche is getting so much mainstream attention right now suggests investors are looking past tokens like Ethereum to cryptocurrencies tied to next-generation networks that are more efficient and growing faster.

    It has been an exceptional year for the Avalanche blockchain and its many projects. Many have seen massive gains from staking their assets in DeFi protocols, and nations have been racing just to catch up and get their clutches on this runaway asset class.

    As that continues to grow, there's another area of interest growing in parallel to DeFi called Web 3.0. Web 3.0 seeks to do the same thing for the internet that DeFi does for banking. If DeFi's success is any indicator, Web 3.0 will be a massive force.

    As such, investors are seeking out Web 3.0 cryptos to help get ahead of the revolution as they have seen the impact of putting the power of decentralized currency in the hands of the people.

    Decentralization on the blockchain is much more plausible because the internet is moving towards it. I read an article online that contains projects for 2022 and more are expected to continue to bloom as the space receives critical acclaim.

    The Avalanche ecosystem has seen an influx of projects that have changed the cryptocurrency, decentralized finance (DeFi), and blockchain space forever. Next year will be the year for web3 technologies to explode and shine. Web 3.0 is a response to the tech giant takeover thanks in large part to blockchain.

    submitted by /u/AkikoBlakeman
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    Holy shit we're still early -- if you doubt that, read the comments on this article (and the article itself)

    Posted: 03 Jan 2022 01:18 PM PST

    The proof of stake merge will not do a single thing for transaction cost reduction.

    Posted: 02 Jan 2022 05:14 AM PST

    I've seen a lot of comments floating around lately to " wait for the PoS merge to see reduced fees". Let me explain why this won't do anything for fees.

    We are just changing the " consensus" or how transactions are verified. We are going from physical miners to validators. This will not change any aspects of the blocks such as block size, throughput, etc. therefore fees will be the exact same.

    What this will have are other benefits such as environmental conservation, less selling pressure due to an incentive to hold ETH, a disincentive to be malicious to to slashing, etc.

    The only two items I see that will reduce gas fees are L2s and sharding (will come out sometime after the merge).

    submitted by /u/Crypto556
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    Bitcoin Cash Is A Failure, According To Vitalik Buterin, Co-founder Of Ethereum

    Posted: 03 Jan 2022 12:15 PM PST

    Vitalik’s reflection on past decade

    Posted: 02 Jan 2022 03:16 PM PST

    Andrew Yang Would Support a Dedicated Digital Asset Regulator in the US | CryptooNow

    Posted: 02 Jan 2022 01:13 PM PST

    What's up with Gas DAO?

    Posted: 03 Jan 2022 12:12 PM PST

    They made a large splash when the initial airdrop was delivered and have declined but only like 10% of people have claimed tokens.... Could this just be the beginning?

    submitted by /u/Beastlyfe24
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    How are L2's cheaper?

    Posted: 02 Jan 2022 04:27 PM PST

    I had written a bunch to try to ask this question. However, no matter how many times I tried to structure the question it always turned out quite wordy. So, I've deleted everything and will try to ask with one sentence and see where the conversation evolves from there.

    If all of the sudden everybody using ETH for transactions used let's say the polygon network wouldn't the fees on the polygon network then all of a sudden become crazy?

    submitted by /u/Just-Blow-Into-It
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    Newbie needs help

    Posted: 03 Jan 2022 11:47 AM PST

    I bought some ETH on ftx.us. I wanted to stake, but I couldn't do so on ftx.us. So I transferred the ETH to the FTX android app on my phone by providing the Ethereum address displayed on the FTX app. My ETH is no longer on ftx.us, but is on the FTX app on my phone, and I appear to be earning ETH through staking now.

    My question is where exactly does my ETH reside now? It is on my phone, or on another FTX exchange? Why is ftx.us different from the FTX android app?

    Can I stake if my ETH were on a hardware wallet such as ledger?

    submitted by /u/pcglue
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    Gary Vee on the Future of NFTs | "NFT winter is coming"

    Posted: 03 Jan 2022 11:45 AM PST

    How rollups make Ethereum more efficient

    Posted: 02 Jan 2022 05:15 AM PST

    Best Android Crypto Wallet for People Under 18 Years of Age?

    Posted: 03 Jan 2022 11:33 AM PST

    Hello! I'm looking to invest in both ETH and SAND. I don't have a ton of money so I'm hoping for something with as small a transaction and network fee. Thanks in advance!

    submitted by /u/privatev0idsupra
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    Can a Minor buy Ethereum?

    Posted: 03 Jan 2022 07:37 AM PST

    Hi, I have money saved up to buy ethereum to start looking into nfts. I was wondering if there was anyway I can buy ethereum?

    submitted by /u/Average-Realistic
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    I sent Eth from Binance to Metamask and chose the wrong network

    Posted: 03 Jan 2022 02:32 AM PST

    So I woke up and just sent some eth to my metamask account to invest in something I found, but I accidentally chose BSC instead of ERC20. Long story short my eth never arrived, I read that u can actually get that back, but I didn't manage to find out how. Thanks in advance.

    submitted by /u/mvrkjnr
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    Someone created a DAO and sold NFTs to buy a Golf Course

    Posted: 02 Jan 2022 06:46 PM PST

    Seeking a little help, I just tried a $MCC BSC to $MCC ETH Bridge, I tested a small bag of worth about $15, yet it will cost me almost $1000 too claim the on the ETH side, is this normal these days? Been a long minute since I last done a Bridge and don't remember it being so high to Bridge?

    Posted: 03 Jan 2022 09:45 AM PST
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