#ForexChief #Ethereum #forexnews #eth #worldnews #nft #ProofOfWork #ProofOfStake⠀
💵 How to make money on the new Ethereum⠀
💡 World of cryptocurrencies is waiting for an important event: the second largest token by capitalization will switch from the Proof-of-Work mechanism to the Proof-of-Stake consensus mechanism. Ethereum merge is scheduled for September 15th. The main objective of the technological breakthrough is to reduce energy consumption.
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According to the Ethereum Foundation, the result of merger will lead to a 99.95% reduction in the energy consumption of the crypto network. You can earn this fact in traditional ways:
• Speculation on the news
«Buy on rumours, sell on news»: you can buy ETH before the merger, and actively sell 30-120 minutes before the market opens on September 15th. Method requires strong nerves, a serious deposit and a high speed of transaction processing.
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• Short-term sale of ETH
The current dynamics of Fed rates are considered a negative factor for the crypto. Those who support Proof-of-Work will have a negative attitude towards the transition of Ethereum to Proof-of-Stake. And fans of PoS will speculate on the security of the new protocol compared to PoW. So we are actively selling.
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• Long-term purchases of ETH («buy and hold»)
This is an idea for confident ETH optimists: PoS uses less energy than PoW, so businesses will use Ethereum and projects built on its blockchain (DApp, NFT, DeFi) more actively.
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• Implementation of the ETC Mechanism
The situation can be realized as speculation on Ethereum Classic, but such transactions have a high percentage of risk. Proof-of-Work miners have hardware and algorithms that will have to be changed after September 15th. But you can switch to another blockchain and the most compromise option would be ETC.
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• Implementation of the ETHW Mechanism
This is another risky alternative. There is a potential Ethereum Proof-of-Work fork touted as the largest of all PoW forks, with 7 exchanges now offering users to trade the token called «ETHW IOU». But the long-term prospects of this token are still vague.
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Profits to y’all!