Ethereum is a decentralized, blockchain-based platform that allows anyone to build and execute decentralized applications (DAPPs).
Simply put, Ethereum lets people build apps on the blockchain for purposes beyond payments. The Ethereum blockchain connects thousands of computers around the world and forms a massive world computer that anyone can access, build, and execute programs on.
To operate or execute programs on Ethereum, you need to pay with Ether. Although it is sometimes referred to as a “cryptocurrency”, Ether is not intended to be a currency per se. It is more accurate to say that it is the “crypto-fuel” required to run tasks and transactions on the Ethereum network.
Ether (ETH) is the token that runs the Ethereum network. It’s how anyone can pay for transactions on the Ethereum network and support its functionality.
ETH is often referred to as a “cryptocurrency”, but it is not meant to be a currency like BTC. Its main function is to provide “fuel” for the computational resources needed to run decentralized apps on the Ethereum network. However, ETH can be bought and sold, just like oil. Its price fluctuates based on supply and demand.
Just like BTC, the price of ETH is determined by market demand and set by those who buy and sell it. Coins.ph does not control the price of ETH.
To see the current buy/sell rate for ETH, just go to your Android app, and tap the Convert icon. Converting from PHP to ETH would reflect the current buy rate, while converting ETH to PHP would reflect the current sell rate.
For us to create your Ethereum wallet, we need to initiate a smart contract.
Simply put, a “smart contract” is a way of getting things done on the Ethereum network. The best way to describe how it works is to compare it to vending machine. In order to enjoy goods and services on the Ethereum network, you need to drop ETH into the vending machine, and it will provide the goods or services you requested.
The 80 PHP fee for creating your Ethereum wallet is passed on to the Ethereum network. Coins.ph will not profit from these fees.
No. We do not currently support sending ETH directly to an Ethereum smart contract, such as those needed for ICOs. If you send ETH for an ICO or other smart contract, we will not be able to retrieve the funds.
Our gas limit (maximum amount of units of gas to spend on a transaction) is set to allow transactions to other ETH wallets only.
Yes. Your Coins.ph Ethereum wallet address supports receiving funds sent using smart contracts.
No, you cannot send BTC to an Ethereum wallet, and vice versa. Most wallets will flag you if you try to send bitcoin directly to an Ethereum wallet, or ETH directly to a BTC wallet.
BTC sent to Ethereum wallets generally get lost and cannot be recovered. It’s essential to double check the recipient address before sending BTC, ETH, or other cryptocurrencies. Otherwise, you risk losing your funds completely.
Your daily, monthly and annual transaction limits are currently affected only by transactions into and out of your PHP wallet. This means that converting ETH to PHP will affect your limits (because funds are going into your PHP wallet). Converting PHP to ETH will not affect your limits.
Sending and receiving ETH between your Coins.ph ETH wallet and external ETH wallets will not affect your limits.
For more information on transactions that affect your limits, see here. To learn more about daily, monthly and annual limits, as well as increasing your limits, see here.
