What is Ether?
Ether is the token that runs the Ethereum network. It’s how anyone can pay for transactions on the Ethereum network and support its functionality.
Ether is often referred to as a “cryptocurrency,” but it is not meant to be a currency like Bitcoin. Its main function is to provide “fuel” for the computational resources needed to run decentralized apps on the Ethereum network. However, Ether can be bought and sold, just like oil. Its price fluctuates based on supply and demand.
What can I use it for?
Ether is used to pay for transactions on the Ethereum network, like paying for the use of decentralized apps built on Ethereum.
You can check out State of the Dapps for a list of decentralized apps built on Ethereum.
Moreover, Ether can also be traded for Bitcoin, other cryptocurrencies, and national currencies. However, its primary purpose is to pay for applications on Ethereum. Unlike Bitcoin, you won’t be able to use Ether to buy things online (unless there is an application on Ethereum for it).
Hence, you cannot use your Coins.ph Ethereum wallet to cash in, cash out, buy load, pay bills, and purchase game credits.
What is the price of ETH?
Just like Bitcoin, the price of Ether is determined by market demand and set by those who buy and sell it. Coins.ph does not control the price of Ether.
To see the current buy/sell rate for Ether, just go to your main wallet screen, 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.