ETH can be held as a digital asset, transferred to other wallets, or used to interact with decentralised applications on the Ethereum blockchain.
What is Ethereum?
Ethereum is a decentralised blockchain network that enables developers to build and run applications powered by smart contracts. Launched in 2015, the Ethereum blockchain introduced programmable digital assets, allowing transactions and agreements to be executed automatically without intermediaries.
Ether (ETH) is the native cryptocurrency of the Ethereum network and is used to pay transaction fees, often referred to as "gas", when interacting with applications on the blockchain. Over time, Ethereum has become one of the largest smart contract platforms globally, supporting decentralised finance (DeFi), digital collectibles and other blockchain-based use cases.
Following its transition to a Proof-of-Stake consensus mechanism, Ethereum significantly reduced its energy consumption while continuing to enhance scalability and network efficiency. As with all digital assets, Ethereum carries risks, and users should assess their own circumstances before participating.
How Ethereum Works?
Ethereum is a decentralised network that runs on blockchain technology. It allows users to transfer digital assets and interact with applications without relying on a central authority.
Ethereum operates using a Proof-of-Stake consensus mechanism. Validators secure the network by staking ETH, helping to confirm transactions and maintain the integrity of the blockchain. This transition significantly reduced the network's energy consumption compared to its previous model.
Transactions on the Ethereum network require a fee, commonly known as "gas". Gas fees are paid in ETH and compensate validators for processing and validating transactions.
It is important to distinguish between Ethereum and Ether (ETH). Ethereum refers to the blockchain network, while ETH is the cryptocurrency used within the network. As with all digital assets, users should understand how the technology works and consider the associated risks before participating.
How to buy Ethereum (ETH) on Coinhako
- Coinhako registration: Sign up with your email and set a strong password.
- Verify your identity: Upload your ID and proof of address to unlock trading.
- Deposit SGD: Buy ETH with SGD via PayNow or FAST bank transfer.
- Buy Ether: Select Ethereum (ETH), enter your amount, then tap Confirm.
- Done: Your ETH is credited instantly to your secure Coinhako wallet.
Things to note:
- Accepted payment methods: SGD via PayNow (~60 seconds) and FAST — the simplest way to buy Ethereum with bank transfer.
- Add the correct reference when transferring so your funds are credited.
- Finish verification first; these Ethereum purchase steps make it easy to buy ETH in Singapore.
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