Types of Bitcoin transactions

Bitkoin Africa sorts Bitcoin transactions under three categories – Escrow, Off Chain, and On Chain. You may have noticed these names in your list of transactions under ‘Type’. They explain the procedures that went into processing a transaction and also indicate the factors involved.

To view your Bitcoin transactions, click on the ‘Wallet’ drop-down menu on the navigation bar and select ‘Transaction’.

Bitkoin_Africa_transaction_types

Escrow transactions

These are transactions that involve your Bitcoin escrow wallet. A positive or plus sign (+) means the bitcoin amount has been added to your escrow wallet. For instance, when you activate sell Trade Posting, you deposit Bitcoin in escrow thereby adding to your escrow balance.

bitcoin_Bitkoin_Africa_escrow_transaction
On the other hand, a negative or minus sign (-) means the Bitcoin amount has been deducted from your escrow wallet. This happens when you retire a sell Trade Posting and the escrowed amount is put back in your Bitcoin Wallet.

Off Chain transactions

Off Chain transactions are transactions that are carried out within Bitkoin Africa i.e. between registered Bitkoin Africa users/wallets hosted by Bitkoin Africa. A positive or plus sign (+) means the Bitcoin amount has been added to your Bitcoin wallet. This happens when you buy/receive Bitcoin from another Bitkoin Africa user, or when you retire a sell Trade Posting and the escrowed amount is put back in your Bitcoin Wallet.

bitcoin_Bitkoin_Africa_off_chain_transaction
On the other hand, a negative or minus sign (-) means the Bitcoin amount has been deducted from your Bitcoin Wallet. This happens when you sell/transfer Bitcoin to another Bitkoin Africa user, or when you activate a sell Trade Posting and deposit Bitcoin in escrow.
 

On Chain transactions

On Chain transactions are transactions that are carried out on the central Bitcoin blockchain i.e. transactions involving external Bitcoin Wallets. These are typically transactions carried out via Quickbuy (buying on Bitkoin Africa to deposit in an external Wallet), or when a Bitkoin Africa user sends/receives Bitcoin from an external Wallet. A positive or plus sign (+) means the Bitcoin amount has been added to your Bitcoin Wallet from an external Wallet. This happens when you buy/receive Bitcoin from a alletW that is not on the Bitkoin Africa network.

bitcoin_Bitkoin_Africa_on_chain_transaction
On the other hand, a negative or minus sign (-) means the Bitcoin amount has been deducted from your bitcoin wallet and transferred to an external wallet. This happens when you send bitcoin to a wallet that is not on the Bitkoin Africa network.

On Chain transactions are essentially external transactions and thus come with iBitcoin Network Fees.


Note - If you buy Bitcoin via Quickbuy to deposit in your Bitkoin Africa wallet, a Bitcoin network fee would be charged. This is because all Quickbuy transactions are by default categorised as On Chain transactions.

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