Types of cryptocurrency transactions

Bitkoin Africa sorts cryptocurrency 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.
 

Escrow transactions

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

bitcoin_Bitkoin_Africa_escrow_transaction
On the other hand, a negative or minus sign (-) means the 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 the Bitkoin Africa network i.e. between registered Bitkoin Africa users/wallets hosted by Bitkoin Africa. A positive or plus sign (+) means the cryptocurrency amount has been added to your Bitcoin wallet. This happens when you buy cryptocurrency from another Bitkoin Africa user, or when you retire a sell Trade Posting and the escrowed amount is put back in your Wallet.

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

On Chain transactions

On Chain transactions are transactions that are carried out on the blockchain i.e. transactions involving external cryptocurrency Wallets. These typically happen when a Bitkoin Africa user sends/receives Bitcoin from an external Wallet. A positive or plus sign (+) means the amount has been added to your Wallet from an external Wallet. This happens when you buy/receive cryptocurrency from a wallet 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 amount has been deducted from your bitcoin wallet and transferred to an external wallet. This happens when you send cryptocurrency to a wallet that is not on the Bitkoin Africa network.

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

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