Payments and Transactions FAQs
What happens if I can’t pay with my Naira debit card?
It could be as a result of one of two things – either your bank hasn’t authorised online transactions for your account/card, or your transaction is above the daily POS/Web spend limit set by your bank. Please contact your bank to either authorise web purchases for your account or increase your POS/Web daily spend limit. Alternatively, you can try the Pay with Bank option or transfer to your BuyCoins Naira Account.
What is an escrow?
An escrow is a legal/financial arrangement where a third party holds an asset on behalf two parties involved in a transaction. It is a method that ensures a secure transaction because the asset in question is released only after the agreed terms have been met. BuyCoins provides escrow services for all Bitcoin transactions. This means that all cryptocurrency intended for sale and payments for cryptocurrency are first deposited by the sellers/buyers who create Trade Ads, held by BuyCoins, and then dispensed to the appropriate buyers/sellers who respond to Trade Ads.
How are payment processing fees calculated?
The Payment Processing Fee is 4% of the total amount to be paid + ₦50 with a maximum of ₦2050. This means that all payments worth ₦50,000 and above will have a Payment Processing fee of ₦2050.
What are Network Fees?
Network Fees are transaction fees charged for processing a cryptocurrency transfer. Network fees are only applicable when cryptocurrency is leaving a BuyCoins Wallet to an external Wallet address. Therefore, a Network Fee will be applied when you send cryptocurrency from your BuyCoins Wallet to an external Wallet address.
How are BuyCoins Network Fees estimated?
Our estimated Network Fees are set by taking all transactions in the last 30 blocks and calculating the lowest possible fee (per KB) that has more than a 75% chance of getting into the first block.
What does an On Chain Transaction mean?
On Chain transactions are transactions that are carried out on the blockchain i.e. transactions involving external cryptocurrency wallets. A positive or plus sign (+) means the amount has been added to your wallet from an external wallet. While a negative or minus sign (-) means the amount has been deducted from your wallet and transferred to an external wallet.
What does an Off Chain Transaction mean?
Off Chain transactions are transactions that are carried out within the BuyCoins network i.e. between registered BuyCoins users/wallets hosted by BuyCoins. A positive or plus sign (+) means the amount has been added to your wallet. While a negative or minus sign (-) means the amount has been deducted from your wallet.