Overview

Transactions are either deposits, transfer and contract interactions carried out on Bitpowr

transaction is a cryptographically signed instruction that alters the state of a blockchain network.

It represents an action taken by an account (usually a user or a smart contract) within the network.

Transferring cryptocurrency from one account to another changes the account balances, which modifies the state of the blockchain.

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Example

If Paul sends John 1 BTC, Paul's account will be debited, and John's will be credited. This state-changing action takes place within a transaction.

Initiating Transactions:

  • user (Super admin or Admin) initiates a transaction.
  • The user specifies the desired action (e.g., transferring funds, or updating data).

A submitted transaction includes the following information:

EVM:

ParameterDescriptionTypeRequired
walletIdThe uid of the account/wallet you want to create transaction for.stringYes
assetTypeThe assetType you want to send (TUSDC,USDT)stringYes
cryptoAmountThe amount of asset to be sent.doubleYes
fromAddressThe address from which amount will be sent from.stringYes
addressThe receiving address.stringYes
gasLimitThe maximum price a user is willing to pay when sending a transaction (for ETH,POLYGON and BSC).stringNo
gasPriceThe cost necessary to perform a transaction on the network (for ETH,POLYGON and BSC).stringNo
feeThe transaction fee.stringNo
descriptionThe details of the transaction.stringNo

UTXO:

ParameterDescriptionTypeRequired
walletIdThe uid of the account/wallet you want to create transaction for.stringYes
assetTypeThe assetType you want to send (BTC,USDT,LTC,BCH)stringYes
cryptoAmountThe amount of asset to be sent.doubleYes
feeThe transaction fee.stringNo
addressThe receiving address.stringYes
descriptionThe details of the transaction.stringNo
fromAddressThe address from which amount will be sent from.stringNo
tosThe crypto addresses you're sending to and the value ( sending multiple address )array of stringNo
fromThe crypto addresses you're sending from ( sending multiple address )array of stringNo
fromUtxoThe utxo to spend from when sending transactionsarray of objectNo

Bitpowr currently has three types of transactions:

  1. Deposit: These are simply transactions received in to any address you generated via Bitpowr. In double ledger accounting these are recorded as credits.
  2. Transfer: These are transactions signed and sent out via Bitpowr to any address. These are recorded as debits and blockchain network fees are always present.
  3. Contract Interactions: These are transactions that's related to contract interactions. It can either be a deposit or transfer base on the smart contract you are interacting with. However blockchain fees are always charged.

Transaction Status

There are six possible statuses you can get from a Bitpowr transaction. Below are these statuses and their respective descriptions:

StatusDescription
SuccessThis status indicates that the transaction was successful.
FailedAn unsuccessful transaction will have this status.
CancelledThis status indicates a cancelled transaction.
Pending ApprovalThis status indicates that a transaction awaits approval from an approver to the transaction wallet.
Awaiting ConfirmationThis status indicates that the transaction is yet to be confirmed on the blockchain.
PendingA currently pending transaction will have this status.