blockchain. 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Cryptocurrency can be transferred via the network anywhere in the world, regardless of the locations of the sender and receiver.</p>\n<p>Off-chain transactions were created to solve some of the issues that blockchain transactions encounter. They serve as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-second-layer-solutions/">second-layer solution</strong></a> that moves the transaction outside the main blockchain. Second-layer protocols make the transaction process cheaper and faster.</p>\n<p>The second layer encompasses projects and <strong>protocols</strong> built on top of the base blockchain. These projects are designed to improve the overall blockchain technology and user experience. Their goal is to expand blockchain functionality beyond its initial build.</p>\n<p>Off-chain transactions are frequently used for debt agreements. 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":565,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Online Storage?","slug":"what-is-online-storage","section":"O","keyword":"Online Storage","status":"published","definition":"an internet-connected device or system that is used to store cryptocurrencies and the private keys for crypto accounts.","content":"<p><strong>Online storage (or online wallet) is a device that is constantly connected to the internet.</strong> It is used to store cryptocurrencies and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a> of crypto accounts. Online storage devices are convenient and easily accessible. &nbsp;However, this also means that they are easy to access by attackers, giving them the potential to steal vital and sensitive data.</p>\n<p>Therefore, while online storage is really convenient, <strong>it is definitely less secure than</strong> <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-offline-storage/">offline (or cold) storage</strong></a>. With offline storage, data is stored on devices such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hardware-wallet/">hardware wallets</strong></a> that aren't connected to the internet and thus can&rsquo;t be hacked remotely.</p>\n<p>Online storage devices, on the other hand, <strong>stay connected to the internet most of the time</strong> (not only when a transaction needs to be delivered to the network). This extends the time frame for attackers to get access. Though when a user turns off their internet connection or shuts the device down, online storage gets offline.</p>\n<p>Luckily, encryption and other security techniques are used to secure internet storage devices and servers. This includes <strong>browser-based wallets</strong> (such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-metamask/">MetaMask), <strong>mobile-based wallets</strong> (such as Enjin and Trust Wallet), and <strong>PC/laptop-based wallets</strong> such as (Coinomi and Coinspot).</p>","level":"easy","meta_title":"What is Online Storage? Definition & Meaning | Crypto Wiki","meta_description":"Online Storage meaning: Online Storage - device or system that is connected to the internet and used for storing cryptocurrencies and private keys of crypto accounts.","meta_keywords":null,"language":"en","created_at":"2022-03-24T07:48:58.000000Z","updated_at":"2023-03-28T05:36:54.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-online-storage"},"prevSection":{"id":561,"original_id":null,"author_id":42,"translator_id":null,"title":"What is On-Balance Volume (OBV)?","slug":"what-is-on-balance-volume-obv","section":"O","keyword":"On-Balance Volume (OBV)","status":"published","definition":"a technical indicator that uses volume flow to predict an asset's price fluctuations.","content":"<p>On-Balance Volume (OBV) is a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-technical-indicators/">technical indicator</strong></strong></a> that predicts the fluctuations of an asset's price using volume flow. It is a compounding indicator that measures purchasing and selling pressure by adding <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volume/">volume on up days and subtracting volume on down days.</p>\n<p>When an asset's price closes higher than the previous close, the full day's volume is referred to as up-volume. However, when the asset's price ends lower than its prior close, the volume is called <strong>down-volume</strong>.</p>\n<p>Note that OBV only generates volume on markets that have exchange volume, just like other volume-based indicators like <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-money-flow-index-mfi/">MFI, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-negative-volume-index-nvi/">NVI, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-klinger-oscillator/">Klinger oscillator</strong></strong></a>, and so on.</p>\n<p>OBV metric was founded by Joseph Granville. He argues that volume determines how financial markets operate, and that price changes are mostly determined by it. If the <strong>market volume of an asset increases</strong> dramatically, he believes that the price is about to see a large spike (upwards or downwards).</p>\n<p>The OBV can be determined based on the closing price:</p>\n<ul>\n<li>OBV = Previous OBV - Current Day&rsquo;s Volume &ndash; <em>when the closing price for the past 24 hours is lower than the previous closure price.</em></li>\n<li>OBV = Previous OBV &ndash; <em>when the closing price for the past 24 hours is equal to the previous closing price.</em></li>\n<li><strong>OBV = Current Day&rsquo;s Volume + Previous OBV</strong> &ndash; <em>when the closing price for the past 24 hours is above the previous closing price.</em></li>\n</ul>\n<p>Though note that the absolute OBV is not important because the OBV line will determine the market trends.</p>\n<p>Here are the steps of using the OBV to determine asset&rsquo;s price fluctuations:</p>\n<ul>\n<li>Define the trend for OBV.</li>\n<li>Check whether the <strong>present trend</strong> is in line with the underlying asset's trend.</li>\n<li>Find and mark the levels of support and resistance.</li>\n<li>When the OBV lines you've made break through their resistance levels, <strong>accurate signals</strong> that indicate whether the asset&rsquo;s price is moving upwards or downwards.</li>\n</ul>\n<p>Note that closing prices are important to consider when searching for resistance breaks. Besides, keep in mind that due to large volume spikes, the OBV indicator can become ineffective for a period of time. If this happens, you should <strong>wait for the end of the settling period</strong> (the time between the trades when an order is being processed).</p>\n<p>Furthermore, divergence signals can predict a trend reversal in either a bullish or bearish direction. They are predicated on the principle that <strong>volume always takes precedence over price</strong>. As a result, a bearish divergence is established when OBV falls or closes lower than its prior low. On the other hand, a bullish divergence occurs when OBV increases and closes at a higher price than the prior close.</p>\n<p>However, it's vital to remember that <strong>OBV alone isn't sufficient for accurately predicting bearish and bullish trends</strong>. For this type of research, additional technical indicators like <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-moving-average-convergence-divergence-macd/">MACD or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-relative-strength-index-rsi/">RS&nbsp;should be used.</p>","level":"medium","meta_title":"What is On-Balance Volume (OBV)? Definition & Meaning | Crypto Wiki","meta_description":"On-Balance Volume (OBV) meaning: On-Balance Volume (OBV) - a technical indicator that uses volume flow to predict an asset's price fluctuations.","meta_keywords":null,"language":"en","created_at":"2022-03-24T06:44:05.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-on-balance-volume-obv"},"currentChapter":"O","currentSection":"what-is-off-chain-transaction","chapterTitle":"O","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-off-chain-transaction","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter O

What is Off-Chain Transaction?

Off-Chain Transaction MEANING:
Off-Chain Transaction - a transaction that occurs outside of the main blockchain.
Medium
2 minutes

Let's find out Off-Chain Transaction meaning, definition in crypto, what is Off-Chain Transaction, and all other detailed facts.

An off-chain transaction occurs outside of the main blockchain. Off-chain transactions were developed as a solution to the issues related to on-chain transactions – financial operations that occur when cryptocurrency tokens are transferred within the native blockchain network.

Although cryptocurrencies like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) offer unique functionalities and differ from each other, they are all based on the core principles of decentralization that Bitcoin (BTC) was developed with.

A decentralized blockchain network allows users to conduct financial transactions using network nodes that verify the transactions inside the distributed ledger. Cryptocurrency can be transferred via the network anywhere in the world, regardless of the locations of the sender and receiver.

Off-chain transactions were created to solve some of the issues that blockchain transactions encounter. They serve as a second-layer solution that moves the transaction outside the main blockchain. Second-layer protocols make the transaction process cheaper and faster.

The second layer encompasses projects and protocols built on top of the base blockchain. These projects are designed to improve the overall blockchain technology and user experience. Their goal is to expand blockchain functionality beyond its initial build.

Off-chain transactions are frequently used for debt agreements. Both parties must have mutual confidence that they owe each other a predetermined amount of cryptocurrency, making the transaction legitimate.

The transaction stays completely outside of the main blockchain network and occurs instantaneously. Users can then repay the remaining debt using a single on-chain transaction. They can create a channel for private key exchange for the wallets involved in the off-chain transaction.

As long as the channel remains open, users can swap cryptocurrency until a settlement is reached. The parties involved in the operation can then stop the channel and perform an on-chain operation to record the final transaction value.

Some of the best-known off-chain protocols are the Lightning Network and Liquid Network.

There are numerous advantages to performing an off-chain transaction, including:

  • Off-chain transactions help resolve the scalability issues of blockchain technology;
  • The transactions are executed significantly faster than on-chain which requires more time to be confirmed due to network congestion;
  • Until the transaction is added to the blockchain, the parties may not be required to pay any fees;
  • Parties conducting an off-chain transaction can remain anonymous as the transaction data is not recorded on the main blockchain and, therefore, isn’t publicly available.
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