Send, Receive, Deposit, Withdraw. What is the difference?

The Incognito Wallet App contains three types of coins

  • PRV, our native coin
  • user-issued coins
  • pToken, the private version of coins of other chains

Coins on Incognito Chain

PRV and user-issued coins, only exist on the Incognito chain. The type of transfers you can perform with these coins, moving them from one account to another, is limited to “Send” and “Receive”.

pTokens

These coins come in two flavors:

  • the “real” coin, on their own chain
  • the private coin, on the Incognito chain

For example, BTC and pBTC
The type of transfers you can perform with these coins, moving them from one account to another, is not limited to “Send” and “Receive”, but also includes “Deposit” and “Withdraw”.

Send and Receive

The “Send” and “Receive” features are used when transferring coins from one Incognito account to anther Incognito account. The coins stay within the Incognito chain, they just switch owners. These transactions are anonymous.

Deposit and Withdraw

The “Deposit” and “Withdraw” features are used when transferring coins from an Incognito account to an external account and vice versa.

To Deposit

You want to transfer coins from an external account to your Incognito account. For this you can not use your default Incognito address, you need an address valid for the coin you are transferring.

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  1. In the Incognito app:
    a. tap “Wallet” at the bottom left
    b. tap the coin you want to transfer
    c. tap “Deposit”
    d. the app will supply you with a temporary Deposit address

  2. Go to your external wallet:

  • start the Withdraw process
  • use the temporary Deposit address

To Withdraw

  1. Go to your external wallet:
  • start the Deposit process
  • you will be provided with a Deposit address

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  1. In the Incognito app:
    a. tap “Wallet” at the bottom left
    b. tap the coin you want to transfer
    c. tap the 3-dots menu at the top right
    d. at the bottom tap “Withdraw”
    e. use the Deposit address you were provided with
    f. set the amount

Public versus Anonymous

Your transactions within the Incognito chain are anonymous. Every contact with external chains is public.

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3 Likes

With the new concept ‘Shielding’ in the new version of the app, I bet folks won’t get confused among Send, Receive, Deposit, Withdraw anymore :smiley:

1 Like