What is an on-chain transaction?

An on-chain transaction is a Bitcoin transaction that is processed and recorded on the blockchain, which is a decentralized, immutable ledger. Because it is recorded on the blockchain, an on-chain transaction cannot be altered or reversed by anyone once it has been confirmed.

The confirmation time for on-chain transactions can vary, but on average it takes around 10 minutes. However, during periods of high network activity, it can take longer for a transaction to be confirmed.