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"Offchain" == "not bitcoin". If you're keeping it at coinbase, not in a wallet, that is called a "bank".


The cash in my bank account is still "cash".


But it's not cash you control. You control the credit the bank issues to you when you make a deposit. And you rely on the bank not freezing that credit, and faithfully redeeming it for cash when you make a withdrawal.

The entire reason cryptocurrency was invented was to get around having to rely on trusted third parties to transact.




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