Comment by MarsIronPI
21 hours ago
The difference is that with cash we don't write the serial number of every bill for every transaction in an easily-accessible central ledger. There's no such thing as an off-the-books Bitcoin transaction, by nature.
Most bitcoin transactions actually happen off-chain (aka "off the books"), mostly through exchanges but also through decentralized layers like Lightning Network. It's also possible to physically transfer value by exchanging a signing device or seed phrase.