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> However, you might be able to construct an "IOU" of sorts by creating a signed transaction offline, to be fed to the network later.

And if you grant the holder of that IOU the sole right to print and distribute notes representing subdivisions of that debt, you’ll find yourself back at cash!

Each such IOU would be tied to a single specific bitcoin. That's not very much like cash, unless your definition is loose enough to call every stock, bond, and collectible in the world cash.

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