Can you explain what are off-chain transactions?

• Off-chain transactions are transactions that take place on a cryptocurrency network but do not involve the blockchain. Off-chain transactions are gaining popularity, especially among major participants, because to their zero/low cost.
• On-chain transactions are distinguished from off-chain transactions.
• Off-chain transactions are those that take place outside of the blockchain itself in blockchain-based cryptocurrencies.
• Off-chain transactions can be accomplished by transferring private keys to an existing wallet rather than transferring funds, or by utilising a third-party or coupon-based intermediary.
• Off-chain transactions offer reduced costs, faster settlement, and more anonymity than on-chain transactions.
• Off-chain transactions may eventually need to be recorded on-chain, depending on the technique utilised.

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