Hi and thanks to all for chipping in with your input but..

I must say I'm still missing something - and I'm happy to say, maybe something has clicked yet for me..

I know the blockchain verifies that a trail of events (transactions) remains true, this is it's purpose. If you read the article on the bitcoin wiki (https://en.bitcoin.it/wiki/Secure_Trading) it says that "Bitcoin users may want to trade bitcoin directly with each other in what is known as an over-the-counter market", this suggests that I can pass a bitcoin directly from my wallet to your wallet without the blockchain. Or when the say "directly" do they mean by-passing exchanges etc?