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Understanding TIMESTAMP WITH TIME ZONE

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I'd like to better understand TIMESTAMP WITH TIME ZONE.

My understanding is that, contrary to what the name sounds like, the
time zone is never stored.  It simply stores a UTC timestamp,
identical to what TIMESTAMP WITHOUT TIME ZONE stores.

And then the only difference is that WITH TIME ZONE will allow you to
specify an offset in a literal value when INSERTing or UPDATEing ?
That sounds to me like a conversion or function - why is that a
different data type?


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