No bake cheesecake has a few fundamental similarities to regular cheesecake, but the two desserts have wildly different outcomes. While traditional cheesecake requires the use of a water bath and an oven, no bake cheesecakes take a few hours to set up in a fridge or freezer. By using sweetened condensed milk or whipped cream, no bake cheesecakes are able to obtain a similar velvety texture to their oven-baked counterparts.