Buying Bitcoin CBDC | Bitcointalksearch.org

uchegod-21

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Quote from: KaliLinux on October 06, 2022, 02:43:15 PM

Quote from: ncentrepreneur.investor on September 27, 2022, 10:42:37 PM

I had several questions but can only remember one at the moment. When the government issues CBDC’s, how would you purchase BTC privately being that the CBDC’s will let them survail every transaction if they wish. Seems like a silly question being they can do the same through your bank but……

I believe that we should stop giving this thing called CBDC a pro by even talking about it like it will make much different than what is already obtainable in the traditional banking system. Even in locations like mine where the government of the day has stopped banking transactions directly from banks crypto traders have been buying through P2P and the same will be even if they (the government) were able to make everyone transact with the CBDC which is really don't seems to be patronized even in some countries that have launched it already.

CBDC is not to be disregarded for any reason. They are government backed and are even more powerful than cryptocurrency. They are powerful because they are widely adopted, they are legal tenders and also national reserve currency. Because we are crypto educated and know how to maneuver our ways does not mean everyone else outside there knows how to handle these situations.
There are people we recieve their salary in fiat and if CBDC is fully inplace, they Will start receiving salary in CBDC. What of people who pay import and export duties in airports and sea ports. The use of fiat is wide and so CBDC will be. It will not make sense for we to ignore CBDC because it is a rising technology birthed by cryptocurrency.

KaliLinux

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Quote from: ncentrepreneur.investor on September 27, 2022, 10:42:37 PM

I had several questions but can only remember one at the moment. When the government issues CBDC’s, how would you purchase BTC privately being that the CBDC’s will let them survail every transaction if they wish. Seems like a silly question being they can do the same through your bank but……

I believe that we should stop giving this thing called CBDC a pro by even talking about it like it will make much different than what is already obtainable in the traditional banking system. Even in locations like mine where the government of the day has stopped banking transactions directly from banks crypto traders have been buying through P2P and the same will be even if they (the government) were able to make everyone transact with the CBDC which is really don't seems to be patronized even in some countries that have launched it already.

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Quote from: pooya87 on October 04, 2022, 10:29:48 PM

Quote from: Marvell1 on October 04, 2022, 10:19:46 PM

If this is how CBDC works then I don't think anyone will use CBDC, nobody will do it to exchange BTC for CBDC, which sounds ridiculous.

well CBDCs are already being used on a moderately large scale! The Chinese one for example surpassed $15 billion volume last I checked and it is accepted by millions of shops inside China.
As for buying bitcoin, there is not much difference between using a CBDC or your bank account (wire transfer, credit cards, etc.) to buy bitcoin.

I know CBDC has been launched and used in a lot of countries, not only China but in Nigeria, an African country has also used its own CBDC. But @FanEagle's mention that the government uses CBDC to collect bitcoin is incorrect because it doesn't work that way. Using a bank account or CBDC to buy bitcoins or goods doesn't make too much difference, if they want to collect bitcoins that way then they just need to print more money and buy bitcoins the way we do our daily transactions without relying on CBDC.

uneng

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You can send a CBDC transaction to the seller and he will send bitcoin to the address you chose to receive it. Authorities will know about the CBDC transaction, but they won't know about the btc transaction and won't know one is related to another. Thinking this way we can see privacy is preserved on the same level we have right now dealing with fiat in order to acquire or sell btc.

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Quote from: Agbe on September 28, 2022, 12:52:32 AM

Quote from: ncentrepreneur.investor on September 27, 2022, 10:42:37 PM

I had several questions but can only remember one at the moment. When the government issues CBDC’s, how would you purchase BTC privately being that the CBDC’s will let them survail every transaction if they wish. Seems like a silly question being they can do the same through your bank but……

I don't think the government would know if you are using it to buy bitcoin because, let show some examples to understand the transaction process. You are an American and you have dollar as cbdc and you are buying bitcoin, you send the cbdc (dollar) to the person that has bitcoin and person in return send you bitcoin that equivalent to the cbdc dollar amount. Therefore, with this transaction, the central authorities would only know that you make a transfer to another cbdc wallet or bank but not in bitcoin wallet. It will be very difficult for them to trace to bitcoin wallet since it was not directly to the bitcoin wallet. Inside the cbdc wallet there is no bitcoin so how can they know? The person will send it from another wallet that contain bitcoin.

That's how a lot of investors in countries that don't yet accept bitcoin use it. As I have seen, there has been a significant number of cryptocurrency buy and sell orders that are p2p, but the sender did not mention Bitcoin or any other cryptocurrency related content in the transfer text. This way the bank knows we're using the money but they don't know what to use it for, which has worked pretty well so far. And with CBDC too, the government will not be able to know when we buy bitcoin, from whom, very difficult to detect.

pooya87

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Quote from: Marvell1 on October 04, 2022, 10:19:46 PM

If this is how CBDC works then I don't think anyone will use CBDC, nobody will do it to exchange BTC for CBDC, which sounds ridiculous.

well CBDCs are already being used on a moderately large scale! The Chinese one for example surpassed $15 billion volume last I checked and it is accepted by millions of shops inside China.
As for buying bitcoin, there is not much difference between using a CBDC or your bank account (wire transfer, credit cards, etc.) to buy bitcoin.

Marvell1

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Quote from: FanEagle on October 04, 2022, 01:49:02 AM

I wonder would this be a pathway for the governments to use it to get a lot of bitcoin as well? I mean think about it this way, if you want to get CBDC that would be a fiat pegged thing just like usdt or busd, but at the same time you are going to have to pay with something to get them, and what if they would only accept bitcoin?

In that case, governments would own so much bitcoin if we use it, look at the current stablecoin market, if we trusted companies and bought stablecoins that much, how do we know we won't spend 100+ billion dollars worth of bitcoin to get CBDC? If that happens then governments will own so much bitcoin and that's a danger to us all.

If this is how CBDC works then I don't think anyone will use CBDC, nobody will do it to exchange BTC for CBDC, which sounds ridiculous. CBDC is a digital version of fiat, it will be used like fiat today and it will be very convenient for us if CBDC is used on centralized exchanges, this will help us buy and selling BTC more convenient. But using CBDC will make our privacy more limited as all our data will be transmitted directly to the government data center.

If the government intends to hold BTC then right now they can also take fiat money to buy bitcoins at any time.

Pumared

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Quote from: AmoreJaz on October 04, 2022, 06:19:19 PM

Quote from: FanEagle on October 04, 2022, 01:49:02 AM

I wonder would this be a pathway for the governments to use it to get a lot of bitcoin as well? I mean think about it this way, if you want to get CBDC that would be a fiat pegged thing just like usdt or busd, but at the same time you are going to have to pay with something to get them, and what if they would only accept bitcoin?

In that case, governments would own so much bitcoin if we use it, look at the current stablecoin market, if we trusted companies and bought stablecoins that much, how do we know we won't spend 100+ billion dollars worth of bitcoin to get CBDC? If that happens then governments will own so much bitcoin and that's a danger to us all.

we can't tell for sure if people will use their btc to buy CBDCs. why not use their fiat instead? because as of now, most btc holders are still treating btc as a good investment, where they can earn their profits once btc market starts to recover. so i don't think people will exchange their btc with stablecoin. but ok, there's a possibility that the government will increase their btc holdings. but i don't think it will be the reason for the btc's existence to be in danger.

In the end, people will buy BTC anyway, CBDC or not. In addition, I see the p2p market growing in this situation, as people will prefer to pay more for more security

AmoreJaz

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Quote from: FanEagle on October 04, 2022, 01:49:02 AM

I wonder would this be a pathway for the governments to use it to get a lot of bitcoin as well? I mean think about it this way, if you want to get CBDC that would be a fiat pegged thing just like usdt or busd, but at the same time you are going to have to pay with something to get them, and what if they would only accept bitcoin?

In that case, governments would own so much bitcoin if we use it, look at the current stablecoin market, if we trusted companies and bought stablecoins that much, how do we know we won't spend 100+ billion dollars worth of bitcoin to get CBDC? If that happens then governments will own so much bitcoin and that's a danger to us all.

we can't tell for sure if people will use their btc to buy CBDCs. why not use their fiat instead? because as of now, most btc holders are still treating btc as a good investment, where they can earn their profits once btc market starts to recover. so i don't think people will exchange their btc with stablecoin. but ok, there's a possibility that the government will increase their btc holdings. but i don't think it will be the reason for the btc's existence to be in danger.

Leviathan.007

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Talkin about CBDC, that's something without any real difference from traditional money, they just started these projects because they see bitcoin as a competitor for themselves while in the end, these two are not the same and the system behind CBDC is actually centralized and needs the bank and the third party for any transactions, technically for CBDCs, doing the p2p transactions is impossible and that's something you can find when you are dealing with bitcoin, buy having a p2p transaction.

FanEagle

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I wonder would this be a pathway for the governments to use it to get a lot of bitcoin as well? I mean think about it this way, if you want to get CBDC that would be a fiat pegged thing just like usdt or busd, but at the same time you are going to have to pay with something to get them, and what if they would only accept bitcoin?

In that case, governments would own so much bitcoin if we use it, look at the current stablecoin market, if we trusted companies and bought stablecoins that much, how do we know we won't spend 100+ billion dollars worth of bitcoin to get CBDC? If that happens then governments will own so much bitcoin and that's a danger to us all.

davis196

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Quote from: ncentrepreneur.investor on September 27, 2022, 10:42:37 PM

I had several questions but can only remember one at the moment. When the government issues CBDC’s, how would you purchase BTC privately being that the CBDC’s will let them survail every transaction if they wish. Seems like a silly question being they can do the same through your bank but……

What do you mean by buying BTC privately? Is this even possible?
99% of the places where you could buy BTC online require ID verification.
Bank transactions aren't private. Even BTC transactions aren't private(unless you are using a good BTC mixer).
CBDCs are still far away from mass adoption for everyday use, but I'm sure that using a CBDC will be pretty much the same as using electronic fiat money that you have in your online bank account, Revolut account or Paypal account. I don't think that there's going to be a problem with buying BTC/crypto by using CBDCs(unless the governments/central banks ban such CBDC>crypto transactions).

Coin63$

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CBDC Get direct control over people's interactions with the government.At the moment most countries have not declared cryptocurrency acceptance status as well as taxation on cryptocurrency is very high. The term is not going to replace existing fiat payment systems and you can continue using them to buy bitcoin.

Jeger.Kiting

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CBDC is indeed a digital currency issued by the central bank of a country, but CBDC can still be regulated and monitored by a country like ordinary fiat money. So it is very safe if you want to buy Bitcoin on an exchange that is widely available such as P2P or other crypto exchanges and you don't need to hesitate about this.

pooya87

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Quote from: cryptosize on October 01, 2022, 02:54:25 PM

I can imagine CEX transactions getting banned in the future with CBDCs, or perhaps subtracting points from your social credit score. Wink

Bitcoin = terrorist risk/Putin's reserve currency Grin

The bullshit FUD that "bitcoin is only used by criminals" hasn't worked in the past decade and changing details about this FUD is not going to make it work either. Besides, the countries that wanted to ban bitcoin exchanges (ie. CEX) have already done it. There is no reason to believe anything is going to change specially in places where things are already regulated.

Gayong88

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Buying Bitcoin CBDC, This is something that needs to be monitored and kept confidential. I doubt CBDC will allow you to use it and not monitor your transactions. If you can somehow transfer coins out of their control, then CBDC will be of no use to you. No private keys and access to your wallet.

This is what I believe will happen, but then again if enough people believe the same about CBDC, Bitcoin could be stronger than ever. The current system, as it is today, will not help you once it is known publicly that your assets are being monitored as well as all parties involved in each transaction.

We should never live in fear of our government controlling every aspect of our lives. You don't have to agree with everything your government does, but you should know that the option to repair or change your government is open to you. Everyone is entitled to his own opinion. If this plan works, then we will all be happy.

cryptosize

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I can imagine CEX transactions getting banned in the future with CBDCs, or perhaps subtracting points from your social credit score. Wink

Bitcoin = terrorist risk/Putin's reserve currency Grin

But I guess it will be possible to do OTC trades... you'll just have to declare you're sending money to a friend or something.

BlackHatCoiner

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Farewell, Leo

We don't know exactly how they will work, as it isn't official yet. CBDC is going to work similarly to commercially issued money, but it will be controlled by the government instead of private corporations. This means that, while surveilled, the government can't know precisely the exchange that takes place on each of your transactions unless you or your fellow taker is being forced to report it.

For example, exchanging bitcoin for fiat in a DEX is possible with the current banking and corporate system in some countries, without letting them know what you trade.

TheGreatPython

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Quote from: Franctoshi on September 28, 2022, 01:44:10 PM

Let me come in here to answer the question, this your explanation goes in line with someone who is buying Bitcoin via P2P exchange, whereas for someone using his debit/credit cards to purchase Bitcoin for instance Binance or any other means of Buying Bitcoin using your cards, it could be possible for the government to track the transaction using your bank (CBDC'S) because the ATM card being used for such transaction is linked to the CBDC'S Bank Account and hence they will be able to know where you spent your money.

If you are using a credit or debit card then that is a different story anymore. It's pretty possible for them to know if where did you spent your money but the guy above is only talking about CBDC and there are many ways to get a CBDC without using cards, banks and other similar methods.

What I know is that CBDC uses a blockchain, so they work the same as crypto where it's possible for a transaction to be traced. They are more transparent in fact compared to crypto. Better if we check their T.O.S first if buying a crypto using a CBDC is allowed or not, if we are doubting about it. There are still many ways to obtain a btc. It doesn't necessarily need to have a CBDC first.

franky1

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Quote from: coolcoinz on September 29, 2022, 11:24:07 AM

Also, in the US you don't often see tanks protecting banks who suddenly got insolvent and are refusing to give people what they owe them.

excuse me?
when the 2007 crisis began. american banks forclosed on peoples loans meaning they got to steal peoples homes. they employed US polce/sherrifs officers to door knock and enforce those forclosures and remove people from their homes

also do you not even remember the "defund the police" because instead of the police using normal cars as patrol vehicles. they were buying or receiving military armoured vehicles
do i even need to waste 30 seconds on a simple google image search of "military vehicle us protest"! or is that something you might be able to achieve

you do know that most people are using bitcoin to escape the UK/EURO/US banking system..

heres the game at play
if american media can pretend other countries are far worse.. people dont complain about the issues of the american system

i truly dare you to just go to your local vacation currency exchange place and ask for rubbles or yuan.
i guarantee you that you are not going to have to register your life history and social security details to sign up to some russian/chinese government wallet

so realise unlike the fox news version of events.. the "controls" of russian/chinese currency are not like the stories you have been told of 100% oversight and government surveillance

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