Topic: Buying Bitcoin CBDC - page 2. (Read 547 times)

i was talking about the american media portayal of russia/china where american media pretend that for instance chaina has a one wallet currency where everyone is forced to transacti electronically through a government wallet that KYC everything and governemtns watch every transaction


i was corecting the narrative of that

i do laugh that you went full sideways and instead wanted to talk about protests.. (has nothing to do with curreny)

oh and if you dont think americans get arrested or beated in US protests.. maybe do yourself a favour.. an stop watching fox news. and instead watch other media stations that show ive coverage of american police abuse of force

point being all countries currency control is about the same.. american and china..

us government and chinese government dont have millions of employees watching billions of transactions ofall currencies. where they are all ready to sign warrants to arrest anyone
it doesnt work like that

maybe instead of thinking because you watch crap media of fox news it means you dont have to go to other countries to learn their cultures.. but you will find out in real life. that real life experience and actually explore will help expand your mind

want to know the funny about russia
ed snowden fears America power hungry control of information.. so guess what country he found as sanctuary

yes russia is invading ukraine at the moment and that needs to stop. but not so long ago america was invading the entire middle east

oh and if you next wanna do the fox news game of talking about chinese detention camps as the next sideward shuffle.. guess what america detains more mexicans

im british and our culture is closely aligned to US. but even i can admit to the crap british empire done

..
anyway most coutries including russia and chinese CBDC are not where the government watches ever transaction

its again like todays digital fiat delegated down to the merchant/commercial banks to monitor and process their customers and only report the suspicious stuff to government.

I am not entirely sure that they are working towards something that would make sure that people are not investing into bitcoin without being watched. So, if you are going to use CBDC then you are accepting that government will be able to survive you and you are going to be showing them what you are spending the money on.

However, there is a good case that exchanges would be a good saver on that case because you would be putting the money in the exchange and they are not going to know what you are doing inside until they ask for it. They could still get it if they request it from the exchange but not going to ask it for every single person and that’s why you would be fine.

There wouldn't be any way to purchase BTC anonymously if you're using CBDC's. Theoretically if you purchase the coins from a 3rd party, it wouldn't be within the purview of the government to monitor the contents of the transaction if you disallowed them to (mark a transaction as being for related to something else other than crypto, assuming it would be legal).

Other than this, your only choice to purchase crypto anonymously is through tangible asset trades or go through an intermediary and pay off the fees entailed.

You're laughing because there's no control in Russia or China, people basically do what they want there, right? How come people can protest in the US, but if they do the same in Russia they get beaten to a pulp and put in jail? Maybe read about old ladies who were arrested by walking around with sheets of paper saying "no to war", or about a guy who got taken to jail for wearing yellow and blue shoes because you apparently cannot wear certain colors in Russia.

I don't have to visit Russia to know how they deal with things. I've lived in a number former socialist states like East Germany, Poland and Slovakia. I've also visited Lithuania and Russia is one of the last places I'd go to, especially now.

You just have to read some headlines about Bitcoin in Russia in the last 10 years to know they haven't got a clue. They were ok with it at first, then wanted to ban it, then allowed it to be exchanged but not if it's used as a payment for goods and services, then they wanted to launch their own cbdc, then they wanted to ban mining, then again wanted to ban bitcoin, then when the sanctions struck them they wanted to allow it to be exchanged for resources instead of the dollar, then banned it again because Russians were dumping the ruble and now they actually are planning to unban it again...
The US legislators have some bad ideas, especially Biden who IMO is dumb and does what his advisors tell him to do, but they're still on another level compared to Putin and his goons.

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.
It's enough to say that China is not a democracy. It poses as one but it's pretty much the same democracy that people in Ukraine have under Russian occupation.

Yes, a silly one because CBDC will also be in control of the bank. So your last statement answers it literally.
If you are buying Bitcoin using plastic cards owned by banks before then there's no necessity to change it. You will just confuse yourself on a deal using the new digital currency but if it is the banks who offer the option then why not, maybe you can learn it the easy way and will get used to that kind of path to purchasing Bitcoin now and your future transactions.
P2P is the answer if you want to avoid that.

With CBDCs, transactions are monitored for their movements, but I don't think they could be completely monitored for the reasons of the transactions. A certain amount of CBDC moving from one wallet to another may be known by the government but I doubt if they fully know whether it was for a kilo of potato or for a bag of corn or for a haircut or for a Bitcoin. There's probably still a number of ways to somehow circumvent the monitoring capabilities of CBDC issuers.

If CBDCs become popular, it doesn't mean that fiat will be immediately abandoned or that using CBDCs would become mandatory. So, basically, people would still be able to buy BTC in the ways they do it now, when CBDCs exist only in a few countries and are optional. CBDC can be traceable if it's the way it is designed, but it will still trace the transactions that were actually made with it. If a person doesn't use CBDC, this person's privacy won't be violated more than it currently is. Unless, of course, you're implying that decentralized cryptos would become outlawed or buying them would only be allowed if a person uses a CBDC for that. But there are, IMO, unlikely scenarios.

Well said mate and thanks for pointing out the major idea in it, talking about cryptocurrency is just as bringing in all manner of shitcoins but bitcoin cannot denied the fact that it's a crypto, but in cryptocurrency, it is a better idea to be specific on bitcoin, CBDC is just similar to cryptocurrencies maybe in two ways, no privacy as you've said and then its centralized, but a conscious bitcoiner will understand how to engage with using bitcoin to give this privacy at maximum by operating a full node on the blockchain.

CBDCs will be like regular money, it will just be digitized. It's just a new nomenclature. In the end, buying Crypto in general will be given the same way: P2P, Exchanges etc.

i do laugh when i see people shout russia/china when they think of "control".. funny part is those screaming russia/china. have never visited those places
even funnier is how its actually the USA that keep on using lots of controls.. yep look at the sanctions the USA create many times a decade on other countries/individuals.

by the way. unlike fox news reports... chinese government does not watch every transaction.. china is not a electronic currency under one wallet system.. yep go to any travel money business and ask for chinese currency and they will swap your dollar/euro/pound for yuan without asking you to register to a chinese app.. yep china use paper money
and if you do want to use a chinese electronic bank account. there is not just chinas government app.. there are dozens of banks/apps from lots of companies to choose from.  much the same as the US
https://en.wikipedia.org/wiki/List_of_banks_in_China

as for thinking lots of countries never take bank notes out of circulation..
funny because when the UK changed from paper bank notes to plastic bank notes since the millenium. it was very easy to change  and take paper bank notes out of circulation
heck the UK is starting now on planning to change bank notes right now from the queens face to the kings face.. so money does go out of circulation more then you think

..
what will happen in a electronic only currency is to imagine low level accounts wallets with no KYC in CBDC like the 'top-up' cards/virtual visa debit cards you can get now. but they have low level limits on them.. and thats how people will pay for things without hassle of KYC in a CBDC wallet. by having a low level account with low limits that requires no KYC

CBDC have the same things as todays digital fiat

if you take off the tin foil hat and do research.. you will realise many many things

government employees do not watch, monitor or surveill every transaction both in current digital fiat, and in the draft/trialing CBDC

what occurs is governments create money. and then ration it out into commercial banks. asking commercial banks to monitor their customers and only report suspicious activity to government agencies

with the draft/trialing CBDC their main templates are a 3 level /versions of service.
if your only moving minimal amounts .. call it monthly wage amounts you get the low level wallet. that does not ask for KYC but does limit how much funds can be transfered in-out
above this threshold is another service people have to upgrade to to get more relaxed limits. if they supply basic KYC. where by those commercial banks then do log names and transfers. but only report basic info to authorities of suspicious transactions and only supply full trade/transfer history if the government agency hands the commercial bank(s) a court order requesting full customer info
then if you are a whale/high roller/wealthy. then you need to go through full KYC

the reason to pass info to government is similar to how all fiats have worked for years.

the only big fidderence between cbdc and fiat is that in a CBDC the user has to save their keys to authorise payments which is more secure than a debit card pin number, where instead of having to hand a retailer all your debit card details for them to 'pull' money out of your 'account' you sign/authorise to 'push' an allotment of your holdings to the retailer

the surveillance and stuff is still the same as fiat now. (once you take the tin foil hat off and realise how fiat works)
and yes even in china their way of banking is similar to that of UK/US. so dont learn how money works from fox news
....

CBDCs are going to be launched as an alternative option. I don't see how they'd force everyone to stop using cash. It's possible there will be countries that say "you can't do this from now on" like China or Russia like to do, but in most countries this isn't how things are done or you'll get protests and the party that tries it won't get elected for another term.
All they can do is put CBDCs out there and advertise them to make more and more people choose this type of payment over cash (first) and then traditional bank transfers.

Central Bank Digital Currency (CBDC) or digital currency issued by the central bank will not affect the purchase of bitcoin because CBDC is like a currency like fiat money, the value of CBDC will be based on or equal to physical money issued by the central bank. Likewise with the supply or the amount of money in circulation. SO we can buy bitcoin as usual and don't need to be afraid of transaction data, and we can't avoid breaking up with the bank because every crypto asset when we want to spend it we have to convert it to FIAT first, except for countries that have legalized crypto transactions

Too many ways and CBDCs is going to be just one of them.

But needless of that, don't think that CBDCs are already that popular and powerful when it's still on its infancy and haven't started yet.

Anyway, let's see from there if it's already there because no matter what comes. There will bestill  tons of ways to buy bitcoin privately if that's what you want to.

With CBDC government's get the direct control over the funds of people. In all means people find loopholes to make things work against the purpose for which something is being innovated. On such a stance there'll be ways through Which buying Bitcoin can be made privately.

When bitcoin usage is legalized and fair taxation is done upon the usage of cryptocurrency, what is the need of having it privately. Right now majority of the countries haven't announced the status of cryptocurrency acceptance as well as the taxation over cryptocurrency were very high.

What government really have too many free time to track your small transactions?
Except you are buying a huge volume of btc directly from the exchange. And why would you buy btc with cbdc when you can always do that through fiat.
Cbdc is not a thing yet and even if it eventually does it won't be shove down your throat,  I believe you will be given an option, so it is up to you to decide what to buy btc with.

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.

CBDC is similar with cryptocurrency, it's just centralized and recorded in private ledger. Using P2P aren't actually mean you have completely 100% privacy, it depends on your wallet and the server you access. If you didn't own your own node, there's a chance someone can still track your IP address.

IMO when I hear about "cryptocurrency" word, I refer it to centralized shitcoins and that's almost same with CBDC.

You need to understand that CBDC is not cryptocurrency while bitcoin is, there's no way you can remain being private with CBDC because it's just a digital version of fiat currency, but bitcoin can give you the privacy you've wanted using p2p network which it is meant for and no government can be able to track you down considering that you did not make use not a centralized exchange.


Using the bank and CBDC are just thesame thing while bitcoin network is an entire different thing, if you're privacy conscious, get used to a decentralized exchange with bitcoin or run your full node.

Sounds good. I will use dexes and purchase in inconsistent amounts. I would not use it on exchanges. Thanks.