Buying Bitcoin CBDC - page 3. | Bitcointalksearch.org

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Quote from: pooya87 on September 28, 2022, 12:09:10 AM

CBDC is not going to replace the existing fiat payment systems and you can continue using them to buy bitcoin. Even with CBDC you are still making a payment where the purpose is not defined, it could be for buying groceries or for buying bitcoin.
And as always you can always earn bitcoin since it is a currency after all.

That makes sense that they wouldn’t replace the current fiat system entirely at first. It doesn’t make sense why you would need it in the first place.

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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 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.

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Quote from: Davidvictorson on September 28, 2022, 12:27:59 AM

No, it is not a question is silly. In my country, the government already rolled out its own digital currency/CBDC called e-naira. I do not own any of it. And it is not mandatory to use it for purchase of items. On the other hand, people still buy Bitcoin via P2P as despite the ban on cryptocurrency transactions last year by the government. I have yet to come across a CBDC owner. So yeah the CBDC and buying bitcoin are two parallels.

Why did you not own a CBDC wallet? I bet they will allow buying BTC but of course not privately. Since users can deposit e-naira to the p2p platform, I guess that's how they also monitor for now the users buying BTC.

It's surprising that Nigeria has CBDC but most countries today have none. The bank bills are still being used but they may gradually illuminate certain bills in circulation.

Davidvictorson

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No, it is not a question is silly. In my country, the government already rolled out its own digital currency/CBDC called e-naira. I do not own any of it. And it is not mandatory to use it for purchase of items. On the other hand, people still buy Bitcoin via P2P as despite the ban on cryptocurrency transactions last year by the government. I have yet to come across a CBDC owner. So yeah the CBDC and buying bitcoin are two parallels.

pooya87

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CBDC is not going to replace the existing fiat payment systems and you can continue using them to buy bitcoin. Even with CBDC you are still making a payment where the purpose is not defined, it could be for buying groceries or for buying bitcoin.
And as always you can always earn bitcoin since it is a currency after all.

xzy887

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

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.

I think you can use p2p to buy bitcoins. Bitcoin transaction through P2P does not require any 3rd party. Directly you can do person to person transactions. And it is more confidential. And if you buy bitcoins through a bank, they always monitor your transactions. So I prefer to do transactions in P2P instead of banks.

Don Pedro Dinero

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The OP seems to have some confusion here. It's like asking how to do cash transactions, since electronic transactions are recorded and payroll is paid to you by the bank.

CBDCs are going to be implemented gradually, and I doubt very much that they will eliminate the use of cash and other electronic transactions. You will still be able to acquire bitcoin P2P or on decentralised exchanges.

rat03gopoh

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I think it's like a bank transfer works but it's actually more privacy if in practice the user doesn't need any account like cash.
Moreover, I believe local banks are actually more flexible in controlling the flow of funds individually and in small amounts because it is clear that they with many officers always keep an eye on transaction records.

jackg

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P2P transfers will still likely be quite private (the issuer of the CBDC might know you two are sending funds to each other but it might be harder to work out why - even if the trader did a lot of trades they might have personal uses for that account too).

With exchanges, unless an exchange is awarded one account per person (which could and might happen) it may be possible for the CBDC to track inflows and outflows and work out exactly who you are (some simple things like treating exchanges like mixers and waiting a random amount of time that's a few days and sending an amount close to what's common for that exchange will greatly improve the chances of your transaction remaining private).

ncentrepreneur.investor

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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……

Topic: Buying Bitcoin CBDC - page 3. (Read 543 times)