Buying Bitcoin CBDC

[franky1]

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.

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

[Pumared]

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……

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.

[Dunamisx]

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.

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.

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.

[kryptqnick]

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……

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.

[Darker45]

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.

[danherbias07]

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……

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.

[coolcoinz]

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.

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.

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.

[Gyfts]

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……

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.

[dezoel]

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.

[franky1]

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.

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.

You're laughing because there's no control in Russia or China, people basically do what they want there, right?

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.

[franky1]

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

[TheGreatPython]

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.

[BlackHatCoiner]

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.

[cryptosize]

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

Bitcoin = terrorist risk/Putin's reserve currency

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.

[Gayong88]

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.

[pooya87]

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

Bitcoin = terrorist risk/Putin's reserve currency

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.

[Jeger.Kiting]

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.

[Coin63$]

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.

[davis196]

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).

[FanEagle]

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.