Buying Bitcoin CBDC

[Leviathan.007]

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.

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[AmoreJaz]

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.

[Pumared]

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

[Marvell1]

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.

[pooya87]

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.

[Maidak]

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.

[uneng]

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.

[Marvell1]

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.

[KaliLinux]

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.

[uchegod-21]

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.