>> (p.1)
    Author Topic: Bitcoin will be the back end for CBDC  (Read 307 times)

    • btc-freedom-money (OP)
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    February 02, 2025, 02:41:16 PM
     #1
    Bitcoin will be completely and entirely regulated and controlled by the government. But I've read that is what most of the people in this bitcoin forum wants so that is good news for you.

    In EU you can't make a transaction without KYC because of new MICA law. It doesn't matter if it's decentralized transaction. I mean sure you technically can do it without KYC but then it will be an illegal transaction and you will be caught and fined or put in prison depending on the amount that was transferred. It will be easy to catch you because bitcoin has no privacy. I could go more into how bitcoin doesn't really have any privacy but that is covered in other topics.

    The only way to have privacy is if you put your bitcoin into a centralized exchange or into a bank which allows bitcoin. But this isn't actually privacy because then all the banks in the world will know and the centralized exchange will know. If you use coinjoin and tor and full node combination and coin control and don't make any mistake, you will become a criminal because regulation requires all transaction to be KYC. Regulations keep getting worse and worse all the time and will keep on becoming even more bad. If someone accepts your bitcoin payment without doing kyc on you then both of you become criminals, so no one will accept your bitcoin without KYC. You can't have privacy it is illegal. You can only have privacy if you put all bitcoin in a bank to custody it for you.

    But 99% of bitcoiners don't want privacy so this is great news. More regulations, less privacy is the way to go!

    Another reason bitcoin will be back end for CBDC is when you make a payment you don't actually send bitcoin. The payment services which "let you buy with bitcoin" don't actually send bitcoin to the store. The bitcoin becomes exchanged automatically by the service to fiat and then fiat is sent to the receiver. You are not paying with bitcoin is the point. Bitcoin is only used in the back end.

    All the bitcoin influencers are shilling about bitcoin lending is the future. We should put all our bitcoin in a bank for lending our bitcoin bla bla.

    I could go on but I think I prove my point already that bitcoin will just be the back end for cbdc. We will type in our custodial wallet apps to send x amount of $ to Bob Fisher. You don't even need to know their wallet address, just the name is enough. Then in the back end it swaps btc to fiat/cbdc and then transfers to other person. 99% of people won't even know what bitcoin is. They will just think it was some old bubble that happened in the history.

    This future of bitcoin becoming the back end for cbdc is a certainty for bitcoin unless we can change the direction of becoming regulated and centralized without any privacy but that doesn't seem to be happening that's why I say it's a certainty.

  • SquirrelJulietGarden
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    February 02, 2025, 02:45:32 PM
     #2
    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    But 99% of bitcoiners don't want privacy so this is great news. More regulations, less privacy is the way to go!
    Bitcoin is not a privacy blockchain but Bitcoin users can get privacy if they use Bitcoin full nodes, Bitcoin non custodial open source wallets, with Tor, when broadcasting their Bitcoin transactions, and if they use inputs and outputs cleverly too.

    It is too confident by saying 99% Bitcoiners don't want privacy. I really don't know how did you say about that, and could you please share where you got this information please.
    Bitcoin will not be the back end for CBDCs, because Bitcoin, CBDCs, and fiat currencies are different, they are competing with each other in usage of citizens in a same nation and society. They won't kill each other, but will co exist with time and make lives of citizens more diversifying in their choices, and increase comfortableness.
     
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  • Ruttoshi
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    February 02, 2025, 02:49:55 PM
     #3
    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    . But I've read that is what most of the people in this bitcoin forum wants so that is good news for you.
    Nobody in the forum wants this, because we are against using bitcoin in a centralized way. Since this is bitcoin forum, bitcoin is decentralized and we encourage people to use bitcoin in a decentralized way by keeping your bitcoin in a noncustodial wallet and also use a decentralized exchange for your bitcoin transactions. Using bitcoin in an anonymous way is the best.

    Bitcoin cannot be controlled by anyone even by the government because the network is run by many individual nodes.

  • btc-freedom-money (OP)
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    February 02, 2025, 03:01:18 PM
     #4
    You don't understand. Just read everything again. It really seems like 99% of users on this forum are just bots repeating something an influencer have said without understanding anything about it.

    Quote from: SquirrelJulietGarden on February 02, 2025, 02:45:32 PM
    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    But 99% of bitcoiners don't want privacy so this is great news. More regulations, less privacy is the way to go!
    Bitcoin is not a privacy blockchain but Bitcoin users can get privacy if they use Bitcoin full nodes, Bitcoin non custodial open source wallets, with Tor, when broadcasting their Bitcoin transactions, and if they use inputs and outputs cleverly too.

    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    If you use coinjoin and tor and full node combination and coin control and don't make any mistake, you will become a criminal because regulation requires all transaction to be KYC. Regulations keep getting worse and worse all the time and will keep on becoming even more bad. If someone accepts your bitcoin payment without doing kyc on you then both of you become criminals, so no one will accept your bitcoin without KYC. You can't have privacy it is illegal. You can only have privacy if you put all bitcoin in a bank to custody it for you.

  • Ambatman
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    February 02, 2025, 03:05:09 PM
     #5
    Most investors don't care if Bitcoin is a controlled or held by the government
    They just care about it rising
    Like I said investors not Bitcoiners.
    Like you said, let's not make this about privacy (even if I feel that your view is biased)
    On Bitcoin been the back end for CBDC? Try and change the protocol and make it Centralized.
    Yes we are entering or in the era of strict regulations pertaining to Bitcoin
    But this is going to stay true if all countries come together to make Bitcoin usage without KYC illegal and strictly punishable.
    But we ain't living in such United world.

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    February 02, 2025, 03:15:51 PM
     #6
    Yeah @OP it's what it's.

    I tend to agree Bitcoin would be like that in the future because most people simply don't care with privacy and "be your own bank".

    That's why I keep wondering what's the point of having decentralized and secure network, if most of the coins belong to centralized institutions? they can do whatever they like and they have nothing to worry with the network.

    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    In EU you can't make a transaction without KYC because of new MICA law.
    I read, it's still possible, but it's only for transaction less than $1K daily.
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  • Oshio-man
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    February 02, 2025, 03:52:34 PM
     #7
    I have the same thought about governments regulate and control bitcoin, but if you look at the world we live today, you will agree with me that majority of the governments will not accept it because who to control the price of bitcoin among the governments will cause a lot of challenges that will make some governments not to agree, and it will make some government not to allow their people or institutions to involve in bitcoin, even though the world accept to regulate and control bitcoin, I don't think the price of bitcoin will increase the way is increasing in the bull season because the price of bitcoin will make some buyers and sellers not to involve in bitcoin because they know what their government will do not to allow the price to favour holders or users in the future.

  • franky1
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    February 02, 2025, 04:43:22 PM
     #8
    bitcoin is not a private network. its a public network and always has been. the data is publicly viewed and can be archived by anyone
    however the data does not request personal information such as KYC. which is where the pseudonymous comes into the conversation

    bitcoin wont be the backend of CBDC. as countries will want their own network they can control with node/data distribution given to those they permission to give it too. the design concepts would be similar to a bitcoin+subnetwork concept. but it wont be using the actual bitcoin network and a subnetwork..

    in short a CBDC system would be a blockchain for settling between a central bank and its permissioned to use commercial banks. and then have customer-commercial bank transactions on the subnetwork(s)
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • PrivacyG
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    February 02, 2025, 06:30:14 PM
     #9
    Bitcoin can NOT be the base layer of what CBDCs will look like.  Bitcoin will be the idea they come from and will share similarities with them but they will never be the same or related in any direct way.  It is simply impossible.

    CBDCs are what we fear due to dystopian features they share.  They therefore can NOT be uncontrollable like Bitcoin is.  CBDCs will share some similarities with Bitcoin, but most of the similarities will be shared rather with currently existing Central Banks.  Exactly like you mentioned yourself, they are looking for FURTHER restrictions and limits and not for a way to lessen them.

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    February 02, 2025, 06:37:16 PM
     #10
    If what you say is true, it would mean that it will be harder and more risky to make transactions with Bitcoin than with cash fiat money. To be honest, even in EU I don't think we will see that tomorrow. Maybe in several years, if they don't stop to crack down on cryptos but not tomorrow. AFAIK P2P trading is still allowed for selling his cryptos against fiat currencies and we can still find platforms selling gift cards against cryptos without asking KYC, at the market price. In addition you can easily travel with all your cryptos without even having to declare them to customs, so as long as there are countries accepting it for buying goods without KYC procedures, people will be able to quietly spend it somewhere in the world.

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    February 02, 2025, 06:53:50 PM
     #11
    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    Bitcoin will be completely and entirely regulated and controlled by the government. But I've read that is what most of the people in this bitcoin forum wants so that is good news for you.

    .....

    no one here wants bitcoin to be controlled by the government. because from the beginning, bitcoin was developed with a decentralized transaction system, which means the government cannot interfere here. although we cannot deny that bitcoin is increasingly being eyed by the government to become a reserve, etf, and other centralized products, but that does not directly make bitcoin controlled by the government... as long as there is a bitcoin community, the government will never be able to control bitcoin and make it theirs.
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  • pooya87
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    February 04, 2025, 04:26:28 AM
     #12
    You are still very confused about Bitcoin and also how the world works...

    Quote from: btc-freedom-money on February 02, 2025, 02:41:16 PM
    Bitcoin will be completely and entirely regulated and controlled by the government.
    That is not possible. First of all the world is too big with about 200 countries. There is no "the government" to completely regulate and control bitcoin. Secondly, because bitcoin is decentralized, it cannot be regulated or controlled.

    Quote
    But I've read that is what most of the people in this bitcoin forum wants so that is good news for you.
    But 99% of bitcoiners don't want privacy
    Now you're just making stuff up.

    Quote
    In EU you can't make a transaction without KYC because of new MICA law.
    A quick search says "MiCa regulations apply to trading of crypto-assets and any services related crypto-assets". That has nothing to do with sending bitcoin transactions. Not to mention that nobody can KYC a bitcoin transaction due to decentralized nature of bitcoin.

  • kotajikikox
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    February 04, 2025, 06:05:51 AM
     #13
    Quote from: PrivacyG on February 02, 2025, 06:30:14 PM
    Bitcoin can NOT be the base layer of what CBDCs will look like.  Bitcoin will be the idea they come from and will share similarities with them but they will never be the same or related in any direct way.  It is simply impossible.
    CBDCs will be looking at bitcoin for inspiration. They want the system where bitcoin or crypto runs on so it is possible that they make their own version but a lot less transparent and a lot more centralized.
    Quote
    CBDCs are what we fear due to dystopian features they share.  They therefore can NOT be uncontrollable like Bitcoin is.
    CBDCs will never be uncontrollable. They will always be owned by centralized banks so even if they try to relate CBDCs to cryptocurrencies, it is still not completely the same. Bitcoin's core is about decentralization which is something CBDCs will never be able to deliver.
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  • davis196
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    February 04, 2025, 06:53:07 AM
     #14
    Quote
    All the bitcoin influencers are shilling about bitcoin lending is the future. We should put all our bitcoin in a bank for lending our bitcoin bla bla.

    Who are the "bitcoin influencers"? I've never heard anyone shilling Bitcoin lending as the future of finance.
    OP, I can assume that you are kinda salty and sarcastic in your forum post. Were you scammed? Did you lose any Bitcoins?
    The future of Bitcoin is government regulation and compliance to the laws(whether you like it or not). If you want privacy, just use a privacy coin. I know that everyone hates KYC, but there's no way around this. Everyone hates paying taxes, but the government must exist and provide us with public goods. CBDCs aren't implemented in the western world. Maybe they will be implemented soon, or maybe their implementation will be postponed. I don't know what's is about to happen in the world of global finance.
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  • btc-freedom-money (OP)
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    February 04, 2025, 02:26:34 PM
     #15
    Bitcoin can't be decentralized and follow regulations at the same time because regulations are centralized. If bitcoin must follow regulations then bitcoin is not decentralized.

    Quote from: davis196 on February 04, 2025, 06:53:07 AM
    Quote
    All the bitcoin influencers are shilling about bitcoin lending is the future. We should put all our bitcoin in a bank for lending our bitcoin bla bla.

    Who are the "bitcoin influencers"? I've never heard anyone shilling Bitcoin lending as the future of finance.
    OP, I can assume that you are kinda salty and sarcastic in your forum post. Were you scammed? Did you lose any Bitcoins?
    The future of Bitcoin is government regulation and compliance to the laws(whether you like it or not). If you want privacy, just use a privacy coin. I know that everyone hates KYC, but there's no way around this. Everyone hates paying taxes, but the government must exist and provide us with public goods. CBDCs aren't implemented in the western world. Maybe they will be implemented soon, or maybe their implementation will be postponed. I don't know what's is about to happen in the world of global finance.

    This is what I mean, you people keep saying bitcoin is decentralized and can't be controlled by government. Then you follow up with saying bitcoin has to follow laws whether you like it not. You are contradicting yourselves.

    I have never been scammed and I also never use coinjoin or any other privacy tool because it's illegal. The reason I am unhappy is because we should have privacy on our wealth and transactions and because bitcoin isn't really decentralized in practice because like you said, bitcoin must follow regulations that means it's not decentralized because regulations are centralized.
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