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I have not invested in Bitcoin as of yet and don't have much technical knowledge on the subject on how it works in the background. I personally believe fiat currencies will all be phased out for CBDC. In this context I don't know if technically you would be able to purchase Bitcoin with CBDC or any other financial instrument.

My understanding is at present you can only buy bitcoin with USD, other fiat currencies are converted to USD before purchase. Is this accurate? This understanding has lead to my above concern.

Appreciate all feedback and technical knowledge to help me understand if its possible to create new avenues to purchase bitcoin thus ensuring its future.

Luke Walker
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I don't know if technically you would be able to purchase Bitcoin with CBDC or any other financial instrument.

Why not? If the exchange or any peer accepts CBDC as payment for selling you bitcoin then I don't see any reason how it would be different.

My understanding is at present you can only buy bitcoin with USD, other fiat currencies are converted to USD before purchase. Is this accurate?

No:

  • You can buy bitcoin with fiat
  • You can earn bitcoin with your work if paid in bitcoin (freelancing or employee)
  • You can mine bitcoin if you have required hardware and cheap source of electricity
  • You can exchange gift cards for bitcoin
  • You can get bitcoin as cashback while shopping
  • You can earn bitcoin with your business (products or services)
  • You can get bitcoin as sponsorship for contributing to open source bitcoin projects to improve Bitcoin

bitcoin is money and works better than fiat, not same adoption as USD but getting better with time

chytrik
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    > cheap source of electricity This is not a requirement of mining, only of hoping to make a profit at the time of mining. – vgoff Dec 22 '20 at 05:32