Financial Privacy - paying your bills with Bisq
I have an idea to improve the usefulness of Bisq: Bisq could offer users the ability to pay their bills via Bisq. In doing so bisq could greatly improve the financial privacy of their users and attract many more users who care about financial privacy.
As we all know the banking system is being used by banks and governments world wide for financial surveillance and control. Well wouldn’t it be nice if you could pay your bills with Bitcoin. That is a Bitcoin --> fiat transfer.
There are a couple advantages for your privacy here:
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You sell bitcoin on bisq to other users who pay your bills in return. Your bills will no longer appear on your bank account and your banker is in the dark about what you’re up to.
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You buy bitcoin on bisq by paying the bills of other bisq users. Banks intend on selling your banking data to companies. By paying other peoples bills your banking profile would be way off target, improving your privacy. Here’s a payment to a football club in Dusseldorf, there’s a payment to a marine supplies store in Porto and another one to a telephone company in Milan. What to make of that?
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Since person to person bank payments are rare, paying each other bills would further obfuscate what’s really going on: buying and selling of bitcoin.
The only change needed in the Bisq software is to allow seller to state an invoice/transaction number to buyer. I’m not sure what to do with Bisq own reference phrase.
A bigger problem is for seller to check if the payment has arrived. Many companies let you check your financial statements online, but the local football club, not so much. Providing evidence to the arbitrator would be even harder. Seller beware!
Who would be using this system? People who make part of their income in btc and privacy conscious people would be interested to pay their bills this way.
Instead of trading and hodling this would be a great step for bitcoin as a payment system.
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