New Central Bank system will be available to all Brazilians this Monday (16).
The Brazilian cryptomoedas P2P seller Michel Lopes needed only five seconds to complete a Bitcoin deal using Pix. According to Michel P2P, he sold a fraction of BTC that was almost instantly completed through the system launched by the federal government.
Thus, the sale of Bitcoin with the Pix that lasted only five seconds was completed by the cryptomycin trader still in the early hours of last Friday (13), outside bank hours.
War between BC and Government: ‚CPMF Digital‘ may result in double taxation of Pix
For Michel P2P, the new system can facilitate the purchase and sale of crypto currencies involving deposits and transfers of values in fiduciary currency. With transactions being completed quickly, the waiting time in these trades can be reduced thanks to Pix.
Buy Bitcoin via P2P
Cryptomote seller Michel P2P has been using Pix to trade cryptomote since November 7, 2020. On that day, he only managed to receive values through the new system.
However, already last Wednesday (11), the seller P2P also managed to send money with the new technology, through the current account he has in the digital bank Nubank.
Nubank selects clients to use Pix, which will have a reduced timetable during the testing phase
Thus, with the release of sending and receiving by the system in advance, Michel P2P started to negotiate Bitcoin with users using Pix before the official release.
„It was almost immediate, the application released and I was already able to receive by random key, email and CPF“.
In addition, Pix can directly benefit from P2P cryptomachine trading, where money transactions took up to „a few days“, according to Michel P2P.
For the negotiator, „Pix will make the negotiations much faster“, allowing direct money transfer through the private keys generated by the system.
„One of the things that happens most in the P2P environment is the time it takes for negotiations due to the bank sending a TED, which can take hours to actually send the payment to another bank. Pix with its agility will make the negotiations much faster“.
Cryptomeda sale in 5 seconds
One of the biggest advantages offered by Pix is related to the confirmation of transactions beyond bank office hours. Before the system, the sending of money through banking institutions took place through the use of DOC and TED.
Thus, with limited banking hours, cash transactions in Brazil were limited, even on weekends. However, Pix will change this offer with transactions being completed 24 hours a day.
The Central Bank expands the possibilities of Pix which can now be used for FGTS collection
According to the interview of the salesman Michel P2P to the Cointelegraph, he tells that he managed to conclude a sale of Bitcoin at 00h27, and in only five seconds when using the Pix. Before the system, the crypto vendor would not be able to conclude a money transaction at that time.
„It was completed in five seconds, a Bitcoin sale made at 00h27. The customer sent me from Santander to my Nubank at that time. Something like this would be commonly scheduled for Monday, and would fall around 6am. This solved my life and that of the client, who can send the payment immediately and receive the bitcoin on time. The sale was of small value, $ 390.59.“.
Pix was launched on November 3, 2020 for a test phase that included some clients of financial institutions that are considered partners of the system.
This way, besides the registration of access keys, it was possible to send and receive money during the testing phase of Pix. Planned to be available to the entire population this Monday (16), part of the population views with suspicion the system developed by the Central Bank of Brazil.
Although Pix could be used to accelerate negotiations with Bitcoin, seller Michel P2P believes that cryptomoeda offers more privacy than the money sending and receiving system.
„Many people are afraid of the invasion of privacy that Pix has as ‚background‘, I believe that at this point Bitcoin is even more absolute. But, in terms of negotiations, with all certainty, just as I can negotiate at any moment, everyone can do the same“.