Facebook Conversion API (CAPI)
Facebook's Conversion API (CAPI) is an interface for transmitting conversion events to Facebook. It is used, for example, for server-side tracking for Facebook events, but is often used in combination with the Facebook pixel. The greatest advantage here is the more precise measurement, because when using server-side tracking, ad blockers cannot prevent tracking.
It can also be used to implement data-privacy-friendly tracking if the website visitor has no direct connection with the Facebook servers and some information can also be filtered. (But a consent of the user consent is still necessary.)
Facebook advertises the conversion API by saying that more data can be tracked there than is available on the website - but you should always keep data privacy in mind.
Further information on the Facebook Conversion API can be found here:
A guide to the technical implementation is available here:
With the Conversion API can not bypass the tracking limitations of Facebook, because these also apply here.