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I'm a coin dealer and I have large ammounts of foreign coins (Euro, British Pounds, swiss francs, Japen Yen ect.. I was wondering if I could deposit those coins into my bitcoin account/wallet?

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    To all would-be downvoters, this is a legitimate question that people unfamiliar to Bitcoin often ask. DBTN! (Don't bite the newbs) – eMansipater Apr 16 '13 at 2:47
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    Face value or numisatic value? – Stephen Gornick Apr 16 '13 at 22:29
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I think that perhaps you might misunderstand what bitcoin is. If you're looking for a way to sell your physical coins for bitcoin, there are ways to do that. Perhaps bitcoin-otc.com.

If however, you're looking for some way to virtually/digitally trade your physical coins then bitcoin won't help. Depending on what you're actually trying to do, Ripple.com may be the closest digital currency system to help you, see this topic on bitcointalk.org about how one person is leveraging his stash of pre-1964 US silver dimes on Ripple.

  • I get what you're trying to say here Dave, but it comes across as quite abrupt. – eMansipater Apr 16 '13 at 2:48
  • @eMansipater, any better now? – dchapes Apr 16 '13 at 3:01
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Welcome to the Bitcoin Stack Exchange! Would it be a fair guess to say you're pretty new to the whole idea of bitcoins? If so, you've come to the right place!

Let me know if I'm misreading your current level of understanding, but I'll try and get you on track with the whole wallets and currencies thing, because it's a little counterintuitive. At present the Bitcoin network, which is a completely digital concept, doesn't support the use of tokens equivalent to traditional currencies like euros, swiss francs, or u.s. dollars. The only token stored digitally in a Bitcoin wallet is a token called the bitcoin, and it's essentially its own currency, except not backed by any country or organisation other than the many people who choose to use it. It's not a physical object, but a mathematical object kept track of in a secure digital network. Unlike a service such as PayPal, where your Paypal wallet could hold dollars, euros, or several other types of money at the same time, Bitcoin wallets only hold bitcoins.

The only way that money other than bitcoins can be "deposited" into a Bitcoin wallet is by using it to buy bitcoins from other people, and then depositing those bitcoins into your wallet. If you've heard about people "putting money into Bitcoin" what they've actually been doing is using their u.s. dollars, euros, or what have you to purchase bitcoins, usually from an online exchange. Alternatively, you might be able to just find someone in real life who wants to sell you some bitcoins, which is where a website like https://localbitcoins.com would come in.

If your coins have a numismatic value, and you're interested in selling them to someone in exchange for some bitcoins, then you would have to find a willing buyer who will pay you for them in bitcoins (which you could probably do although I don't know specifically where). There's no way to use the Bitcoin network as a storage or exchange mechanism for your actual physical coins.

Hope that answers your question. Is it possible that you thought the Bitcoin network was a digital method for people to trade physical coins with? Because that would be a cool idea too, like a listing service or something. But unfortunately, not quite what Bitcoin is meant to do.

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You would need to find someone to trade with to do that.

Some exchanges may accept cash for some of those currencies, though they probably prefer electronic payments as mailing cash is risky. It's probably a better option to either deposit (and exchange) them at your local bank, and use the resulting funds to purchase your bitcoins.

Alternatively, a person to person trade might work for you. The website https://localbitcoins.com/ might help you with that? (Note: I haven't used it before)

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Bitcoin Nordic is a Bitcoin exchange which will accept currency sent to it by mail and use those funds (face value) to buy bitcoins. They accept GBP, EUR, USD, NOK, SEK, DKK. They might accept others if you contact them in advance.

I don't know if they would accept much coin. They might, but possibly not at the discosed rates. It would be best to contact them in advance.

As far as getting numismatic value for them, you'ld probably get a better offer selling to a numismatic dealer and then using those proceeds with a bitcoin exchange.

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Yep there are markets that support the currencies you listed. Do a market search on Bitdango, like this:

http://bitdango.com/markets?quoteCurrencies=EUR,JPY,GBP,CHF&baseCurrencies=BTC

That will show all the markets (exchange + currency pair) that have a base currency of Bitcoin and a quote currency of JPN, EUR, GBP, or CHF. Filter further by exchange, etc.

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Just sell your coins on Bitmit (bitcoin ebay) for bitcoin. I've used that site quite a lot, and think it's excellent.

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