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Were bitcoins made into real coins

HalfDimeHalfDime Posts: 1,134 ✭✭✭✭✭

were bitcoins made into real coins

Bitcoins themselves are purely digital and exist only on the blockchain, but there have been physical coins—often called "physical Bitcoins"—created as collectibles or to represent real Bitcoin holdings, especially in the project's early years.

The most famous physical Bitcoins were the Casascius coins, launched in 2011 by Mike Caldwell. These tangible coins contained a private key hidden under a tamper-evident hologram, which, when peeled, allowed the holder to access a specified amount of Bitcoin stored on the blockchain.

Physical Bitcoins can be made from various metals (brass, silver, gold) and often resemble commemorative tokens.

For a physical Bitcoin to actually "hold" Bitcoin, its embedded private key must control a real Bitcoin balance on the blockchain—otherwise, it's simply a collectible and not a store of cryptocurrency value.

Production of most loaded physical Bitcoins stopped after US regulatory scrutiny in 2013, particularly against Mike Caldwell's Casascius coins.

Today, physical Bitcoins are primarily considered collectible items, sometimes commanding values much higher than their underlying BTC amount due to rarity and historical significance.

Collectors and companies occasionally mint physical coins with or without loaded Bitcoin, but these are not official currency and should not be confused with the digital asset itself.

In conclusion, Bitcoins themselves have never been "made into" real coins as a currency, but special physical coins representing or storing access to Bitcoin have existed as novelty items and collectibles, especially between 2011 and 2013.

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Graded coin examples sold on Ebay.

Comments

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    jmlanzafjmlanzaf Posts: 41,649 ✭✭✭✭✭

    Tokens

    All comments reflect the opinion of the author, even when irrefutably accurate.

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    MeltdownMeltdown Posts: 9,248 ✭✭✭✭✭

    Neat little niche collection idea though.

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    pcgsregistrycollectorpcgsregistrycollector Posts: 2,311 ✭✭✭✭✭

    Not coins, tokens. IMHO the value of the bitcoin far outweights the precious metal value of the token it is stored on. Besides, most people don't really care if the coin has silver in it or not.

    Proud follower of Christ! I love the USA! Land of the Bright and Beautiful! 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

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    Coins3675Coins3675 Posts: 1,085 ✭✭✭✭

    They are tokens not coins.

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