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October 1, 2016 / 28 Elul, 5776
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Bitcoin ATM Launches in Israel

Bitcoin, a new form of virtual currency, has recently begun to make the rounds of the global economy.

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Tel Aviv, heartbeat of the nation's commerce, is now home to Israel's first Bitcoin ATM

Tel Aviv, heartbeat of the nation's commerce, is now home to Israel's first Bitcoin ATM
Photo Credit: Hadas Parush / Flash 90.



The first Bitcoin ATM machine has launched for the first time in Israel, at a location in Tel Aviv.

Bitcoin, a new form of virtual currency, has recently begun to make the rounds of the global economy.

The new machine, operated by the Bits of Gold company, returns Bitcoin credit in a virtual wallet in exchange for a deposit of cold hard cash. The new ATM is located at the nonprofit Bitcoin emBassy organization offices.

The new currency appears to be creating an alternative underground world economy, independent from any other national system by virtue of the fact that it operates internationally, solely via the Internet.

In Israel, one Bitcoin (BTC) fluctuates around the NIS 1700 mark, according to the website of the Bits of Gold company. Users who prefer extra security are offered a USB key called a “Yubikey” by the company. For business owners, the company also offers a “checkout with Bitcoin” service.

 

Hana Levi Julian

About the Author: Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for Babble.com, Chabad.org and other media outlets, in addition to her years working in broadcast journalism.


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