web analytics
August 28, 2015 / 13 Elul, 5775
At a Glance
News & Views
Sponsored Post


Another 'new trend' ...

Israel Creates Its Own Bitcoin – Meet ‘Isracoin’

Isracoin is the latest digital currency to hit the alternative money market in Israel.

Isracoin is the latest digital currency to hit the alternative money market in Israel.
Photo Credit: Screenshot, Isracoin official website

Israel has decided to cash in on the international Internet virtual money craze that is sweeping the planet and created its own “cryptocurrency” – the Isracoin (ISR) – launched last week by not one, but rather six different developers, all active in social movements.

According to a report posted on the Forex Minute website, the digital money thing is not a new concept and it began as a movement to avoid corrupt financial regulations and the “chokehold of banks and politicians.”

For example, the Isracoin.org website explains that although the Jewish State ranks globally as the 39th largest economy out of 190 nations in the world, only 20 families control most of the industry in the country. Five banks control 93 percent of the banking assets in Israel.

Now a new trend has begun – that of “nation-based cryptocurrencies,” the Forex Minute site reports. Iceland initiated the movement with the world’s first national digital currency, the Auroracoin, followed by Spain’s Spaincoin. Cyprus and independent Lakota were next in line, each with its own currency.

However, unlike the Bitcoin, these currencies are not sold. Instead, their creators distribute them “in order to create a national network that recognize and use them in the place of conventional and regulated currencies,” according to the report.

In Israel, Isracoin is based on scrypt and is 10% pre-mined. The premined coins will be distributed to Israeli businesses on May 6th at midnight and to individuals in the general population on June 6 at midnight.

The Isracoin announced that the first 50,000 businesses to express interest will each receive 500 Isracoins as a way to jump start the project.  A similar “airdrop” of 100 ISR per Israeli citizen “who is able to identify himself to the satisfaction of the system” will be distributed to up to 2,850,000 people in the second stage of the project. The number represents some 50 percent of those above age 17 in Israel, developers say on the Isracoin website.

The only question for the “Start Up Nation” now is whether the Isracoin will prove to be fierce competition for the Bitcoin or whether co-existence will grow to provide a unique new model for peace in the Middle East.

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.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

7 Responses to “Israel Creates Its Own Bitcoin – Meet ‘Isracoin’”

  1. Yori Mendel says:

    A very unsmart Idea.

  2. Yori Mendel says:

    A very unsmart Idea.

  3. Michael Isaacson says:

    can someone give me a simple example of how these bit coins are used?

  4. Maryann Ciesla Lempert says:

    What is digital currency? How are these coins to be used? Only on the internet? In shops?

  5. James Eze says:

    I'm confused. If you just want to know how they're 'used', they are used as a form of currency.

    You can see the current market value @ https://tradeblock.com/markets/

  6. Anthony Kent says:

    Excellent idea. All transactions on a public ledger. Lower transaction costs than banks. No forgery.

Comments are closed.

Current Top Story
Ben Cohen
Anti-Zionism’s Falling Mask
Latest News Stories
State Department Spokesperson John Kirby. Aug. 27, 2015.

A report by the entity responsible for ensuring the peaceful development of nuclear energy worldwide and the one upon which the world depends for monitoring Iran’s nuclear activity revealed that over the past few months Iran has been working on and adding to a building at its Parchin site. Parchin is an Iranian military complex located southeast of Tehran. It […]

.

Israeli artists build an ice wall at the Davidson Center, near the Kotel in Jerusalem. The wall was based on a piece by American artist Allan Kaprow who built something similar in Israel, in 1980, perpendicular to the Temple Mount. Photos by Yonatan Sindel / Flash90.

JDL Canada Protest

About 30 protesters from the Jewish Defense League on Wednesday evening stood at a picket line holding Israeli and Canadian flags outside billionaire Bernard (Barry) Sherman’s north Toronto home during his cocktail fundraiser for the Liberal party.

The bombed Khobar Towers

Mughassil, 48, is believed to be the leader of the Iran-supported Hezbollah Al-Hejaz group.

The Donald and the Cruz together against Iran on Sept. 9 at D.C. rally.

Iranian born Tennor Ramtin Ghazavi, a frequent performer at Italy’s La Scala, on Tuesday told San Jose Mercury News that the Islamic revolution that removed the Shah in 1979 “takes a dim view” of most musical forms, including opera.

For a state that goes out of its way to discriminate in favor of one group, Israel receives high grades in treatment of immigrants of all colors and creeds, beating out the UK, the US and Saudi Arabia.

If the administrative orders weren’t undemocratic enough, police raided a conference discussing those orders, arresting a number of the participants.

DM Ya’alon advises “zero tolerance” in dealing with violence against hareidi-religious IDF soldiers.

Maloney said that despite the administration’s diplomatic efforts, she could not support the Nuclear Iran Deal.

Rabbi Yehuda Glick has produced a new guidebook — ‘Arise and Ascend’ — to the Temple Mount.

Politicians always remember you when they need you, and no one remembers better than President Barack Obama.

Another Jewish property in Silwan valley, where the British expelled Yemenite Jews 77 years ago, once again is in Jewish hands.

Moshe Krausz died alone and almost forgotten despite his saving more Jews than Schindler and Kasztner combined.

Torah sages surrendered to the High Court’s ruling that a “Deputy Minister” cannot act as Minister.

190 military officers signed a letter to the Congressional leadership, warning against the Nuclear Iran Deal.

More Articles from Hana Levi Julian
Haredi soldiers praying in the fields. Some are less welcome in their own shuls.

DM Ya’alon advises “zero tolerance” in dealing with violence against hareidi-religious IDF soldiers.

Rabbi Yehudah Glick on the Temple Mount.

Rabbi Yehuda Glick has produced a new guidebook — ‘Arise and Ascend’ — to the Temple Mount.

Arab terrorists firebombed Border Guard Police while on patrol in A-Tur on Wednesday night.

A convicted Palestinian Arab killer was able to stab again in Jerusalem because he was freed in a “good will gesture.”

PM Netanyahu is set to meet in Italy with PM Renzi and then visit Israel’s pavilion at Expo 2015 in Milan.

The IAF bombed a Gaza weapons factory in retaliation for last night’s rocket attack on southern Israel.

A Palestinian Arab terrorist stabs a Border Guard Police officer at the Damascus Gate in Jerusalem.

Arab violence skyrockets in Jerusalem; one city council member says politics ties police hands.

Printed from: http://www.jewishpress.com/news/breaking-news/israel-creates-its-own-bitcoin-meet-isracoin/2014/04/02/

Scan this QR code to visit this page online: