web analytics
July 4, 2015 / 17 Tammuz, 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
UN Human Rights Council
UN HRC Condemns Israel (But Not Hamas) for War Crimes
Latest News Stories
UN Human Rights Council

US alone voted no on UNHRC Resolution condemning only Israel for wrongdoing in last summer’s conflict.

Rocket that hit a field in the Eshkol region on July 3, 2015

Sinai terrorists expanded their range of attack Friday, aiming rocket fire at southern Israel as well.

breaking the silence

5:21 PM The rocket landed in a field in the Eshkol region. Apparently from Sinai. 5:06 PM Channel 1 reports that citizens say they saw the rocket fly over from Sinai. 4:49 PM IDF Spox says they believe only 1 rocket was launched. The IDF is examining if the rocket was launched from the Sinai. […]

US Secy of State John Kerry and Iranian Foreign Minister Javad Zarif shake hands.

Iran is not budging in nuclear talks on its refusal to allow spot inspections of military sites.

Nothing like a Kosher frank for the 4th of July, even if this year, you have to cook it before Shabbat.

Nothing quite like Hamas terrorist supporters on the Temple Mount openly waving their flags..

Machsom Watch women came to harass IDF soldiers in Hebron but embarrassed themselves instead.

A Palestinian Authority Arab was shot and killed after he attacked an Israeli army commander driving in near Jerusalem.

The US Mennonite church votes to table an anti-Israel BDS resolution for two years.

Israel has tightened security and is on high alert for Friday Ramadan prayers.

An Arab man was caught by Border Police on his way to committing a terror attack in Hebron on Thursday night

PM Binyamin Netanyahu warns that Israel now faces a double threat: from ISIS and Iran.

The closing of the highway, comes after Israeli security officials voiced concern that Waliyat Sinai, the ISIS-affiliated terror group responsible for the attacks, may be planning to strike Israel as well.

Jerusalem’s Light Rail was attacked at least twice Thursday by Arabs hurling rocks in Shuafat — again.

Neo-Nazis who planned to march July 4 through London’s Golders Green section must now relocate to the city center.

Hamas apparently aided ISIS-linked Sinai terrorists in attacking Egyptian Army soldiers.

More Articles from Hana Levi Julian
Rocket that hit a field in the Eshkol region on July 3, 2015

Sinai terrorists expanded their range of attack Friday, aiming rocket fire at southern Israel as well.

US Secy of State John Kerry and Iranian Foreign Minister Javad Zarif shake hands.

Iran is not budging in nuclear talks on its refusal to allow spot inspections of military sites.

A Palestinian Authority Arab was shot and killed after he attacked an Israeli army commander driving in near Jerusalem.

The US Mennonite church votes to table an anti-Israel BDS resolution for two years.

Israel has tightened security and is on high alert for Friday Ramadan prayers.

PM Binyamin Netanyahu warns that Israel now faces a double threat: from ISIS and Iran.

Jerusalem’s Light Rail was attacked at least twice Thursday by Arabs hurling rocks in Shuafat — again.

Neo-Nazis who planned to march July 4 through London’s Golders Green section must now relocate to the city center.

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: