web analytics
July 30, 2015 / 14 Av, 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
The White House will free Pollard but bar him from traveling to Israel for five years.
US Won’t Let Pollard Out of Country for Five Years
Latest News Stories
Pope John Paul II and Chief Rabbi of Rome Elio Toaff

The exhibition “A blessing to one another: Pope John Paul II and the Jewish People,” opened on Tuesday in the Vatican.

Best Western Eretz Copacabana

Rio De Janeiro’s Jewish community will open two synagogues to accommodate Jewish visitors at the 2016 Olympics.

2nd Lt. Hadar Goldin

Israel said the report is “fundamentally flawed in its methodologies, in its facts, in its legal analysis and in its conclusions,” and one-sided, bringing “into serious question Amnesty’s professional standards.”

Donald Trump

“I think what Mike has done has hit a nerve and he’s made people think a little bit.”

The Prime Minister approved construction of the homes after the High Court ordered demolitions of homes under construction.

The White House said Pollard’s serious crimes’ preclude his being allowed to travel abroad.

“Those who were highly connected to Israel were more likely to perceive their campus environment as hostile toward Jews and Israel and to report being blamed for Israel’s action.”

In explaining the confidential agreement between the IAEA and Iran, Moniz recalled a similar one between the agency and South Africa in the early 1990s.

Israel’s Air Force allegedly eliminates child-killer Samir Kuntar in Syrian Golan Heights.

The film will be based on Martin Blank’s play “The Law Of Return,” about Pollard’s work for the US Navy, and the process of his becoming a spy.

Dreinoff House, Beit El, July 29, 2015. Photos by Hillel Meir / Tazpit News Agency.

The solar energy field of at Kibbutz Ketura cost $79 million and consists of 140,743 solar panels.

The suspects belonged to an infrastructure that tried to disrupt the May 2014 visit of Pope Francis.

At least two reliable sources reported that Mullah Omar, one of the world’s most wanted terrorists, has died.

By noon Wednesday, Israeli forces were demolishing two buildings in Beit El.

Israeli, Lithuanian and American researchers have tracked down the remains of the Great Synagogue of Vilna.

More Articles from Hana Levi Julian
An F-16 fighter jet takes off from Ramat David air force base.

Israel’s Air Force allegedly eliminates child-killer Samir Kuntar in Syrian Golan Heights.

First, the demolition crew tore out the heart of the Israeli flag on the building.

By noon Wednesday, Israeli forces were demolishing two buildings in Beit El.

Israeli, Lithuanian and American researchers have tracked down the remains of the Great Synagogue of Vilna.

Ahead of the Jewish holiday of love and matchmaking, Israelis in Samaria battle security forces and old nightmares.

A tent city is raised in solidarity with Beit El residents, where two half-finished apartment buildings are threatened with demolition.

Arab children are taught to be “martyrs” at the Al Aqsa Mosque summer camp in Jerusalem.

Temple Mount activist Yehuda Glick praises Israel’s government but says “more” needs to be done about disparity at the site.

Britain issues alert for its citizens against travel to Turkey due to “high” threat of terror attacks by ISIS.

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: