Isracoin, The New Israeli ‘Bitcoin,’ To Be Released Next Week


bitcoinIsraeli developers are preparing to release their own version of the digital currency bitcoin, dubbed Isracoin, next Wednesday.

The six developers are all associated with the social protests that occurred in Israel in the summer of 2011 and with the country’s open-source community. They have mined 10 percent of the total amount of planned Isracoins, 480 million out of 4.8 billion, which will be distributed based on a plan specified at

“The first phase of the plan calls for distribution of 500 Isracoins to every business that adopts it as a means of payment, up to 50,000 businesses. This will happen one month before the second phase, in order to prepare as many businesses as possible for the day the general public receives the virtual coins,” the developers said on their website. The second phase will distribute “the coins to every verified Israeli citizen, up to a maximum of 2,850,000 people,” they said.

“The problem with the Israeli economy is over-concentration. A few banks control most assets, and these banks wield great influence over political parties. This expresses itself in high commission rates and in non-competitive services,” the developers added, according to Haaretz.


{ Israel}


  1. The Israeli economy is way to small to sell Isracoins. Its IMF quota is 0.45 percent, which is half of Egypt’s and less than Nigeria. This is a strong indicator of Israel’s economic size. Having 3 vendors does not make it viable.

    Another issue with Bitcoins is that they are not a stable currency. They flucuate wildly. This will continue as they get harder to mine. As much as banks are not perfect, at least they can have some stability, which bitcoins, or Isracoins, do not have.

  2. How does this “currency” work? How does one use it to buy anything? How does one ‘earn’ them? can please post an article?

  3. Closer to the future without a smile. I would not touch an unregulated currency unless I was losing my touch as a human commerce dignity.

    But what Israel really needs is a good television network that they can do “Israel America” to compete and give better news than Al Jazeera America.
    I would certainly be watching!

  4. Give it a chance! I think it is a good idea and a fresh new concept. Bitcoin is becoming more established and well known everyday. Its not going anywhere fast and besides, if they are giving away Isracoin to help it become more well known, what’s the harm in that? If you want Isracoin to be everything it could be, you must believe in it. If you just put it down, like anything else it will never blossom into the macro payment system of the future.