Bitcoin for Jews? Ready or Not, Here It Comes
The exploration of niche digital currencies continues as now a digital currency aimed at the Jewish community is in the pipeline.
The growth of Bitcoin has seen digital currencies thrust into the limelight, and with that has come the customization of altcoins for different niches. The latest niche being addressed is a coin purpose built, and run, by the Jewish community.
Bitcoen, an ICO that has been dreamed up by a Russian entrepreneur, looks to be the first international currency that is designed for the Jewish community.
Not a new idea
The idea of creating a digital token that is of use for a certain group of the population is not something that has not been heard of before.
In South Africa, a segregated community called Orania, in the country’s North-west Province is hoping to do the same in its small community.
The difference here is that Viacheslav Semenchuk, the man behind the idea, is going about creating this currency through a mainstream ICO.
He is also making the coin available for all but leaving it controlled by 'Council of Six' made up solely of Jewish representatives.
Another day, another niche
The explosion of ICOs and their uptake by the general public, has seen many different entrepreneurs and startups try and enter the game, looking to be the next big coin.
By focusing its niche on a prominent religious sector of the market, Semenchuk may be pigeonholing himself somewhat.
The thought is that because the Jewish community is spread across the globe, this could be a coin that works for them in making international payments within the community.
However, by being available to all, there is not much of a niche that is being filled, besides for the fact that there will be an automation option so that trading operations may take place on Shabbat when Jewish law prohibits the handling of money.
Despite the potential pitfalls of creating an ICO and one aimed at a small demographic of the world population, Semenchuk has already invested half-a-million dollars into the project, spoken to over 100 trading platforms, and made the initial 'bit book' for investments, meaning that the project is viable.