The Israeli Bitcoin Association informs that hundreds of Israeli businesses already accept Bitcoins. Bitcoin had risen from USD 15 at the beginning of 2013 to a peak price of over USD 1,150. At the end on March 2014, it was trading at around USD 447.
People can purchase Bitcoins through online exchanges, but there are often fees involved in the process. The difficulty of assessing the trustworthiness of an exchange has proven to be an obstacle.
The Bank of Israel has been warning citizens of Bitcoin`s possible risks. The warnings were strengthened with the bankruptcy of Mt. Gox in February 2014. Moreover, in February 2014, the financial institution has agreed that virtual currencies are not considered legal tender which means that virtual money cannot be used to make payments.
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