The ransom paying Jewish ritual Pidiyon Ha-Ben (pronounced 'pigeon a ben') has the father pay a Cohen, a paternal descendant of the priestly family, 5 silver coins weighing a Shekel each (or Sheqel as it should be spelled and pronounced), so that the month-old firstborn boy is free to live his life outside the temple.
The Sheqel was an ancient weight, used for weighing gold or silver and equal to 20 carats each. The Carat was an ancient weight approximately the weight of the seed of a Carob- fruit. These seeds were claimed to be precisely equal in weight.
Only ten percent of the Jewish babies need to go through this process according to the ritual laws, and even less ever get the chance to do so, if their parents even heard of it.
So in today's global world if the parents do choose to do the pigeon, they need to find someone who has these silver coins and buy them, then give them to the Cohen, and the Cohen has to do something with these coins so that he can use them.
In comes the Bit-Cohen to the rescue.
This digital currency is created each time there's a pigeon. An actual baby boy, his parents and a Cohen are mandatory for creating 5 Bit-Cohens, at a starting price of five 20-carat pieces of silver (with a discount during the first year). At this stage the bit-cohen can not be sold and the Bit-Cohen Foundation supplies the silver coins by secured mail or a delivery company. Once the actual silver coins are returned the bit-cohens are activated, owned by the Cohen and used as digital currency.
The Cohen then sells the bit-cohen on the market, to be used as regular digital currency, with two caveats, because it is holy money: Each bit-cohen has a trace of its ownership, with legally identified people. If at any time it is revealed that this bit cohen was used for drug dealing or gun trading, or owned by someone who is involved in those two fields, the bit-cohen is passed to an anti-drug dealing or an anti-gun-trading NGO and you loose your investment.
The Half-bit-cohen is another type of Bit-Cohen that is available for the ritual of paying a yearly donation to the temple. Any person can create one, but only once a year, and it is worth 10 carat of silver at the time of creation, which is sent to the Bit-Cohen Foundation, to be used only when the Jewish temple is ever redeemed on it's place at the temple mount in Jerusalem, or to be returned to the investors if the Bit-Cohen Foundation goes out of business. After created this Bit-Cohen is immediately available to be sold or used on the market.-- pashute, Dec 19 2017 [+]-- 8th of 7, Dec 19 2017 Better than a bit koan: ‘one hand clapping.’
Or the bit Cohen, known as the ‘lujah’-- RayfordSteele, Dec 19 2017 Oy vey. [+], already.-- MaxwellBuchanan, Dec 19 2017 hey! this wasn't in other:general! how'de it get here?-- pashute, Dec 21 2017 As long as there is no connection with the cringe making slop fest outpourings of that dismal pop musician known as Leonard Cohen.-- xenzag, Dec 21 2017 xen, that would be the 'lujah,' as in a bit of a 'Hallelujah.'-- RayfordSteele, Dec 21 2017 //Bit-Cohen Foundation supplies the silver coins//
Wait; this seems to imply that the Foundation starts in possession of a large quantity of silver coins, which it gradually disburses to other parties as the blockchain grows, in a one-way outward flow. Is that the intention, or are we meant to infer some other silver transactions here?-- pertinax, Dec 31 2017 Well, there are the routine disbursements of Thirty Pieces of Silver to ex-wives, presumably.-- 8th of 7, Dec 31 2017 random, halfbakery