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God made more than two covenants with Israel, but the one covenant known as the "old covenant " was the one that was made with Israel at Mt Sinai known to most people as the Law of Moses. In this covenant the people were given Ten Commandments, which were broken down into smaller parcels to cover each commandment thoroughly. This law was given to the people to help them live up to God's standards by thoroughly showing them what sin really was. It was an impossibility to keep this law completely and animal sacrifices were given to make atonement to cover their sins. There were also feast days that were give to the people to observe throughout the year. Circumcision was also a big part of this Old Covenant. The law could not really save a person, but could lead people to faith in God if they really desired that.
In Jeremiah 31:31-34, Jeremiah prophecies that there is a time coming when the Jewish people will receive a "New Covenant" as a Nation. This has not been fulfilled yet.
Jesus Christ came to earth over two thousand years ago and died for mankind's sin. He was resurrected the third day and now resides in heaven with God the Father.
When Jesus died, His shed blood instituted the New Covenant. Persons who individually accept Jesus as their Savior are brought into this new covenant by His shed blood. (See Luke 22:19-20; I Corinthians 11:23).
This new covenant is not kept by obeying laws, keeping feast days or by being circumcised. The new covenant is by the Grace of God in giving us a Savior and the faith to believe in Him and obey His commandments, "Love the LORD God with all your heart, soul, mind, and strength, and love your neighbor as your self." We are to also love our brothers and sisters in the faith, and be witnesses to the lost people of this earth that Jesus is the Savior. Also we do not have to sacrifice animals to cover our sin as Jesus' shed blood completely did away with our sin and that is realized when we accept Him as our Lord and Savior. If a person does not come to Jesus Christ the New Testament tells us that, that person will spend an eternity in hell.
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