Islam and bitcoin crypto mining equipment and accessories
Islamic finance is a growing niche area of banking and investment. Understandably, this has originally been focused within the Middle East and other significant Muslim countries.
Further afield, however, it is beginning to take hold as Muslim communities in the western world demand more sophisticated financial services. Islamic finance is based around the types of financial instruments that are permissible under Sharia law Islamic lawwith Islamic finance restricting the types of investments that are allowed. As a general rule, islam and bitcoin crypto mining equipment and accessories interest-bearing assets not being permissible, with this focused around the concept of usury.
Usury is not a new concept — even for the Western World. Essentially, usury involves the charging of excessive rates of interest for money that is borrowed. Islamic Banking and Finance is a relatively new field of study for the financial industry, and, in itself, is still evolving. So when it comes to the newer asset types and classes, such as cryptocurrencies, there will undoubtedly be disagreement among Islamic scholars.
Bitcoin was the first use case for the blockchain. Invented by Satoshi Nakamoto and released to the world inits principles form the basis of almost every new cryptocurrency in existence today. Most of these are public blockchains, i. As we will see below this is an important feature of the cryptocurrency and Islamic Finance. Equally, most of the public blockchains or cryptocurrencies are traded on exchanges, thus giving them value. Bitcoin and cryptocurrencies are considered asset-based money as opposed to the traditional monetary system in use today which is debt-based.
Owning Bitcoin as an asset class is increasingly considered to be digital gold — islam and bitcoin crypto mining equipment and accessories was seen very recently where its value rose significantly as a result of detrimental global issues — e. The similar structure applies to other cryptocurrencies. Since there is no debt involved and no interest payments, owning Bitcoin and cryptocurrencies fit well with the Islamic finance principles.
In fact, several Islamic scholars hold the view that Bitcoin is more Halal allowed than fiat money e. US dollars islam and bitcoin crypto mining equipment and accessories use today.
For example, in Islamic literature, money needs to have intrinsic value. This is not true for paper-money in use today, but is true for Bitcoin because its value comes from the proof of islam and bitcoin crypto mining equipment and accessories protocol for bitcoin at least and is backed by the use of electricity required to reach the appropriate mining difficulty level required to actually produce a bitcoin through the solving of a cryptographic puzzle.
Therefore, as an asset class and as a currency, Bitcoin and cryptocurrencies seem to be compatible with the principles of Islamic finance. This is why most of the Islamic banking contracts involve profit-and-loss sharing contracts, or some form of partnership. This ensures that the incentives of both parties are aligned, and helps reduce the principal-agent problem that plagues traditional institutions.
The crowdfunding donors who give money to the project developers get a cryptographic token whose value is based on the success or failure of the underlying project. This makes their incentives mutually aligned. One caveat to the alignment of incentives is that the original development team must still hold the tokens that are given to early investors.
Without that, the development team might not have a strong incentive to complete the project. With careful consideration, this could potentially open up a raft of opportunities. With so many Islamic communities being based in developing and poorer countries that lack basic infrastructure, the use of the blockchain and mobile technologies — such as that seen with m-pesa out of Kenya - could be the future of low cost technology that by virtue of its support from Islamic scholars could gain ready adoption from its local communities through its positive Sharia components.
Down The Rabbit Hole: Bitcoin and Cryptocurrencies as Asset Classes Bitcoin was the first use case for the blockchain.
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