Islamic Coin, a Fact or a Delusion for Hype.

[Aanuoluwatofunmi]

Coming across this new introduction of a religious coin toss developed to a category set of people under tye same religious practice in Islam, is was gathered that they there have been moves to launch an Islamic currency that could be used by the religious body believers to serve as a cryptocurrency with much of ease to invest and trust upon as a reliable crypto, please find the link attached below for more information.
 https://twitter.com/Islamic_Coin/status/1603453208571133980?t=gLS0dkjWsovkxdfk10QWLQ&s=19

But my perception that cause this FOMO is under these few questions I'd like to ask.

1. Will this be acceptable by non Islamic users to also participate in using it as as a currency?

2. Do you think this crypto falling under a religious covering will get all it takes to have the people's interest both Muslim and non Muslim?

3. How reliable could this be from other shitcoins that are found to cease from existence after a fake project launch, isn't this just a title used to ensure people got persuaded under a religion?

4. Is cryptocurrency allowed under the Islamic law?

[Wiwo]

Coming across this new introduction of a religious coin toss developed to a category set of people under tye same religious practice in Islam, is was gathered that they there have been moves to launch an Islamic currency that could be used by the religious body believers to serve as a cryptocurrency with much of ease to invest and trust upon as a reliable crypto, please find the link attached below for more information.
 https://twitter.com/Islamic_Coin/status/1603453208571133980?t=gLS0dkjWsovkxdfk10QWLQ&s=19

The thing is most of this altcoins will be based on centralized network and at that there is always risk of over control from the top coin holders who may want to control the pattern the coin will follow, most especially ow that the coin belong to a religious body as perceived. But am also very sure that the name Islamic coin may not have any relation with any believe or set of people but just a random name for a new coin.

But my perception that cause this FOMO is under these few questions I'd like to ask.

1. Will this be acceptable by non Islamic users to also participate in using it as as a currency?

2. Do you think this crypto falling under a religious covering will get all it takes to have the people's interest both Muslim and non Muslim?

3. How reliable could this be from other shitcoins that are found to cease from existence after a fake project launch, isn't this just a title used to ensure people got persuaded under a religion?

4. Is cryptocurrency allowed under the Islamic law?

The fact that the coin is bearing Islamic as a code name it doesn't mean it must follow all Islamic laws which is not achievable using blockchain, and as long as the coin get listed on the exchange everyone will have access to it, the purpose for coin development is to be used as medium of payment and exchange for goods and services.! Crypto coin cant be restricted to only a few segment of people.

[zasad@]

4. Is cryptocurrency allowed under the Islamic law?

If a cryptocurrency is a means of payment in other countries, then this does not contradict Sharia law. Bitcoin is already allowed in many Islamic countries.
I followed similar projects, but didn't see much success.
https://bitcointalk.org/index.php?topic=5386468
More questions arise for various DeFi projects, which need to be dealt with in detail.

[ryzaadit]

I most the time, avoided any kind of these coin.

Using: People, Instituion, Colour, Animal, Religions Token. Why? because most the time is just using that name for buzzword and should be avoided. Never take or trading any kind of this token.

Beware !

[tvplus006]

It remains unclear to me how Islamic Coins will comply with the ethical norms of Sharia, as indicated on the official website of the coin? And in this case, what will be the difference between Islamic Coins from such coins as bitcoin and Ethereum from the point of view of Sharia?

[o48o]

1. Will this be acceptable by non Islamic users to also participate in using it as as a currency?

I think the proper question is, would this be acceptable even by Islamic users as a currency?
The audacity to assume that religion needs their cryptocurrency and islam parctisioners would choose them is just mind boggling.

If the video from their tiwtter accoint that man says that islamic coin is giving back to islamic community by donating 10% of mined coins will be donated to Evergreen Dell, and in their telegram there's a pinned message where they are warning about mining scam, that they never had or will never have mining. So i guess that's enough for me.

[uneng]

Islam has many different strands inside itself. What one of those strands create or endorse, the another ones don't follow and even condemn. Besides that, just because someone created a cryptocurrency and told it's an "Islamic Coin", it doesn't mean every religious people will see this as legit, because even a non-believer can create a crypto and call it Islamic to generate hype and revenue for himself, just for financial purposes.

Bitcoin and other cryptocurrencies work because they aren't meant to a single religion, group or niche of society. It's for everyone, doesn't matter from where they are and on what they believe. So I think you should have that in mind when choosing where to invest your money in crypto universe. There is no reason for FOMO due to the crypto you mentioned. Investors aren't missing anything, to say the truth.

[Ojima-ojo]

I most the time, avoided any kind of these coin.

Using: People, Instituion, Colour, Animal, Religions Token. Why? because most the time is just using that name for buzzword and should be avoided. Never take or trading any kind of this token.

Beware !

Yeah investors should stay away from source coins as their may lack dirct link to the institution or religious they claimed to represent, this could possibly be anotger pump abd dump scheme fron teams that have failed in several other projects.

Members of tge public should ve warn against this and try to avoid or remain skeptical about source projects, I dont know why I have strong feelings about this project right from the name, I perceive some kind of impersonation here since no religious body has made any attempt to adopt crylrocurrency talk more of developing their coin.

[abel1337]

I most the time, avoided any kind of these coin.

Using: People, Instituion, Colour, Animal, Religions Token. Why? because most the time is just using that name for buzzword and should be avoided. Never take or trading any kind of this token.

Beware !

Same as meme coins, This kind of token is not susceptible of growth that product focus projects has. Being on long term and short term, I also don't want to get involved in this kind of token especially this religious tokens and other controversial tokens. There's that one day there will be a post that it isn't recognized by the religion and of course the value will go down instantly. It's not kind of a token that we all want to have in our portfolio. It's not even a hype having this kind of religious coins.

[Strongkored]

It seems that it will depend on the perspective of Muslims react to it.
Looking at the tweets on Islamic coin's Twitter, it can be seen that they have a good concept, including making this coin free from riba, but the question is whether this coin will only be used as a means of payment with a definite value and also traded because many Muslims themselves still consider trading as something that is forbidden because it is similar to gambling.
I will avoid coins like this because they are just trying to make the project look legit because it uses the name of religion, and whether non-Muslims will use this coin really depends on whether it will be profitable for them or not.

[Silberman]

I most the time, avoided any kind of these coin.

Using: People, Instituion, Colour, Animal, Religions Token. Why? because most the time is just using that name for buzzword and should be avoided. Never take or trading any kind of this token.

Beware !

This, they are trying to take advantage of the religious beliefs of some people, something we have seen before as I remember there was a Jesuscoin back in the day when icos were still popular, and while it does not surprise me, at the same time I cannot help to wonder if there is something the scammers are not willing to use in order to get a few dollars? And unsurprisingly it seems they do not have any kind of limit when it comes to the strings they are willing to pull so they can scam people.

[TravelMug]

This is a bit controversial, or shall I say hype about this coin. For sure the name itself will attract more attention, but it doesn't mean though that Muslims are going to support it, in the first place we don't know if crypto is against their religion because I see a lot of argument against and for it.

So for me this is just hype and probably the people behind knows this and so they wlll take advantage of it.

And then a occasional pump and dump scheme to bring money to them and the victim is those on the downline or newbies who thought that they can simply made money here easy.

[Yaunfitda]

Yeah, as others mentioned, we should avoid this kind of project at all cost. And if I'm not mistaken, we haven't seen any successful crypto that bear the name of Islam or any religion for that matter. Maybe we are too smart and knows what the inner workings of it behind, or it didn't sell to their followers.

So easy P&D for them, and hopefully no one will fall for this trick as this has been rehearsed many times, hopefully this is the case.

And for the people behind this project, they should be assumed of themselves.

[noorman0]

-snip-
1. ....
2. ....
3. ....

Coins brought from certain organizations are not a problem to invest as long as you first understand the economic concepts offered and some research aspects of new crypto standards in general. Actually there are several Islamic financial systems that are widely implemented by many non-Muslim services around the world (as an example).

-snip-
4. Is cryptocurrency allowed under the Islamic law?

I've commented on this here.

[ethereumhunter]

It is a delusion for Hype because, with so many projects that can achieve success from crypto, it triggers many developers to launch their projects to attract investors. You have to be careful with such trends because they only use your money without thinking about the project running for the future. If I were you, I would pay no attention to such projects and stay focused on bitcoin. In addition, we have seen how such projects eventually fail and cause losses to investors. And unfortunately, it's like the investors never learn from their experiences or the experiences of others.

[vv181]

The gist of their mission is to enable seamless transactions and interaction while supporting innovation and philanthropy. Let's think about that in essence, if they truly comprehend what is the meaning of it, it is very unlikely that they will incorporate any religion at all.

It is rather a submissive attempt at the usual classic cryptocurrency scam and shitcoin, the difference is they incorporate a belief. Those sets of your questions are ignoring the fact about to reason whether this kind of project should exist at all.

[passwordnow]

It can be delusional hype since I know that there are a lot of Muslims worldwide and if provided that this won't be against their law, it's going to be bought by many of them.
But just IMO, I'm trying to avoid projects like this and won't be investing in them because of how tough the market is right now and such projects that exist bearing a name of a religion, I don't just find it really well at all.
And if the main target and focus is about being accepted even by non-Muslim users then it's better to just merge and get along with the most popular crypto and that's bitcoin.

[mdzahed134]

This is a bit controversial, or shall I say hype about this coin. For sure the name itself will attract more attention, but it doesn't mean though that Muslims are going to support it, in the first place we don't know if crypto is against their religion because I see a lot of argument against and for it.

Yeah, i agreed with your points, absolutely it’s spreading a hype by the name of ISLAMIC coin, most probably so many people’s will go to jump to invest for this name, but still i don’t know what's the real use cases of that coin, there are no reason to support to see this name only.

[Ndabagi01]

Coming across this new introduction of a religious coin toss developed to a category set of people under tye same religious practice in Islam, is was gathered that they there have been moves to launch an Islamic currency that could be used by the religious body believers to serve as a cryptocurrency with much of ease to invest and trust upon as a reliable crypto

Islam have being known to greatly frown against lies and deceit in order to get people’s interest and attention for one’s personal good. Since the name Islam is attached to the coin, it will be easier to get most people interested in the coin and buy it, but can they protect the trust people will have for them for it being a reliable coin? Cryptocurrency is volatile and even the master bitcoin also abide by the rules of the market. Can an altcoin survive this rule too because most altcoin exit and fail in the market over time.

4. Is cryptocurrency allowed under the Islamic law?

I don’t think Islam have prohibited the use of cryptocurrency, so it is allowed to invest in cryptocurrency according to Islamic law.

[Jackl87]

Coming across this new introduction of a religious coin toss developed to a category set of people under tye same religious practice in Islam, is was gathered that they there have been moves to launch an Islamic currency that could be used by the religious body believers to serve as a cryptocurrency with much of ease to invest and trust upon as a reliable crypto, please find the link attached below for more information.

I have not looked to much into that coin but my first guess would be that it does not really offer something special or unique to islamic people. I think, that this is just another crypto "project" that tries to create some attention by using a name that everyone knows. This have happened a lot of times before but most of such projects were just stupid meme-coins that did not really offer anything except a catchy name.
If you name your project Islamic Coin then you probably do this because there are 1,8 Billion Muslims in the world and as far as i know the Islam is the fastest growing religion in the world. So they are targeting one of the biggest customers base in the world.