What is Islamic Coin? A Muslim Community Coin 🔥

[Victorik]

That being said, the Islamic coin sound like a religious coin and at that it may lead to a lot of limitation for the project such as wider adoption and users,  and what the religious sentiments are about cryptocurrency projects,  just like gambling that is declared and haram in Islam,  same could happen with crypto in Islam the could be a prohibition or restriction to worshipers not the get involved in anything such as this.

The currency was created on abhorrent racist foundations, which has predicted its failure since its launch. Calling the currency religious makes it very limited and does not offer promises of success of any kind. It is not the first currency of its kind to be established according to this premise, but none of us mention anything about those currencies because they failed quickly.

The owners of these projects usually have a limited team who create the project in order to deceive people with a false illusion. On this basis, they seek to ensure that the project attains acceptable importance.

I think it is proper to go religious while creating a coin. By so doing, you are already limiting your market space because not everyone will believe in your religious ideology.

The nomenclature will drive away some very serious investors.

This is very similar to an undeclared apartheid regime but this time in the form of a currency network. It is not the first time that we have seen an example of private currencies that are in the name of a famous artist or politician, but the matter becomes more special if we choose for it a fundamentalist tendency, since sectarian and ethnic conflicts in the world are closely related to religions in general.

The Islamic religion has become associated with terrorism, as the far-right media in all Western countries want to promote. Thus, launching a currency under the name of Islam can be used later in various ways capable of causing chaos.

Well, I think they are leveraging on the strength of the Muslim communities to promote the coin to success, forgetting that not every Muslim will even embrace the idea in the first place.

I don't see the coin going very far, but I could be wrong though. Just my own opinion.

[Kavelj22]

That being said, the Islamic coin sound like a religious coin and at that it may lead to a lot of limitation for the project such as wider adoption and users,  and what the religious sentiments are about cryptocurrency projects,  just like gambling that is declared and haram in Islam,  same could happen with crypto in Islam the could be a prohibition or restriction to worshipers not the get involved in anything such as this.

The currency was created on abhorrent racist foundations, which has predicted its failure since its launch. Calling the currency religious makes it very limited and does not offer promises of success of any kind. It is not the first currency of its kind to be established according to this premise, but none of us mention anything about those currencies because they failed quickly.

The owners of these projects usually have a limited team who create the project in order to deceive people with a false illusion. On this basis, they seek to ensure that the project attains acceptable importance.

I think it is proper to go religious while creating a coin. By so doing, you are already limiting your market space because not everyone will believe in your religious ideology.

The nomenclature will drive away some very serious investors.

This is very similar to an undeclared apartheid regime but this time in the form of a currency network. It is not the first time that we have seen an example of private currencies that are in the name of a famous artist or politician, but the matter becomes more special if we choose for it a fundamentalist tendency, since sectarian and ethnic conflicts in the world are closely related to religions in general.

The Islamic religion has become associated with terrorism, as the far-right media in all Western countries want to promote. Thus, launching a currency under the name of Islam can be used later in various ways capable of causing chaos.

Well, I think they are leveraging on the strength of the Muslim communities to promote the coin to success, forgetting that not every Muslim will even embrace the idea in the first place.

I don't see the coin going very far, but I could be wrong though. Just my own opinion.

This is what makes it an initiative for a fraudulent project rather than the foundation of an integrated project concept. The Islamic group or any other religious group has never needed a unique currency. Considering Islamic societies in particular, they may be the least societies that adopt this type of currency systems (cryptocurrencies), especially since they are traditional societies that need confirmation from clerics to adopt any change.

These projects cannot succeed if they are led by ideology, especially religious ideology, not to mention that they will be a central currency that enables their founders to control and even manipulate the entire network.

[oktana]

Yes, ranked 2190th out of all 8886 active crypto coins with $0.2805 value. So I do not see any future for this coin, because altcoin market have too much coins already, and transfer fees through ETH network are high.
See more here - https://coinmarketcap.com/currencies/islamic-coin/

That is not always the case. You make a valid point that the market is already saturated and filled with too many coins/tokens already. Yes, it may cause struggle for new cryptocurrencies, but that doesn’t mean that they can’t make it and even make it better than coins that existed before them. Saturated market but if the new coin offered a feature/features that others aren’t offering, it has a mechanism that is great, the team members behind it are remarkable, etc, the coin will definitely be able to make waves because good stuff doesn’t hide for long. Most of these altcoins that fail today is because they don’t have anything unique and that means they have a lot of competition doing exactly what they are doing.

[Victorik]

That being said, the Islamic coin sound like a religious coin and at that it may lead to a lot of limitation for the project such as wider adoption and users,  and what the religious sentiments are about cryptocurrency projects,  just like gambling that is declared and haram in Islam,  same could happen with crypto in Islam the could be a prohibition or restriction to worshipers not the get involved in anything such as this.

The currency was created on abhorrent racist foundations, which has predicted its failure since its launch. Calling the currency religious makes it very limited and does not offer promises of success of any kind. It is not the first currency of its kind to be established according to this premise, but none of us mention anything about those currencies because they failed quickly.

The owners of these projects usually have a limited team who create the project in order to deceive people with a false illusion. On this basis, they seek to ensure that the project attains acceptable importance.

I think it is proper to go religious while creating a coin. By so doing, you are already limiting your market space because not everyone will believe in your religious ideology.

The nomenclature will drive away some very serious investors.

This is very similar to an undeclared apartheid regime but this time in the form of a currency network. It is not the first time that we have seen an example of private currencies that are in the name of a famous artist or politician, but the matter becomes more special if we choose for it a fundamentalist tendency, since sectarian and ethnic conflicts in the world are closely related to religions in general.

The Islamic religion has become associated with terrorism, as the far-right media in all Western countries want to promote. Thus, launching a currency under the name of Islam can be used later in various ways capable of causing chaos.

Well, I think they are leveraging on the strength of the Muslim communities to promote the coin to success, forgetting that not every Muslim will even embrace the idea in the first place.

I don't see the coin going very far, but I could be wrong though. Just my own opinion.

This is what makes it an initiative for a fraudulent project rather than the foundation of an integrated project concept. The Islamic group or any other religious group has never needed a unique currency. Considering Islamic societies in particular, they may be the least societies that adopt this type of currency systems (cryptocurrencies), especially since they are traditional societies that need confirmation from clerics to adopt any change.

These projects cannot succeed if they are led by ideology, especially religious ideology, not to mention that they will be a central currency that enables their founders to control and even manipulate the entire network.

Exactly! There's always tendency for fraud with the way they are going. Imagine they did an Airdrop, only for them to vest about 90% of the airdrop. Stuffs like this make people to lose confidence in your project, not mentioning the fact that they want.to segregate the market by creating a coin that has a religious inclination.

[mdzahed134]

I do not quite understand this project, to be honest.
What would be the appeal of this alternative coin to those who live in Islamic countries when all of them can use Bitcoin or other more established coin instead?
This is one of the problems I have seen in many alt coins, they are created with a purpose which does not exclude or represent an improvement over existing Coins.

There is no reasonable point for someone who is Muslim to avoid using Bitcoin and use Islamic coin instead. Actually, there are a lot of Muslims in this forum who actively trade and hold Bitcoin. Anyways, regardless of my opinion, I hope you can make something out this idea you have.
Good luck.

It's just a name, and it's given a name to attract a specific Muslim community,  I don't see in my research that it created any other important purposes for Muslims. So I don't think it's created to use instead of BTC, It’s not alternative coin to BTC,  And you know it’s not much popular in the market still now.

[Obim34]

There is nothing so special about this Altcoin as it will only be used by those who practices Islam religion. It is therfore not any Altcoin that can be used by every one as a person who practices another religion won't find it necessary to invest in this Altcoin and that is not good for any Altcoin who wants to make wave in the market
The Altcoin should have been based on a general term where every other religions can be willing enough to purchase even if it's founder is Islamic it won't matter but in this case where the Altcoin is based on Islamic, others won't find it necessary to invest in it.
Have it in mind that it is not possible to avoid using Bitcoin as no other altcoins can be used to replace Bitcoin, Bitcoin remains a currency for the whole world without looking at the religion.

[God bless u]

I do not quite understand this project, to be honest.
What would be the appeal of this alternative coin to those who live in Islamic countries when all of them can use Bitcoin or other more established coin instead?
This is one of the problems I have seen in many alt coins, they are created with a purpose which does not exclude or represent an improvement over existing Coins.

There is no reasonable point for someone who is Muslim to avoid using Bitcoin and use Islamic coin instead. Actually, there are a lot of Muslims in this forum who actively trade and hold Bitcoin. Anyways, regardless of my opinion, I hope you can make something out this idea you have.
Good luck.

It's just a name, and it's given a name to attract a specific Muslim community,  I don't see in my research that it created any other important purposes for Muslims. So I don't think it's created to use instead of BTC, It’s not alternative coin to BTC,  And you know it’s not much popular in the market still now.

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.

[Kavelj22]

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.

I do not understand the need to create such services under the slogan that they are Islamic when everyone can use them. I have never heard before that there are currencies that are compatible with Islamic law and not compatible with others or that are compatible with any other religious ideological orientation. Also, a question comes to my mind about the currencies that were exclusively chosen to be in these accounts called "Islamic". Who chose them and on what basis? And if it is possible to open Islamic accounts, will accounts for other religions be created in parallel? Honestly, I find this more absurd than an objective choice.

Most likely, this project wanted to adapt its products to the ideological nature of users since it targets a large segment of them. It is simple, it is enough to create a new type of account and put in it limited services and limited currencies and add to it the name "Islamic" and this will be successful because Islamic peoples are generally conservatively religious and will rush to believe it without thinking because it is not possible to verify anything on a religious basis.

[betswift]

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.

I do not understand the need to create such services under the slogan that they are Islamic when everyone can use them. I have never heard before that there are currencies that are compatible with Islamic law and not compatible with others or that are compatible with any other religious ideological orientation. Also, a question comes to my mind about the currencies that were exclusively chosen to be in these accounts called "Islamic". Who chose them and on what basis? And if it is possible to open Islamic accounts, will accounts for other religions be created in parallel? Honestly, I find this more absurd than an objective choice.

Most likely, this project wanted to adapt its products to the ideological nature of users since it targets a large segment of them. It is simple, it is enough to create a new type of account and put in it limited services and limited currencies and add to it the name "Islamic" and this will be successful because Islamic peoples are generally conservatively religious and will rush to believe it without thinking because it is not possible to verify anything on a religious basis.

Sadly, that's how it is.
If the didn't want to target the segment - they wouldn't. That was the idea behind it - rally the people with the right ideas in mind to not to read into it.

[Kavelj22]

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.

I do not understand the need to create such services under the slogan that they are Islamic when everyone can use them. I have never heard before that there are currencies that are compatible with Islamic law and not compatible with others or that are compatible with any other religious ideological orientation. Also, a question comes to my mind about the currencies that were exclusively chosen to be in these accounts called "Islamic". Who chose them and on what basis? And if it is possible to open Islamic accounts, will accounts for other religions be created in parallel? Honestly, I find this more absurd than an objective choice.

Most likely, this project wanted to adapt its products to the ideological nature of users since it targets a large segment of them. It is simple, it is enough to create a new type of account and put in it limited services and limited currencies and add to it the name "Islamic" and this will be successful because Islamic peoples are generally conservatively religious and will rush to believe it without thinking because it is not possible to verify anything on a religious basis.

Sadly, that's how it is.
If the didn't want to target the segment - they wouldn't. That was the idea behind it - rally the people with the right ideas in mind to not to read into it.

This type of offers is not based on religion but by relying on the naivety of most religious people who do not think with their minds when it comes to religion and rely on those who think in their place to guide them and who are often deceivers seeking to make a profit by selling illusions. I do not know if there are those who promote projects that claim to belong to other religions, but this is always repeated with the most widespread beliefs such as Christianity and Islam. With Islam in particular, there are always those who invent arguments based on fatwas from sheikhs on technical issues, and the fatwas of sheikhs are the source of the argument. These people benefit from the sanctity that give grant to their opinions so that anyone who opposes these opinions is an opponent of religion, that is, he opposes God himself. This reminds me of banks that claim to be Islamic even though their systems are no different from those of other commercial banks whose profits are based primarily on loan interest. The only difference is in changing the concepts, as they do not use concepts such as "surplus value" or "loans" and replace them with other concepts such as "Murabaha" (can't find the right translation in english). They are companies that literally sell illusions, and what is more unfortunate about the prevalence of these things is that governments adopt them to give them more legitimacy.

[dunfida]

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.

I do not understand the need to create such services under the slogan that they are Islamic when everyone can use them. I have never heard before that there are currencies that are compatible with Islamic law and not compatible with others or that are compatible with any other religious ideological orientation. Also, a question comes to my mind about the currencies that were exclusively chosen to be in these accounts called "Islamic". Who chose them and on what basis? And if it is possible to open Islamic accounts, will accounts for other religions be created in parallel? Honestly, I find this more absurd than an objective choice.

Most likely, this project wanted to adapt its products to the ideological nature of users since it targets a large segment of them. It is simple, it is enough to create a new type of account and put in it limited services and limited currencies and add to it the name "Islamic" and this will be successful because Islamic peoples are generally conservatively religious and will rush to believe it without thinking because it is not possible to verify anything on a religious basis.

There are possible questions that could be asked out.
-How they do able to find out if a particular investor is an Islam?
-Would this be a strict centralized coin/token?

Investors won't be caring too much about religion or other things because the main thing that comes up into their mind is on how to make profits and this will really be their main priority.Islam or any other names will really be tagged out on any project and if this one turned out to be a failure then they would be making another names and so on, until it will be possibly getting some hype.
Also, theres always that meta or trend on which projects do really follow.Try to look for example with AI narrative or RWA etc...
Name cycles usually too much in meme coin area on which you could be able to see variety of names basing up on different types or whatever the current trend would be.

If this one talks about a community coin then so be it but the question is on how they would  spread it out? What utility does it gives?There's no way that you could be able to assumpt prices basing up on intuition or just because it's been dedicated for some religions or any group on which this one isn't a solid indication.

[Lida93]

I remember seeing a thread months ago about a coin related to this religion, is it the same coin or just another one which was created following into the steps of the previous coin? But whatever is the case this is just outrageous, scammers are willing to do anything just to get one more dollar in their pockets and if this means insulting the most precious beliefs people have they are still willing to do it, so people should just avoid these coins as it should be clear as day their developers will at some point scam anyone that was willing to give them any money.

I personally don't buy the idea of developing some religious related cryptocurrency coins, aside the high chances of it not having a potential future it could also serve as a trend to scam religious bigots or extreme faithful fellows who will want to buy into the sentiment of going in to invest because it's a coin that consolidate with their religion. Don't be in shock we get to see new coins with the name Christiancoin, Buddhistcoin and the rest of them in the future.