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.

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[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.