Name : Bitcoin (BTC)
BTC Price : $65,018.58300 +1.16%
Consensus Mechanism : Proof of Work
Volume: 32,762,571,049
Market Cap: 1,280,226,427,965
Shariah Judgement
As of now, the projects provided by Bitcoin appear to be in accordance with Shariah principles.
Shariah Status : Yes
Last Screening: Q3 2023
Legitimacy:
Project:
Token:
Reward:
Yes
Legitimacy
Shariah
People
Legitimacy Analysis
| Details | Status | |
|---|---|---|
| Whitepaper | Bitcoin provided a whitepaper and other detailed documents containing clear information about its projects. | Passed |
| Project | Bitcoin's project is considered legitimate due to its robust technology, secure protocol, and extensive distributed computing network, with vulnerabilities primarily stemming from user error. | Passed |
Additional Information : Bitcoin is currently listed as digital assets up for trading on Recognized Market Operators approved by the Securities Commission of Malaysia to operate a Digital Asset Exchange.
Shariah Analysis
| Project/Products | Use Case | Status |
|---|---|---|
| Cryptocurrency | The first implementation of the concept of cryptocurrency. | Passed |
| Consensus Network | Enables a new payment system and a completely digital currency. | Passed |
| Openly Published Protocol | The Bitcoin protocol and software are openly published, allowing developers worldwide to review and modify the code. | Passed |
| Public Ledger (Blockchain) | Transactions are recorded in a public ledger called the blockchain, allowing verification and control of transactions by users. | Passed |
| Use Case | Status |
|---|---|
| Bitcoin can be used for online transactions, enabling secure and direct payments for various goods and services. | Passed |
| Bitcoin is accepted as a payment method in physical stores, allowing users to make purchases using their digital wallets. | Passed |
| Bitcoins possess characteristics of money (durability, portability, fungibility, scarcity, divisibility, and recognizability) based on mathematical properties, making them a legitimate form of currency. | Passed |
| As a decentralized digital currency, Bitcoin can act as a store of value, similar to traditional assets like gold and silver. | Passed |
| Bitcoin allows for borderless transactions, facilitating international payments without the need for currency conversions. | Passed |
| System | Status | Interpretation |
|---|---|---|
| Transaction Fees | Passed | Bitcoin miners earn transaction fees paid by users for faster transaction processing. These fees are voluntarily included by users to prioritize their transactions on the network. |
People Analysis
| Details | Status | |
|---|---|---|
| Team | The Bitcoin team originally consisted of Satoshi Nakamoto and Martti Malmi, who registered and owned the Bitcoin.org domain. After Nakamoto's departure, ownership was distributed to other individuals outside the core development team to ensure decentralization and prevent centralized control over the Bitcoin project. | Passed |
Strong
Strong
Strong
Strong
Weak
Weak
Strong
69982.88
68765.73
67679.98
66462.83
65377.08
73083.5
67548.59
57085.37
54522.4
51733.24
Overview
Bitcoin is a decentralized peer-to-peer digital payment system, known as the first cryptocurrency. It operates on a consensus network, enabling secure and transparent transactions without the need for central authorities. The blockchain ledger records all transactions, giving users full control over their funds. Bitcoin's open-source nature allows anyone to review and modify the protocol. While not anonymous, it offers acceptable privacy and can be used for various payments, resembling virtual credit cards and online banking systems.
Whitepaper & Documents
COMMENTS
2 Comments
Solomon Girma
5 months agoBIUS
0
0
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M.Anas
9 months agoAlhamdulillah,Clear explaination
3
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