These are some of the reasons I chose cryptocurrency only on the limitations that it can be used as a medium of exchange. Where in his faith in the religious law that I profess and believe in, of course, gives confidence that will bring good for myself and my family.
As the main basis is the fulfillment of the above requirements as a medium of exchange. Limited availability funds, not unlimited, and do not cause damage.
And at this time what seems to have the characteristics and requirements still fall on bitcoincash, dash, and e-cash.
It's true that bitcoin can still be used as a medium of exchange, but transactions and fees are still a problem for me. Likewise, ethereum with its gas costs which are quite high at the moment. And there is one thing that is unacceptable especially in law as a currency for ethereum is the problem of unlimited supply.
A little information from a well-known scholar in my country who explains about crypto. He said, "So the result is that if it is used as a medium of exchange, just like paper money, it can be used as a medium of exchange. To buy, cash, you can," said Ustadz Abdul Somad.
But if it's an investment, avoid it. Don't use it for investment. Because there are 4 that are not clear.
First, the exchange rate cannot be measured. But today if the dollar, real, can be measured. Bitcoin is immeasurable,” he explained.
In addition, there are several things that make bitcoin illegal to be used as an investment instrument.
Second, there is no guarantee of consistency. There is no guarantee that he will be consistent today how many next months, "said UAS.
Third, where is it invested? If this is to be invested, we don't know where to invest it. There Ghoror, the obscurity, "he explained again.
Fourth, how long is the intrinsic value? Intrinsic is the level of the precious metal that can last. Therefore, if it is a legal transaction, it is permissible but if it is an investment, it should be avoided. That's the message of the will of the Islamic economists who gathered at the Darus Salam Islamic University," he said.
In accordance with the problem of my belief, I believe and uphold what has been taught and regulated in the religious rules that I believe in, of course. It's not a matter of other things or carrying the word religion, but life on earth for me if it's not based on religious law is the same as living in a void.
And doesn't the purpose of crypto initially match its purpose as a medium of exchange? Not investments or other things like stocks. If you are still in this type, it means you are still adhering to the old economy or the capitalist system of economists and the banking world.
Another thing that might be a fundamental addition is about China which is starting to learn and will use Islamic economics. Where Britain, Russia, and several Arab countries have used the Islamic economy. Because the goals and benefits are clear in the word no one is harmed.