I’m not sure with the Muslim law but does it mean you guys don’t hold as well since it can also be considered as staking over time though profit is not guaranteed when you just hold?
By holding in wallet, you don't get any surplus tokesn. So it is allowed
You're understanding staking in the wrong way. Staking isn't about lending your crypto and earning interest from it. You only have to put your crypto that supports staking into your wallet without doing anything. It's like mining where you only need to hold your coins and that will be the one to validate transactions and confirm them for other people.
(
https://academy.binance.com/en/articles/what-is-staking)
You give your coins to validators who pay you for that. Similar to you give your money to Banks and they pay you interest.
You're understanding staking in the wrong way. Staking isn't about lending your crypto and earning interest from it. You only have to put your crypto that supports staking into your wallet without doing anything. It's like mining where you only need to hold your coins and that will be the one to validate transactions and confirm them for other people.
(
https://academy.binance.com/en/articles/what-is-staking)
I was actually surprised that the OP is also a hero member himself. I mean why are you even here if you are not already engaged in cryptocurrency activities despite your religious inclinations? You are a hero member which means you have been here for a long time. Unless what I am thinking is correct, you should actually encouraging people your fellow Muslims to uplift their lives by investing and participating in cryptocurrency. The previous fella, has explained staking very well so I should assume that you should understood it completely by now. Each and every person is entitled to their opinion, but in a decentralized society you have no power over other person's decisions in crypto.
I am also surprised that like most people here, you also didn't understand my post properly. I didn't say crypto is Haram in Islam. I said not to stake. Though one can buy and sell any crypto because that's a different think then staking them.
Learn more as a hero member and it's a big shame for you because you didn't even know the difference between staking and lending.
Staking means you are staking your coin to help the network just like miners, miners being replaced with the stakers that will earn the reward from the fees collected by the network. Lending is a different service.
People have their own decision.
Staking may not works just like lending but both pays you interest.
Before you want to jump in cryptospace, you may need to think cryptocurrency is speculative. Muslim law are prohibited of any kind speculation things.
Muslims should stay away from speculation but that doetmakes crypto prohibited.
Similar one can buy, sell and hold any coins, just do not stake them.
Staking in crypto is like interest in Fiat.
You lend (stake) your crypto and get reward (interest) for it.
I suggest all my Muslim brother to stay away from this new kind usury.
So no muslims are investing in stocks and getting their dividends and there is no muslim country allowing the people to buy the stocks of their oil companies and paying dividends?
Stupidity to the core.
Please first learn the difference between dividend and interest before calling someone stupid.
As a muslim I have to give a counterreply.
The idea of staking is in my opinion much better because the even if it is a lesser evil, it is a lesser evil which nullifies the greater evil and that is big banks.
So in order to clarify this, I believe that PoS will eventually give less fundings to big banks who do use the money for things like usury and even other non religious but immoral things like bribing, corruption and so forth. The more decentralised our funds get, the better for everyone and that even includes muslims.
I am not against decentralization. If I am not liking one feature of something don't imply I am against whole as well
Now thirdly, why is this a wrong thing to post? Because you are not a scholar, and why that matters is due to the fact that this issue is very new, so saying its haram or halal is actually haram because there is barely any Ijma (Consensus) among islamic scholar on crypto, because the issue is so modern.
In the absense of
ijma can we do
Ijtihaad?.
That is my Ijtihaad.
https://islamqa.org/hanafi/daruliftaa-birmingham/136838[/url]
And they conclude that investing in bitcoin and profiting from it is halal, but that they should be very wary of the currency because at the time of the article, crypto was not yet a independently and legally accepted currency, and it still is not to some extent. The reason for that is because Islamic laws dictates that there needs to be inherent accepted value to a currency in order to prevent scams and such things, which is totally fair and actually what any reasonable mind would think.
Man again I am not against crypto and am aware of those rulings.
