Topic: What is Islamic Coin? A Muslim Community Coin 🔥 (Read 509 times)

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. 

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Muslims are not like Christians that does not support their projects. At the end of the years, you will see that this coin will have value even more than some of the altcoins in the cryptocurrency ecosystem. Yes the ecosystem is full with coins now and more are still coming. Different countries will also launched their token because the world is about to change economic system to purely digital currencies.

And the best cryptocurrency in the future is bitcoin. Bitcoin is the best not only because of it value but also because it is a decentralized coin in which authorities can not control the users or owner's funds but most of the altcoins might collapsed because of external forces and that is where Joeyp is coming from.

The name is used to create attention for this project and the developer doesn't care either its positive or negative as long as it is going to make the creator rich not the investors. The name of the coin doesn't hold any value to the project, it's just here to create the identity but only the uniqueness of the project can take it to the actual heights.

I agree that using a religious name to promote a coin, might limit it's acceptance to only investors that are in that religion. Personally I think that if a developer wants their project to attract a wider participants, then using a religious name might not be the best approach, because people that are not in that religion might not be comfortable to be a part of it.

Maybe this Islamic coin, might just be a name chosen by the developers to attract Muslims, to be a part of it, so it might not have anything to do with the Islamic faith. There are too many coins in the altcoins space, so they all have to compete for  relevance, and if these particular one in discussion can stand the test of time and gain people's trust, then it's all good.

I read an article where it was stated that participating in any form of crypto investment, gambling etc is  "Haram" forbidden how come the Islamic coin was launched for the Muslim faithful because some of them believe it's another form of ponzi scheme due to it pump and dump features, however if it developers intention is to promote the coin as a solution to some Islamic problems then I think that is a welcome development and would definitely succeed because of many Muslims crypto enthusiast who are not fanatic would adopt it and invest in it and as well promote it in an Islamic way to gain and attract more 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.

  Based on my research, this Islamic coin is new, and currently it is on an exchange where it can be traded. In addition to that, it has a trading volume that is obtained every day of around 1.2 million dollars,  which is not bad at all.

  So my only question is, why is it listed on an exchange? or because he's new? Because if I look at his statistics on Coingecko, there is nothing written so far as to how much his market capital is. Why is it? So, this is still a bit under observation to me, maybe because it's just hype at the moment. You know that this kind of situation is difficult when it's just hype and there's no development plan in the future.

https://www.coingecko.com/en/coins/islamic-coin
https://www.kucoin.com/trade/ISLM-USDT?rcode=e21sNJ

It's pretty obvious that they are targeting the Muslim community to invest in this shitcoin but only one thing pop up in my mind, seriously? It is pretty lame reason for someone to invest in a project.

From reading the others' replies it seems the project even got some liquidity too which I don't think is real and created by the developers itself to propagate this to a larger audience. Anyway good luck!

Same here. coin with too much hype tend to just end as a history. I don't know there vision about Islamic coin, but what ever it is I think it's just going to end like other altcoin. No matter how any new altcoin tend to have much fan or hype, i think it's not going to be anywhere close to etherium. Or even BNB.