What you mentioned is correct but it will also make people understand that bitcoin is a means to an end, not an end in itself.

Currently, everyone is too focused on how much money they will make and getting too greedy.

Letting go of some of what you have will remind that you were put on earth to build and do good and not to solely accumulate wealth.

It will be helpful for many in the coming days. Plus if done enough it will blow up the paper bitcoin schemes running.

In this case, giving up money, makes you wealthier.

Also the number 2.5% is arbitrary, 1% or less will give the same effect.

Reply to this note

Please Login to reply.

Discussion

Great point. I hope for one day that I can use BTC for zakat directly.

"لَن تَنَالُوا الْبِرَّ حَتَّىٰ تُنفِقُوا مِمَّا تُحِبُّونَ ۚ وَمَا تُنفِقُوا مِن شَيْءٍ فَإِنَّ اللَّهَ بِهِ عَلِيمٌ" آل عمران ٩٢

I think we can agree that direct contributions to مستحقي الزكاة would have more benefits to humanity than sending it to a burn address.

As for paper bitcoin, I don't see any issuer can sustain itself. It is a form of riba (creating money without risk or effort), and it will go the way of fiat. BlockFi and FTX are good evidence to that.

Even if governments use bitcoin to back fiat, people, logically at least, should prefer bitcoin. It is not like gold that it is hard to store and it is much easier to transact with. So why use fiat, if you can transact almost immediately on chain or on second layer?