Anyone doing riba stuff isn't really a Bitcoiner.
Riba and Bitcoin don’t mix — pick a side.
Discussion
Also anyone doing riba isn’t really a Muslim
Does working for fiat count as riba?
Hard question. I don't think so. And even if it did, most people have no other choice. And I don't see the fiat money receiver being involved in some form of riba, which is defined by effortless and guaranteed profit, like with interest. But Allah knows better.
But it's definitely better the less you're involved in this whole fiat system — for yourself and for society as a whole. If I have the choice, I always prefer to be paid in BTC, even if I sometimes incur losses when spending due to volatility.
I was thinking more of these wallet offerings where you borrow cash against your BTC collateral. I know 2 BTC wallets that offer that and 1 popular person who generates profits from his Bitcoin holdings in this way.
I know strike is coming out with a loan product like that. Also ledn already does something like this. I think this will be a popular way to spend your Bitcoin wealth without selling bitcoin.
Is borrowing against Bitcoin riba?? I thought riba was all debt based instruments..
Isn't that a debt with interest? Why else would they offer it if they didn’t make a profit from it?
Riba is any kind of profit that is effortless and at the same time guaranteed, meaning without risk. Lending is effortless, and a contract guarantees profit.