I forgot to mention, Zakaat is only given once a year. You can pick the day you want to give it and just do it from that day you meet until you don’t meet the threshold again (12 months period). Or you can begin it from the day you’re obligated to give Zakaat. Also Muslims don’t follow the Georgian Calendar, we follow the Hijri Calendar which is based on the Lunar Cycle, so the Moon rather than Solar being the Sun (which is the Georgian Calendar).
Discussion
How many days in an Islamic year based on the following statement? How many years have you been down the religious rabbit hole? Also… is BTC allowed in your religion because of interest? #bitcoin
Lunar calendar is roughly 11 days shorter than Solar year.
I would say properly for around 7 years, but I started to question stuff 14 years ago and slowly learn bits and bobs. Always asking questions to what’s important to me in my life to see if Islam effects it or not.
What interest in BTC? BTC is PoW not PoS, you need to get that .ETH ENS out of your mind hahah
So Interest is completely prohibited and there are difference of opinions on “Crypto” but Memecoins are haram as it’s gambling and no utility. Basically a casino.
But yeah what interest on BTC? I’m intrigued as have I been losing out or something HODLing all these years where you know a hack to accumulate more faster!
How do Islam people get around the whole interest issue?
Here in SA they buy exotic cars and they sell at a profit which is interest but apparently that’s fine..
Do you ever have guests on your podcast?
It’s prohibited meaning doing it is a major sin, that doesn’t stop people from sinning of course.
What is SA? South Africa? And buying and selling isn’t interest, interest is where I sell you X for X amount and then say you pay me back Y amount and every year dependant on how I feel I increase Y amount as it’s a variable rate. That’s unfair on the person who bought product Y for Y initial price. Obviously I’m super simplifying it - I’m out in London at the moment so I may respond late.
I am happy to have podcasts, but I haven’t had any yet, I don’t know what I’d discuss with someone else as my streams I just provide data and news, if it wasn’t Bitcoin and Web3 based I would stream on my other channel JBINZALA Philosophy as that’s more off topic and life related