Islamic Finance – Cryptocurrency

When it comes to cryptocurrency, Islamic community’s stand is divided. This is due to the state of confusion and an on-going debate on whether to consider cryptocurrency as legitimate form of investment or not. Even though Shariah law emphasises on the usage of physical assets for any type of economic investment, world still has mixed views on the use of cryptocurrency. Because of this, whereas some groups allow the usage of digital currency, some advises caution whereas some have totally prohibited them.


Cryptocurrency companies on the other hand are trying to make the most out of this debate and trying to sway it by coming up with a model to back the cryptocurrency using the physical assets. A company, OneGram, founded on this theory, backs 1gram of OneGram cryptocurrency with 1 gram of gold. The idea is to curb the widespread speculations.

OneGram even received the ruling in their favour from a Dubai based consulting firm stating that OneGram CRYPTOCURRENCY confirms with Islamic principles. Such kind of firms are now available in sizable numbers.


Interestingly, even though global sharia bodies have not ruled on permissibility of the usage of cryptocurrency, they don’t have any authority to implement the standards in Islamic finance. Hence, many Islamic state banks have issued warnings to their customers on the usage of bitcoins but have not imposed any sort of ban at the same time.  This whole state of confusion that arose due to the conflicting school of thoughts between financial institutions, academic schools and religious bodies has led investors to totally rely on their judgement while making investments in cryptocurrency.


The situation becomes even more complicated due to the presence of multiple cryptocurrency tokens in the market. The sharia law mostly revolves around the Bitcoins while keeping all the remaining cryptocurrency tokens under the same blanket. The problem with this approach is that it ignores the peculiar features related to mining and distribution that each cryptocurrency offers. Some believe that having a blanket rule for all of them is not appropriate, since cryptocurrency tokens are different in terms of their underlying projects, businesses and commodities.

Gridcoins CryptoCurrency

The very first cryptocurrency platform to use the computational power of blockchain is Gridcoin. Gridcoin was launched in October 2013 by Rob Halförd, a pseudonym. Since other cryptocurrenicies are plagued with the allegations of not having any practical usage apart from being traded, Gridcoin tries to earn respect by showcasing how it can be useful for scientific researches, mathematics and more.

How Gridcoin makes itself useful? Unlike other cryptocurrency, which are mined for the sole purpose of trading, Gridcoin does things differently by rewarding the miners for performing computations for BOINC. BOINC, or Berkeley Open Infrastructure for Network Computing, is an open source distributed platform which supports computations performed voluntarily. Since setting up a supercomputer for heavy computations is a financial challenge, BOINC thrives by allowing anyone in the world to offer the computation power of their personal computer. At the same time, BOINC has multiple project running. This covers medicine, mathematics, science and may more. The volunteer can choose the project of his choice to offer his share of computation power. Gridcoin awards the coins to the miners in proportion to the work they do for BOINC.

Who all can mine? – With a PC, anyone. If you have a personal computer, you can volunteer to share the computational power and be a part of the Gridcoin miners. For that, you can either go solo or in a pool with several other volunteers.

Where to Buy Gridcoins? – There are popular exchange platforms like Flyp, Bittrex bisq and other which can be used to buy Gridcoins. Point to note here is, if you go by the volume, Bittrex is the biggest platform among all that are available in the market. In addition to the point mentioned earlier where we pointed out how you can earn gridcoins by contributing to BOINC projects, you can also earn Gridcoins by ‘staking’. Consider staking as a fixed deposit where you buy and store the Gridcoins for a specific period of time. Like it happens in fixed deposit, as a reward you earn interest on the holdings, thereby increasing the number of gridcoins in your kitty.

The best place to invest your money


Money is earned when we invest our most precious resource on it. That is time.  We all want to earn some extra income from our hard earned money. We can earn money only till we can invest our time and energy for it. We are earning money today but tomorrow we may not be able to do so. This is when our investments play their part. If we invest our hard earned money in the right place today, this money will earn for us in future. If you are one of those people who want their money to earn for them and are confused about where to invest it today, cryptocurrency may be the best solution for each of your confusions.

What is Cryptocurrency?

“Cryptocurrency”, this word doesn’t need any introduction to the modern world. The peak of digital technology in recent years, has brought a new way of transaction where no real money is required. It has made a significant place in the financial markets of each and every country of the world and has attracted a lot of investors towards it worldwide.

Benefits of investing in cryptocurrency

There are hundreds of reason to invest in cryptocurrency. It has brought many advantages for the investors with it. The value of cryptocurrency is very high nowadays and those people who invested in cryptocurrency a few years ago have already multiplied their investments by twice or thrice. Cryptocurrency is extremely safe and every transaction needs the approval of a network of computers to complete. You simply need to invest your money on the right thing at the right time. Check these key things that can make your investment fruitful.

Rumours about investing in cryptocurrency

There are many rumours prevailing among people about investing in cryptocurrency. People consider that investing in cryptocurrency may be risky because they think that its value may fall rapidly in future but in the modern world, cryptocurrency is seen as global currency for the next generation and thus, a good investor, who wants his money to earn for him, will always choose the option that is worthy for the future and will definitely invest his hard earned money in this new trend of digital currency.

Best ways to earn money through Cryptocurrency


Cryptocurrency is a form of money which is available online and serves the same functionalities as that of money. Cryptocurrency can be replaced to compensate any country currency and gives the value of the services or products. Cryptocurrency is useful to buy things through online purchases. Cryptocurrency is also good to earn money and can provide excellent returns. Some of the common ways to earn money online through cryptocurrency are

  • By micro earning websites- this is a very simple yet very time consuming way of making money through cryptocurrency. These websites include bitcoin faucet, small tasks on websites, or paid to click sites
  • An EOS Airdrop is another excellent way, and highly secure mode of passive income earning which can bolster your additional income exponentially.
  • By affiliated marketing- affiliated marketing pays a particular amount of money in a form of commission for attracting or bringing referrals to an existing website related to cryptocurrency.
  • Writing about cryptocurrency- writing about cryptocurrency gives massive earning possibilities. The way of making money through cryptocurrency is highly lucrative and rewarding. It purely depends on the level of the writing piece and its subject.
  • Provides cryptocurrency services- provides support in cryptocurrency development project as software engineers, web developers, mining experts, or online marketers can help to make money through cryptocurrency.
  • By trading of cryptocurrency- this needs a deep knowledge of the market, good skills and expertise to earn money by trading. It has a potential to make huge money. Trading of the cryptocurrency gives higher returns to the trader and a single trade can pull in thousands of dollars.
  • Through cryptocurrency mining- mining of cryptocurrency can create new coins. Although, it was very simple in its early years but now it is much harder and need excellent computer hardware and electricity support.
  • By cryptocurrency lending- it can be worked out with the help of third party website. These websites help in lending cryptocurrency to other person on a particular interest rate. This gives higher profits as cryptocurrency lending gives higher interest rates.

These are some of the widely used and accessible ways of earning money through cryptocurrency. All of these methods are used by many people over the years and gives huge profits. Putting a little effort on just one method can give higher return and make more money with the help of existing money.

Evaluating an investment on cryptocurrency


The beginning of cryptocurrency investment started off by the end of the year 2009. This flew under the radar of the investors at that point of time but, after half a decade later it suddenly rose into the headlines for a great investment opportunity for everyone. This overwhelming reaction was solely because of the high returns on the investments made on Bitcoin. However, in the current time the situation has neutralised a lot. People have started to acknowledge the risk factors vested in them and new crypto currencies have started coming up. Now how do you choose the right crypto currency for investment? Read more here.

The team is important:

Make sure to look at the team who has developed the currency at the first place. This is the deciding point as intellectuals and people with good reputation would be more likely to put forward a better investment scheme for the traders and public at large.

Project essentials:

Cryptocurrency projects have goals and visions with a time frame like any other investment programme. Be very confident that the project has strong roots to its vision and they can get you good returns in the near future. You can determine this by analysing their short term goals and the long term plans.

Whitepaper has it all:

Any cryptocurrency project’s whitepaper can easily be a deciding factor for the people to invest wisely. The whitepaper has all the essentials an investor or trader would like to know about their project. You can go through the whitepaper thoroughly to get an overall idea before your investment.


The team’s coordination towards the community explains their reasoning and genuine attitude towards their investors. If you think they are handling a great job at updating the community with progress and defaults then it’s a green light for investment.

There are a lot of cryptocurrencies coming up in the current year and many more to come. Apart from the aforesaid point you can also dig in for more authentic indications about a successful investment. Make your investment at the right place.


Earning Money with Cryptocurrency


A lot of discussions have been spurred with the rise of crypto currency profit makers towards the mid of the current decade. The revenue earned by a lot of people with the investment on cryptocurrency left traders wanting for more. Even the general public wanted to invest on crypto currency because of its staggering high return. However, half way across the current decade the stories of people facing extreme losses also came out which made the people rethink their investment plans. So what is it to earn money from crypto currency? Is it safe and simple or involves risk taking and planning?

Risk involved with crypto currency investments:

Just like any other investment, the risk of getting equal or profit making returns have been translucent. Only the people who have studied the market or people with a working strategic plan get hefty returns with their investments. Similarly, crypto currency investments are no different from any other investment in the market. They carry their share of risk and needs to be fully understood before investing.

Earning online:

The scope of earning online through investments in crypto currency is pretty high and a lot of people have started doing it. There is no such particular age group who are into this since the resources attached to this process are very much available to anyone right now. The process being even simpler because of the growing number of ICOs and stage or crowd funding events. You can learn more ways to earn money online from here.

How to choose the right investment?

This question has been asked a lot of times in crowd funding events and other ICOs by the users. Being the very basics of the frequently asked questions it is first necessary to know the market and the currency you would be investing. The rest would follow up after the investment is made.

Unlike the short term and long term investments, cryptocurrency has a way of getting huge returns or hefty losses. Hence, it is highly important to consult a specialist or take time yourself to know more about the coin before investing.

What is an Altcoin and Why Should You Invest in It?


Many people believe that an Altcoin is a new cryptocurrency like Bitcoin. It is not true because an altcoin is any cryptocurrency that is introduced to fulfill a specific purpose and functionality with some unique differences with Bitcoin. It is not a Bitcoin but it can be Ethereum, Bitcoin Cash, XMR, Litecoin, Ripple, etc. You might not believe it but millions of cryptocurrency traders are investing in Altcoins. Bitcoin’s value is fluctuating and the recent downfall in Bitcoin’s price had thrilled many crypto investors. Therefore, now people are investing their money in alternative cryptocurrencies which have a great potential of success in the future.

Why should you invest in an altcoin?

Since Bitcoin is the most popular cryptocurrency in the world, a trader can face a tough competition while trading this crypto asset. As a beginner, you might find it very expensive to trade bitcoins. The altcoins are not as popular as Bitcoin. These are cost-effective crypto assets with good potential of success in the future. You will not face a big loss even if altcoins’ prices go down in the future. However, you can make a huge profit if their prices rise.

As you can check online, there are more than 1,500 altcoins and many new are about to release. These cryptocurrencies might not be popular but these assets are traded on a daily basis. Altcoin transactions can be cheaper because of bigger and more technologically advanced blockchains. Bitcoin risks are forcing businesses to adopt new crypto assets such as Ethereum and Bitcoin cash. Business organizations are accepting these altcoins because their blockchain can cope with a huge number of transactions within each minute. As the facts depict, an Ethereum blockchain processes double transactions than Bitcoin and that’s why Ethereum’s popularity is increasing with each passing day.

Even though Bitcoin is ruling the crypto industry today, it might not always be the best crypto asset. New Altcoins can replace Bitcoin and position themselves as the most profitable crypto assets in the future. Therefore, it would be a wise decision to invest in Altcoins.

Buy, Sell, Hold – What to do in the Current Crypto Markets

The title of this piece is precisely the question which is on thousands, if not hundreds of thousands of minds when it comes to both new, and even experienced investors in the crypto space. Many of these people, likely entered the market at a time when prices were certainly volatile, but in a bullish fashion. The thing about volatility is, everyone can stand it….if the overall momentum is upwards.

Unfortunately, the current movement is not headed in that direction, at least currently. So what should all of these investors, who are ultimately looking to earn money online from their investments, actually do?


Evaluate Your Portfolio

This is a vital first step to take before jumping into any type of decision as regards trading. You need to assess your holdings and their values accurately and with a clear mind. The best way to do this is through one of the informative and easy to use portfolio trackers. They will help keep you assessment as objective as it can possibly be.

Assess Current Position vs Desired Position

It is all too easy to see a bear market and adopt a negative frame of mind. It can happen to even the best of traders. The most important thing is that you take a moment to zoom out on those charts and hold your current thoughts in the context of what you were thinking when you bought in, and crucially, the price you bought in at.

Weighing this against your exit position, either short or long term, will give you a solid indication about what your next move needs to be. You may also need to take in to account the proportion of bankroll you have remaining, if any.

Take Calculated and Fearless Response

Regardless which direction you choose to move in, you have to be firm and believe in your choice. If this is to sell, then try to do so with a clear conscience and don’t look back in regret. Similarly if you choose to buy more at knocked down prices or just hold steady, you have to be regret free in your final decision.