HALAL Screening Cryptocurrency
Is Bitcoin SV Halal?
Complete Shariah Compliance Screening of Bitcoin SV to determine if it is a Halal or Haram cryptocurrency
Legitimacy Screening
What is Bitcoin SV
BSV, or Bitcoin SV, is a type of cryptocurrency that was created as a result of a split from Bitcoin Cash in 2018. Its main goal is to restore the original vision of Bitcoin as a digital cash system, allowing for fast and low-cost transactions. BSV aims to scale up to handle a massive number of transactions, making it suitable for everyday use, like buying coffee or paying for services online.
What makes BSV unique is its focus on stability and scalability. Unlike some other cryptocurrencies that can be quite volatile, BSV is designed to maintain a steady value over time. It also allows for larger block sizes, which means it can process more transactions at once compared to its predecessors. This makes it an attractive option for businesses and developers looking to build applications on a reliable and efficient blockchain.
Transparent and Credible Team
The team includes figures such as Craig Wright, who claims to be Satoshi Nakamoto, and Jimmy Nguyen. However, Wright's controversial claim and the lack of broad community support raise concerns about team credibility.
Score: 55
Clear Use Case or Purpose
Bitcoin SV aims to restore the original Bitcoin protocol as described in Satoshi Nakamoto’s whitepaper, focusing on scaling and low transaction fees. This demonstrates a clear use case, although its actual adoption and impact are debated.
Score: 70
Absence of Fraudulent Behavior
Bitcoin SV has undergone a security audit by Trail of Bits, which revealed vulnerabilities that were subsequently fixed. There are also concerns about the delisting of BSV from major exchanges due to security concerns and Wright's claims.
Score: 65
Ethical Practices
The project is working towards regulatory compliance and has implemented security enhancements. However, the controversies surrounding Craig Wright and the delisting from major exchanges raise ethical concerns.
Score: 60
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Bitcoin SV Halal Project Screening
- Are the project’s purpose and operation Shariah Compliant.
- Does the project operate ethically and transparently, without harm to society.
- Does the project promote positive societal or environmental outcomes.
Bitcoin SV Financial Screening
- Does the revenue involve Riba (interest), Gharar (excessive uncertainty), or Haram activities.
- What red flags are hidden within the projects finances and are within permissible limits.
- Types of revenue generation activities and the percentage that may be Riba or interest based.
- Audits from reliable sources
Bitcoin SV Token Screening
- Is the Token governance fair and ethical?
- Are profit-sharing mechanisms (e.g., staking rewards, dividends) compliant with Islamic Finance?
- Does the token’s design, or unlock schedule raise unethical concerns?
- Halal underlying asset, and free from impermissible elements
Is Staking Bitcoin SV Halal?
- Are the staking operation aligned with Shariah-compliant structures.
- Does the staking avoid Gharar (excessive uncertainty) and Maysir (gambling)?
Bitcoin SV Shariah Compliance Score
- Total Shariah Compliance Score out of 100
- 27 different components researched
- More comprehensive than any other platform