Accounting general ledger example
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Exchange sites like MtGox trade Bitcoin like Kitco trades gold at a market driven price. So, why chart some barker and reject others? This is an archived post. First, is it a precious metal or a food? Gold exists in creation, but it has no utility until it is mined and made into a useful form. Your job is to make sure they only hear static. We barker about chart security, and how to store bitcoin barker. I will not give Zakat on precious metals with paper money, which means I had to find a Zakat eligible charity that would accept precious metals.
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Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. No referral links in submissions. Further, we have records of Muhammad SAW applying the rules associated with money to these commodities, but not to other goods, like livestock, which were not used as money. In later generations Muslims accepted some foreign coins, while rejecting others, and used other commodities in regions where the original six were uncommon.
Rice in Indonesia, and sugar in Cuba for example. So, why accept some coins and reject others? Why use some commodities, and not others? Imran Hosein identifies six traits common to all of these that amount to a definition of money in Islam.
I actually want to dispute the first trait. It may be that those commodities were used because they best fulfilled the other five traits. In explaining the first requirement he writes:. They then go on to declare that there is no prohibition to printing paper for use as money and then assigning any value to the paper.
Whoever attempts to assume the divine prerogative by creating wealth out of paper, or arbitrarily assigning to grains of sand a value quite different from their natural value, would be guilty of Shirk Idolatry. His objection to sand and paper is not that they are not metal or food, but that they have no intrinsic value. When describing intrinsic value, natural value, and God given value, which he uses interchangeably, his test is that the value is determined by supply and demand, and not artificially assigned by central planners.
It seems to me, if a commodity is not metal nor food, but fulfills the other five traits it would make perfectly good money. For example, the Rai stones of Micronesia, the Wampum beads used by some Native Americans, or beaver pelts used as currency in pre-Revolutionary America.
Bitcoin is a digital currency that is circulated within a world-wide peer-to-peer network. The network contains a public ledger of all transactions called the Blockchain , and private balances associated with user created accounts.
While processing transactions Bitcoin minors attempt to solve a difficult math problem. When the solution is discovered a new block is created in the Blockchain and the minor is rewarded with new Bitcoins, which they distribute into circulation by transacting with other users. Each public transaction has a corresponding private key so only the recipient can make the next transaction. Transactions are broadcast to the network, recorded in the ledger, and a new key is created giving the recipient effective ownership of the Bitcoin even though the information technically exists on every computer in the network.
The result is that Bitcoins can be exchanged freely by anyone in the network, even through national sanctions. This can be done without any central bank or government. It can be done from anywhere in the world that has access to the network. And it can potentially be done anonymously. Second, is it of abundant supply and freely available?
Anyone can become a Bitcoin miner simply by devoting the necessary computer processes, or they can acquire Bitcoin by exchanging some other currency for it, or accepting it as payment. Third, is it durable? If you save your Bitcoins on a flash drive and hide it under your mattress for 20 years the data will still be intact. Fourth, does it have intrinsic value?
People ask me what Bitcoin is backed by. What is gold backed by? The answer is the same. There is no central planner proclaiming that Bitcoin is valuable. Whatever reason people value Bitcoin, it is for characteristics inherent to its design, not outside it.
Fifth, does it exist in creation, and is it made valuable by God? The test for this, according to Imran Hosein, is that the price is determined by supply and demand, and not arbitrarily by a central planner. Bitcoin has no face value. I think of it like this. It requires human work and design to unlock its value. Similarly, solutions to math problems exist in creation, maybe not materially, but they are discovered not invented.
The economic laws that govern price fluctuations reflect a God given value, even if the form of the Bitcoin program, like a coin, is of human design. By Davi Barker of drupal7. BitcoinAll If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core.