4 Types of Cryptocurrencies and Which Suits a Muslim

Cryptocurrencies (Bitcoin, etc.)

Bitcoin is the most famous decentralized digital currency with a fixed supply of 21 million. Muslims find issues with riba and gharar, as it has no physical backing or intrinsic value. Some deem it halal, but most scholars are cautious due to volatility.

Stablecoins (e.g., USDC)

Stablecoins like USDC are pegged to real assets (USD). They reduce gharar and align with the principle that the seller owns the asset. Transparency is key. USDC is audited and verifiable on BaseScan.

Gold-Backed Tokens

These are linked to physical gold stored in vaults. They are considered halal-friendly due to tangible backing, but still carry price fluctuations. Some prefer them over fiat-pegged stablecoins.

Governance & Utility Tokens

Used for voting or accessing services on DeFi platforms. They involve high gharar and speculation, resembling gambling. Typically not halal unless tied to a real asset or service.

How Qist Applies That

Qist uses only USDC (stablecoin), compliant with seller-owns-asset and no riba. The smart contract on BaseScan is open. The seller receives full payment upfront; buyer pays installments with no interest. Surplus is refunded; 2% fee covers the platform.