From my blog post:
Now, although I do advocate for Bitcoin as the strongest potential solution humanity has to escape the current monetary system, I also acknowledge that I might be wrong. Maybe Bitcoin isn’t the solution; perhaps the same people who set up the current central banking system we all use today also created Bitcoin for self-serving nefarious reasons. I’ve personally not come across any convincing arguments to substantiate this, but I’m not sure.
Why would those who benefit from the current monetary system, wherein they make decisions behind closed doors and create money at will in a centralized manner and exploit people and nations through debt and inflation, choose to create a decentralized network resembling gold? One that can be audited by ordinary individuals and whose money supply cannot be inflated? I do not know.
For example, when central banks convene meetings to discuss the increase or decrease of interest rates, which determine the levels of borrowing of fiat riba money by businesses and the public, the discussions held are not transparent to the public. The Federal Reserve in the United States, the main central bank atop this pyramid of riba, holds meetings with the Federal Open Market Committee (FOMC), but the details of what transpires are typically not immediately disclosed.
The Federal Reserve releases meeting minutes about three weeks after each FOMC gathering. However, these minutes are not verbatim transcripts of the discussions; rather, they are summaries prepared by Fed staff. Additionally, transcripts of FOMC meetings are released by the Federal Reserve with a five-year lag. These transcripts offer a more detailed record of the discussions, including the perspectives of individual participants. Nonetheless, they are not verbatim transcripts, and certain passages are redacted for reasons of ‘‘confidentiality’’.
Contrast that with Bitcoin as an open-source project. The entire source code for Bitcoin is openly available for anyone to inspect, modify, and distribute. This transparency allows developers and users to understand how the Bitcoin protocol works and ensures that there are no hidden functionalities or vulnerabilities. Development is driven by a diverse community of developers, researchers, miners, and users from around the world. Anyone can contribute to the Bitcoin codebase by proposing improvements, reporting bugs, or submitting code changes for review. Bitcoin’s development process is decentralized, meaning there is no central authority or organization that controls it.
Instead, decisions about proposed changes to the protocol are made through a consensus mechanism, where developers and stakeholders discuss and debate proposed changes until broad agreement is reached. These discussions about Bitcoin’s development take place openly on public forums, mailing lists, and developer meetings. This transparency ensures that decisions are made in the open and that the broader community can participate in the decision-making process. By being open source, Bitcoin benefits from the collective scrutiny of the global community of developers and security researchers. This helps identify and fix vulnerabilities quickly, making the Bitcoin network more secure and resilient over time.
I tend to align more with the perspective of Edward Snowden, who supports Bitcoin and sees it as an escape route from the current riba monetary system. He believes that the true intention of the elites who control the fiat system of central banks is to advocate for countries to adopt Central Bank Digital Currencies (CBDCs), essentially maintaining the same financial system but with increased government control and surveillance.
See: https://open.substack.com/pub/edwardsnowden/p/cbdcs?utm_source=share&utm_medium=android&r=67lmv
My point is that I want more Muslims, from all walks of life, both laymen and scholars, to seriously study Bitcoin. I hope that Muslims will not perceive Bitcoin merely as an investment vehicle, where one purchases it solely to sell it later for more ribawi fiat currencies. Instead, I urge them to genuinely contemplate whether Bitcoin could serve as a viable alternative monetary system, now or in the future, free from surveillance and bank control.
I reiterate that I am not sure if Bitcoin is the answer to escaping the current central bank fiat monetary system. I just suspect it has a lot of potential for the reasons mentioned above. What I am sure of is that the current riba-based monetary system is incredibly evil, and humanity must find a way to stop or escape it somehow.
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