Is Bitcoin the Future of Zakat & Sadaqa?
Muslim Bitcoiners Support Ugandan Orphanage via Lightning Network
During the last 10 nights of Ramadan, Muslim Bitcoiners donated 21,672,663 Sats or 0.2167663 Bitcoin, valued at $5,920, to an orphanage in Uganda using the Lightning Network.
They were able to transfer these funds:
Without intermediaries like banks or other financial service providers
24 hours a day, seven days a week
At a fraction of the cost of traditional money transfer methods
The fact that they were able to transfer any money to begin with is a financial miracle. Because of the way banks work internationally, it's damn near impossible to send money to and from many countries in the Global South.
You Bitcoiners have sent
(0.2167663 BTC, ca. $5,920)
to @orphansofuganda this Ramadan!
— Alp (@ghetto_muslim)
Apr 21, 2023
According to the shayatin at World Bank, 1.4 billion people globally are “unbanked”, meaning they don't have an account at a financial institution or through a mobile money provider.
But now they don't need one.
Bitcoin: the Future of Zakat and Sadaqah
We at MuslimMan™ are orangepilled Bitcoin maximalists and plan to write about it extensively. For now, this demonstration by Muslim Bitcoiners is a shot across the bow of NGOs, charities and financial institutions.
Now Muslims can give their zakat and sadaqah as if they were giving cash money in person, hand-to-hand. And we can be sure 99.99% of the money will go to the recipients rather than fund the overhead of Muslim charities.