Bean Cash
Crypto Overview
Overview
Bean Cash (BITB) is a decentralized cryptocurrency that was created in 2015 as a fork of BlackCoin. The project aims to provide a fast, secure, and energy-efficient digital payment system.
Purpose and Utility
The primary intended use of Bean Cash is as a medium of exchange for digital payments. The project utilizes a Proof of Stake consensus mechanism which is designed to be more energy-efficient than Proof of Work systems.
Business Model and Operations
Bean Cash operates on a decentralized network where users can transfer value peer-to-peer. The project does not involve any inherently haram activities such as interest-based lending or gambling. The staking mechanism used for network security complies with Islamic principles as it involves actual asset ownership and network participation.
Development and Adoption
While Bean Cash has maintained basic functionality since its inception, current development activity appears minimal based on public repository activity. The cryptocurrency has limited adoption, primarily used for trading on a small number of exchanges.
Token Distribution
Bean Cash had a fair launch with no pre-mine or ICO, meaning there was no initial token allocation to founders or early investors. The supply grows through staking rewards distributed to network participants who help secure the network.
Crypto Impact
To assign a comfort level investing in Bean Cash from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Bean Cash.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.