The popularity of cryptocurrencies in Indonesia has been increasing in the last year. Currently, there are many cryptocurrencies being traded. The types also vary according to their function. However, there are exceptions for some of these cryptocurrencies. The MUI allows crypto to be traded as a commodity or asset that meets the requirements as a sil'ah and has an underlying and has clear benefits. Therefore, you also have to be observant in choosing which cryptocurrencies have been registered and which are fake.
1. Bitcoins (BTC)
BTC aka Bitcoin is the first and most popular cryptocurrency in the world. Created in 2009, BTC is stored and traded over the internet using the Bitcoin Blockchain, a distributed digital ledger.
For your information, there are currently 18.3 million BTC in circulation with 12.5 new bitcoins being created every 10 minutes. The supply of BTC quantity was limited to 21 million BTC from the time it was created. Due to the limited supply, the price of BTC has jumped by 2300% from January 2015 to January 2020 prompting many people to invest in BTC.
ETH aka Ethereum is a cryptocurrency launched in 2015. Ethereum is one of the most popular programmable blockchains. Developers around the world are using the Ethereum blockchain to create new crypto decentralized applications (such as the Rupiah Token).
The Ethereum blockchain itself has a native digital currency called Ether (ETH). Just as a car needs fuel, ETH is needed as "gas" to run programs or applications on the Ethereum blockchain.
3. Polka Dot (DOT)
Polkadot is a blockchain protocol that can link a variety of other different blockchains. With Polkadot, users can carry out transactions such as sending data and assets between two different blockchains.
The DOT token serves as a governance and bonding token on the Polkadot protocol. DOT token holders can participate and vote for proposed changes to the protocol and create parachains by bonding DOT tokens.
4. Binance (BNB)
BNB is a cryptocurrency created by Binance, one of the largest crypto exchanges in the world. BNB runs on Binance Chain, a blockchain that Binance created to support decentralized (wallet-to-wallet) crypto exchanges. Within the Binance ecosystem, users can use BNB to receive discounted trading fees and other benefits.
5. Solana (SOL)
Launched in 2020 by the Solana Foundation, Solana is an open source blockchain. The Solana protocol was created to facilitate the creation of decentralized crypto applications. SOL is the native digital currency of the Solana blockchain.
Chainlink declares itself as a blockchain-based oracle that offers solutions to bridge blockchain technology with off-chain technology.
Oracle itself is an entity that connects real-world data with a decentralized system and provides opportunities for blockchain technology to interact with data in the outside world so that in a nutshell, Chainlink is a network provider of information supply from the outside world to the blockchain system.