Calculating Zakat on Cryptocurrency Holdings

Description

In this lesson, we get practical about Zakat and cryptocurrency. We're covering how to calculate the charity you owe on your Cryptocurrency after holding them for one lunar year. The key is to check if your held amount hits the Nisab—the minimum wealth required to pay Zakat, based on gold or silver's current value. Calculating your Zakat is simple: if your crypto is at or above Nisab, you give away 2.5%. For traders, Zakat applies to your investment and profits. If you're just using crypto for purchases, you may not owe Zakat, but it's best to ask a scholar.