Topic: Bitcoin is forbidden for Muslims - page 3. (Read 1249 times)
Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
Im so sorry about that, for me its a huge loss to their part cause this currency serves as one of the major factor why people nowadays are earning, and even though Bitcoin was categorize as gambling I think they can still be able to used it on investments, this is such a blessing we should not speculates wrong ideas regarding this.
Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
If you call Bitcoin is gambling and Muslim people are forbidden what about currencies, they also serves the same volatile market as like Bitcoin. We cannot call Bitcoin as gambling due to the price fluctuation, we can put all the trade market, share market can currency conversion on daily basis as gambling too. Even the oil prices are fluctuation in this matter.
According to the paper “Bitcoin in Islamic Banking and Finance” by Charles W. Evans,
“The relationship between a distributed, autonomous Blockchain management systems (BMS) like Bitcoin—also referred to as a 'virtual currency'—and Islamic Banking and Finance (IBF). It shows that a BMS can conform with the prohibition of riba (usury)—as Bitcoin does—and incorporate the principles of maslaha (social benefits of positive externalities) and mutual risk-sharing (as opposed to risk-shifting). With regard to maslaha, the world's unbanked number in the billions and represent the majority of the world's adults.”
What is more Bitcoin may be more Halal than modern fiat money. Matthew (Blossom Finance, a fintech startup based in Indonesia.) puts it quite clearly as he remarks, “Bitcoin is more halal than any currency in wide circulation today but probably still falls short of the strict and narrow definition of money in Islam. Modern sovereign currencies are based on debt with usury - this is strictly prohibited in Islam. Therefore, all modern money is not halal. Bitcoin, on the other hand, is not based on debt - it's based on a proof of work - and this is at least not haram (impermissible).”
“The relationship between a distributed, autonomous Blockchain management systems (BMS) like Bitcoin—also referred to as a 'virtual currency'—and Islamic Banking and Finance (IBF). It shows that a BMS can conform with the prohibition of riba (usury)—as Bitcoin does—and incorporate the principles of maslaha (social benefits of positive externalities) and mutual risk-sharing (as opposed to risk-shifting). With regard to maslaha, the world's unbanked number in the billions and represent the majority of the world's adults.”
What is more Bitcoin may be more Halal than modern fiat money. Matthew (Blossom Finance, a fintech startup based in Indonesia.) puts it quite clearly as he remarks, “Bitcoin is more halal than any currency in wide circulation today but probably still falls short of the strict and narrow definition of money in Islam. Modern sovereign currencies are based on debt with usury - this is strictly prohibited in Islam. Therefore, all modern money is not halal. Bitcoin, on the other hand, is not based on debt - it's based on a proof of work - and this is at least not haram (impermissible).”
Bull shit. Bitcoin is not haram. Nor does the OP know anything about Islamic law. I have plenty of friends in the middle east who use bitcoin all the time. Loans are forbidden, gambling is forbidden, but not bitcoin. By the way, Christians who use loans are dammed to hell. But who gives a f#@< about 2000 year old superstition? That's bible law, not mine.
Is it serious? that faith is strange. and then there's this. although this is expected of them, it is the first faith that openly asks for people to be killed for Allah's sake. God forgive me!
I, as a Muslim, do not think that Bitcoin is not gambling but it is a digital currency of decentralized assets. indeed I live in Indonesia many of the issues that say 'fatwa' is that Bitcoin is gambling. but I firmly adhere to that Bitcoin is investing for the future with its advanced technology.
Why would you say so? The muslim religion forbids gambling but bitcoin is not gambling
Imam says "The Shareef don't like it" - Bitcoin is Haram. Some moron does a 'research paper' to prove it is OK. But he ain't no Imam. Bitcoin still Haram.
Just chickens to laugh. How does bitcoin refer to Muslims? You have to be a prude that would weave religion to the digital currency.
Why would you say so? The muslim religion forbids gambling but bitcoin is not gambling, it is investing and making profit off of your money that you invested into the market.
Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
If you call Bitcoin is gambling and Muslim people are forbidden what about currencies, they also serves the same volatile market as like Bitcoin. We cannot call Bitcoin as gambling due to the price fluctuation, we can put all the trade market, share market can currency conversion on daily basis as gambling too. Even the oil prices are fluctuation in this matter.
Investment and gambling are two very different things - Muslims should understand this. You can use your money for INvestment to gambling - same with Bitcoin.
as far as I participated in the new bitcointalk I first heard bitcoin forbidden to Muslims. because I do not think it has anything to do with bitcoin with Muslims. because bitcoin is not like gambling. I think no religion is forbidden to use bitcoin and technology. like I am a Muslim and my friends are also mostly muslim. so in my opinion there is nothing to do with bitcoin that is forbidden to Muslims.
Regarding bitcoins, I don’t see any kind of bad image for which they say it is not legal for the Muslims or any religious nation. But I think every religious country has banned bitcoins and they are not making any move for their citizens to even deal with them. Better is to review this decision because there is nothing bad in this currency against which they just have made such restrictions. Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
Actually i dont believe,that this bitcoins is forbidden to our brothers muslim to participate this kind of cryptocurrency investment,because as far as i know ,that many of asian country,that mostly 90% living,there religion is muslim or islam but they join this kind of trading investment,even in the country of india mostly 3/4 of there population is muslim,but they still participating in doing bitcoin,because like us they also want to pursue and achieve there dreams by the help of digital currency system.
This post really explains A lot, I really think there are no religion that are forbidden to use such technology and bitcoin itself like you have said I have known many muslim friends that are really engaging and some wants to really learn how to earn in bitcoin, And I think bitcoin is a gap mender between other religions and as long as you are not doing the wrong thing and not because of the traditions involve in a religion I really think it is not really forbidden.
You are right.I do not think so. Bitcoin is open for all communities. As far as I know, Bitcoin has been recognized in many countries. Most of those people are Muslims. Besides, 95 percent of Muslims who are involved in Bitcoin in my country. Bitcoin is a new technology which is managed by the internet. And the internet is for all the people. There are no community restrictions. Many of the people who are growing in number of Bitcoin are increasingly being Muslim. I am also a Muslim. I'm working here too. And the people around me who are interested in learning are Muslims. So it can be said that people of all religions can work in Bitcoin.
Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
I think, bitcoin is much different with gambling. Understanding gambling: there is a party which is aggrieved and there are parties who benefit simultaneously. Are there any of the perpetrators of the bitcoin benefitting and who feel aggrieved at the same time? I don't think so.
Muslims do not ban Bitcoin and Cryptocurrency, but Muslims forbid gambling. that's why every project runs in the sparse gambling area of the Muslims who follow it, because in the religion of Islam gambling is a sin, because it can harm others. then I want to ask here, is Bitcoin and Cryptocurrency included Gambling ?! if in my opinion the answer is NO !.
I don't get it why there is something like this that forbids the other religion to get into bitcoin because there is no bad thing about bitcoin and there is no biblical thing that forbids them to use bitcoin because if there is one existing then a lot of people use it to protest to ban bitcoin or to just stop it but until now, bitcoin is still alive and kicking and it doesn't deserve to be forbidden to other people.
Under current regulations or what they call 'fatwa', even though bitcoin is considered the currency of the future and part of technological development, bitcoin cannot be separated from one of the elements that can make it forbidden to use. The element is uncertainty. Bitcoin is considered to have this element because the price is so volatile that people like gambling when buying and selling bitcoins, and gambling was forbidden for muslims. how do you think about this?
I hope that bitcoin is not forbidden for our muslim brothers and sisters becs. Bitcoin is not gambling. It is better to let everyone involved in bitcoin so that everyone can have profit also.
it is controversial if certain religions are often disputed with stock markets, fluctuations, even conventional banks, but they turn a blind eye if the current price of currency is clearly determined by global market fluctuations, the value can not be made individually and constantly changing following the volume flow. In this case the bitcoin fluctuation rate is greater than anything else, but this coin is not a gambling medium and can still be refined in regulation, they must be open to innovation technology or will be abandoned by globalization.
Everything in life has a certain level of uncertainty,even leaving your house everyday is a gamble because many people leave their house daily and dont return safely,does that mean living is a gamble? That is something to really ponder.
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