Topic: "Bitcoin is Islamic" -by Economist Bruce Fenton - page 2. (Read 575 times)
I don't think a religious beliefs can go against the adoption of bitcoin since it's a currency acceptable for making payments only in digital form, i cannot say for other cryptocurrencies since some of them present investors with scam and fake realizations, but bitcoin has always served it purpose ever since Satoshi completed his research work on it and launched, bitcoin can also serve as a religion means of giving offerings, charity or any philanthropic givings inbythe name of a religion.
Everyone has their own viewpoint on bitcoin, taking bitcoin as as Islamic coin is the Bruce Fenton point of view not for all. And the adoption of bitcoin by the Gulf Region is just a prediction not yet reality.
I don't know why people are trying to link bitcoin to a particular religion. Can Bruce Fenton take his Fiat currency to be a particular religion in his country? Bitcoin is neutrality because nobody knows Satoshi, if Satoshi is anonymity bitcoin is also like that.
I don't know why people are trying to link bitcoin to a particular religion. Can Bruce Fenton take his Fiat currency to be a particular religion in his country? Bitcoin is neutrality because nobody knows Satoshi, if Satoshi is anonymity bitcoin is also like that.
"Bitcoin is Islamic "
-Says Economist Bruce Fenton
He recently said these things in a video message. He also said that Bitcoin is starting to gain acceptance in the Middle East/Gulf region, not just adoption. He claims to see 9-digit BTC investments from the Middle East/Gulf region this year.
-Says Economist Bruce Fenton
He recently said these things in a video message. He also said that Bitcoin is starting to gain acceptance in the Middle East/Gulf region, not just adoption. He claims to see 9-digit BTC investments from the Middle East/Gulf region this year.
I would not relate bitcoin to any religion because bitcoin is a currency, and all currencies are legal in every religion. The only thing that makes a currency illegal is that if you get it by illegal means, doesn't matter if it is fiat / paper currency or bitcoin digital currency.
As far as investment in bitcoin is concerned by the gulf and the middle east is concerned, if it happens believe me it will take bitcoin to a new all time high. The oil producing gulf countries are very rich and if they decide to invest in bitcoin,it will be enormous.
If I am not wrong money isn't prohibited in any religion so bitcoin itself a currency so its Islamic for sure.
While who really cares about religion when it comes to money, when you made billions you will be accepted no matter what religion you belong so as a commoner we need to realise the religions are created by us to progress humans not to keep them under control.
While who really cares about religion when it comes to money, when you made billions you will be accepted no matter what religion you belong so as a commoner we need to realise the religions are created by us to progress humans not to keep them under control.
Gambling is haram by any interpretation of the Quran so if someone were to trade Bitcoin for short term profits, it could be considered impermissible. Islamic nations aren't generally susceptible to individual liberties and I don't see that translating to financial liberty either. Bitcoin is only as Islamic as the theocrats in power want it to be because here's nothing in Islamic writings that would even begin to capture Bitcoin's compliance with Islam.
That being said, the Middle East is becoming slightly more westernized so it shouldn't come as a surprise that they're making BTC investments. I just wouldn't make the connection that it's because Bitcoin's Islamic. There is no relation.
How can this Bruce Fenton guy read the minds of the rulers of the richest "oil monarchies" in the world?
Bruce Fenton is someone who has lived in Dubai, Saudi Arabia, and also spend some time with people who are leaders from the Gulf/Middle East. According to what he said there's an increase of skepticism in fiat currency and when issues like this continue people always look for an alternative I believe we already know the alternative people will run to for safety.Does he have some insider information? Did he talk with the King of Saudi Arabia or the Emir of Qatar?
It won't be difficult for him to have insider information as Gulf/Middle EastWhat's the point for some of the richest countries in the world to adopt Bitcoin/crypto? These countries aren't undeveloped and poor like El Salvador or the Central African Republic. They can have as many USD/Euro/British pounds as they want, because they have oil.
We need to understand that it's not all the people that are from this region are super rich and if exchanges like Rain offer crypto trading across the Middle East let's ask ourselves who's their customers.This seems like another mindless bullish speculation, which isn't backed by any facts and logic. It's just wishful thinking and fantasies.
For now, we can assume it to be mindless speculation but let's wait for the Islamic finance decision. 
I don't have much information about the religions so I cannot say if something is Islamic or not, mostly the people who give ideas about what is against their religion and what is not against religion will pay attention to and research the thing they are going to judge about it, so far I see none between these people researching and talking about bitcoin because they actually mostly do not have much information and they don't know what exactly is bitcoin completely.
I get the sense Bruce Fenton just says whatever gets him the most media attention. Seems to be working for him. At best, his words are poorly phrased. If he had simply said something along the lines of "The non-debt-based nature of Bitcoin may appeal to Muslims", that would be reasonable. But instead, he opted to take that position to its extreme to sound more controversial and therefore clickbait-y.
Yeah i agree with you here. Every translation of Qur'an in many languages have made it complicated. You need to learn from the one who knows Arabic language .I have asked this question to chatGPT and he told me:
I guess like this big artificial brains over here said, only muslims can decide if bitcoin is islamic.
If the majority of the muslims say, bitcoin is islamic, then bitcoin would become islamic.
Right now I don't think that's the case but in the future, who knows?
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It is not for me to say whether or not Bitcoin is Islamic. Different scholars may have different opinions on the matter. In general, though, Islamic financial law has certain principles and guidelines that must be followed, such as the prohibition of riba (usury or interest). It is up to individual Muslims and Islamic scholars to determine whether or not Bitcoin is compliant with these principles and guidelines.
I guess like this big artificial brains over here said, only muslims can decide if bitcoin is islamic.
If the majority of the muslims say, bitcoin is islamic, then bitcoin would become islamic.
Right now I don't think that's the case but in the future, who knows?
I am a Muslim and I don't have a lot of knowledge to this, but from what i know, interest is haram. But you can trade one thing for others.
[According to Surah Al 'Imran, verses 13--132 in the Quran: "O believers, take not doubled and redoubled interest, and fear God so that you may prosper". Receiving or paying interest is deemed to be a major sin in Islam.]
As long as you take the right amount to buy sell BTC, then in Islam it's halal. Future trading is haram, but spot Buy Sell is not haram.
But there's a thing that bugs me.
If it's not a physical currency, and you trade it for something which is physical goods, then that have some issue which I have very little knowledge about.
As you said, it's up to people how they take it.
But for me as long as I can trade BTC in spot buy sell then that's ok for me.
I take future trade as betting and betting in islam is haram. So i try to stay away from that.
I get the sense Bruce Fenton just says whatever gets him the most media attention. Seems to be working for him. At best, his words are poorly phrased. If he had simply said something along the lines of "The non-debt-based nature of Bitcoin may appeal to Muslims", that would be reasonable. But instead, he opted to take that position to its extreme to sound more controversial and therefore clickbait-y.
Yeah i agree with you here. Every translation of Qur'an in many languages have made it complicated. You need to learn from the one who knows Arabic language . 
I get the sense Bruce Fenton just says whatever gets him the most media attention. Seems to be working for him. At best, his words are poorly phrased. If he had simply said something along the lines of "The non-debt-based nature of Bitcoin may appeal to Muslims", that would be reasonable. But instead, he opted to take that position to its extreme to sound more controversial and therefore clickbait-y.
There isn't a need to drag religion into this. Bitcoin just like Fiat can be use the right way and also be misused according to Islamic teachings. With fiat you could lend them with or without interest, same goes to bitcoin lending, the lenders could decide to add in interest it is now left for the lendee to reject the offer if he is on Islamic ruling. The edge bitcoin has over banking sectors is its ability to be controlled by the owner whereas in banking some actions are taken with the owners knowledge. And some of these money in banks are used for businesses that are frowned upon based on teachings of Islam. With bitcoin they have total control of it.
Otherwise bitcoin usage goes same way as the fiat just the investor has the deciding factor.
The main question has always been what is bitcoin in relation to Sharia law. If it is money, then the owners have certain obligations, for example, paying zakat if you had a certain number of coins during the year. If it's a product, then that's another matter. Otherwise bitcoin usage goes same way as the fiat just the investor has the deciding factor.
When things get entangled with religion or politics, it become messy.
Give me some examples (with religion).They are greedy for money and ambitious for power and popularity. That is why politics and religion are mixed so easily and when this happens, a false Messiah is always raisen by the nation as a savior. That is one example, idolatry.
Within it, every kinds of abuses and absurds practiced by authorities are justified in name of God and in name of a higher noble mission to save the nation from the evil forces. Citizens blind by idolatry just accept it as the only true.
Bitcoin isn't islamic, protestant, catholic, buddhist, atheist, conservative or liberal. It's simply a currency, which can be used for the good or for the bad, depending who is using it and for what. And the most important: bitcoin is for all!
There isn't a need to drag religion into this. Bitcoin just like Fiat can be use the right way and also be misused according to Islamic teachings. With fiat you could lend them with or without interest, same goes to bitcoin lending, the lenders could decide to add in interest it is now left for the lendee to reject the offer if he is on Islamic ruling. The edge bitcoin has over banking sectors is its ability to be controlled by the owner whereas in banking some actions are taken with the owners knowledge. And some of these money in banks are used for businesses that are frowned upon based on teachings of Islam. With bitcoin they have total control of it.
Otherwise bitcoin usage goes same way as the fiat just the investor has the deciding factor.
Otherwise bitcoin usage goes same way as the fiat just the investor has the deciding factor.
I wouldn't put it that way. Bitcoin can be accepted by many countries in the Gulf and the Middle East, but this has nothing to do with religion. The main reason is the lack of trust in fiat, as it is losing popularity more and more, in contrast to the trust of these countries in digital assets, investments which are becoming very popular in the Arab countries. However, bitcoin is sometimes scammed, and I wouldn't say the Quran would allow that. Therefore, I think dragging theological comparisons here is wrong.
"Bitcoin is Islamic "
-Says Economist Bruce Fenton
He recently said these things in a video message.
-Says Economist Bruce Fenton
He recently said these things in a video message.
Its an old topic which has been covered for many years.
Quote
Usury: Islam
Riba (usury) is forbidden in Islam. As such, specialized codes of banking have developed to cater to investors wishing to obey Qur'anic law. (See Islamic banking)
https://en.wikipedia.org/wiki/Usury#Islam
Riba (usury) is forbidden in Islam. As such, specialized codes of banking have developed to cater to investors wishing to obey Qur'anic law. (See Islamic banking)
https://en.wikipedia.org/wiki/Usury#Islam
The religion of islam contains teachings against usury. Which invokes trends against high interest rate banking, payment and merchant services.
The format and principles bitcoin is built upon is definitely more aligned with muslim religious ideology in contrast to fractional reserve banking and standardized financial establishment practices.
Christianity also contains similar teachings although it could be fair to say most christians are unaware of them.
In the Views of Islam,,, Bitcoin consider as Haram when it would be used as...
Gambling : Based on Islamic thinking, Bitcoin will be considered haram only when Bitcoin is used in various gambling sites. Generally, Bitcoin is widely used in most gambling fields.
High Yield APY/Interest%: Currently, various exchanges, websites offer high interest rates, which have been declared completely haram in Islam. Staking, High APY, interest% etc are completely Haram. But in these cases Bitcoin offers higher interest rates. If the interest free offer is only fully halal in Islam.
Illegal Activities : If illegal activities such as anti-social activities, smuggling, contraband transactions, drug dealing, money laundering, and international smuggling are done through Bitcoin, then Bitcoin will be declared haram in the eyes of Islam.
Apart from the actions mentioned above, if Bitcoin is earned and spent honestly for the benefit of people, i.e. for livelihood, then only Bitcoin will be considered halal in the eyes of Islam.
Gambling : Based on Islamic thinking, Bitcoin will be considered haram only when Bitcoin is used in various gambling sites. Generally, Bitcoin is widely used in most gambling fields.
High Yield APY/Interest%: Currently, various exchanges, websites offer high interest rates, which have been declared completely haram in Islam. Staking, High APY, interest% etc are completely Haram. But in these cases Bitcoin offers higher interest rates. If the interest free offer is only fully halal in Islam.
Illegal Activities : If illegal activities such as anti-social activities, smuggling, contraband transactions, drug dealing, money laundering, and international smuggling are done through Bitcoin, then Bitcoin will be declared haram in the eyes of Islam.
Apart from the actions mentioned above, if Bitcoin is earned and spent honestly for the benefit of people, i.e. for livelihood, then only Bitcoin will be considered halal in the eyes of Islam.
I remember an article declaring Bitcoin halal. That's something I understand, as it basically allows Muslims to use it. -snip-
If we look at the studies of scholars and sheikhs, all of them still claim that Bitcoin and other cryptocurrencies are haram, even fiat. But they also said, when you can't fight back and have no choice but to use it, then the law becomes permissible.I don't know Islam very well....
As far as I know, in the tradition of Islam it is forbidden to lend money. From this point of view, it is likely that some of the popular financial instruments in the DeFi ecosystem do not follow the Islamic tradition.
However, Bitcoin is a deflationary virtual currency that does not contain algorithms built into the code that allow you to lend coins at interest. From this point of view, Bitcoin can probably be approved by representatives of traditional Islam.
Large-scale investments in Bitcoin by oil sheiks can greatly increase the price of the first cryptocurrency.
I remember an article declaring Bitcoin halal. That's something I understand, as it basically allows Muslims to use it. Bitcoin being Islamic, however, sounds as if there's something specifically Muslim to it, which isn't true. It's like appropriation of Bitcoin by one religion. I am happy that Muslims can use Bitcoin and that it doesn't go against their laws, but people of other faiths and atheists can use it just as well.
In my personal view, trading Bitcoin is simply the buying and selling of a digital asset, which almost everyone in the world does. The difference is that people buy and hold Bitcoin while they wait for the price to increase by two or even three or four times the purchase price, which is just as normal as the profit or gain we experience when buying and selling other goods. Bitcoin is authorized and lawful.
Saudi Prince Al-Waleed: Bitcoin Is 'Going to Implode'
https://www.coindesk.com/markets/2017/10/23/saudi-prince-al-waleed-bitcoin-is-going-to-implode/
A senior member of the Saudi royal family struck a critical tone about bitcoin during a media appearance today.
*today: it was back in 2017
https://www.coindesk.com/markets/2017/10/23/saudi-prince-al-waleed-bitcoin-is-going-to-implode/
A senior member of the Saudi royal family struck a critical tone about bitcoin during a media appearance today.
*today: it was back in 2017
I remember an article declaring Bitcoin halal. That's something I understand, as it basically allows Muslims to use it. Bitcoin being Islamic, however, sounds as if there's something specifically Muslim to it, which isn't true. It's like appropriation of Bitcoin by one religion. I am happy that Muslims can use Bitcoin and that it doesn't go against their laws, but people of other faiths and atheists can use it just as well.
"Bitcoin is Islamic "
-Says Economist Bruce Fenton
-Says Economist Bruce Fenton
1. How about we let Muslims decide what's Islamic and what not
2. How about we stop mixing Bitcoin and religion
3. After a failed carrier strat as a politician probably it's not the best time to talk about international stuff that's way beyond your current capabilities
So who knows, maybe this time, to be able to push the price again we need the billionaires of those Arab countries to be able to see bitcoin at least $100k.
It's a bit ironic that we need the so-called old finance billionaires to rise bitcoin value, a few more steps and we're going to see cheers on Rothschild, Soros, and Buffet investing in Bitcoin.
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