Bitcoin people earn in different ways and there are many different ways to earn. If you have earned money through the avenues like Grambling section gambling casino then it will be illegal income according to Islam. But if you collect from him more than you lend by fiat, it will be illegal.
But we whose earn cryptocurrency by working from bitcoin forum it is legit. Because we are not affiliated with any gambling or casino that is why it is legitimate earnings. However, I believe that if there is profit or loss, such activities can be called legitimate according to Islam, such as trading, investing, holding, etc.
Topic: "Bitcoin is Islamic" -by Economist Bruce Fenton - page 3. (Read 559 times)
If I am not wrong money isn't prohibited in any religion so bitcoin itself a currency so its Islamic for sure.
It's not the money that is prohibited, it's the way you use the money and how you have earned it. Islamic nations invest just like everyone else and they use fiat like all other people. What is not acceptable is to profit from interest. If you borrow 1 BTC from a Muslim who respects those principles, he isn't allowed to request that you pay him back 1.1 BTC. You give back what you borrowed with no interest. 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.
Since when are religions guided by progress, development, freedom, or even peace? You do what you are told and what is written in the holy books with no complaints. Independent minds are neither desirable nor welcome in religious circles. They undermine their positions of power and control. Ricky Gervais made a good tweet about religion a long time ago. He said:
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I see Atheists are fighting and killing each other again, over who doesn't believe in any God the most. Oh, no..wait.. that never happens."
https://twitter.com/rickygervais/status/247246481185202177?lang=en 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?
When things get entangled with religion or politics, it become messy. I hope to separate financial system with religion and politics. Let Bitcoin be Bitcoin and do its natural function. It was created not because of any religion but because it wanted to solve financial problem specifically transaction when dealing with financial institution. As far as I know, it wasn't created because of any religious principle.
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.
Both fiat and Bitcoin can be Islamic depending on the usage of these currencies. If you give someone a loan using Bitcoin and you ask for interest, then you have committed riba according to Islamic laws. But if someone gives an interest-free loan in fiat, this is not against Islamic laws.
There are some allegations that the Middle East is gradually becoming a cryptocurrency because many highly profiled citizens are under sanctions because of their connections to human rights violations or terrorist financing. Hence, to invade these sanctions, they are opening their economy to crypto. There are also speculations that the close relationship between Russia and some middle east nations is not just for political reasons but economical ones. It is assumed that cryptocurrency is one of the tools sanctioned Russians are using to dodge this punishment. And since Russia has been disconnected from SWIFT, Gulf nations are now middlemen or intermediaries for these cryptocurrency transactions.
There are some allegations that the Middle East is gradually becoming a cryptocurrency because many highly profiled citizens are under sanctions because of their connections to human rights violations or terrorist financing. Hence, to invade these sanctions, they are opening their economy to crypto. There are also speculations that the close relationship between Russia and some middle east nations is not just for political reasons but economical ones. It is assumed that cryptocurrency is one of the tools sanctioned Russians are using to dodge this punishment. And since Russia has been disconnected from SWIFT, Gulf nations are now middlemen or intermediaries for these cryptocurrency transactions.
I don't advocate for mixing up Bitcoin with religion, and trying to use the Quran to support bitcoin falls within that radar.
Heavy investments from the middle East and Islamic regions from both the government and individuals would surely push the market upwards and increase adoption, as would investments from any other country and region.
I didn't quite clearly hear or read what would drive such investments from the islamic region from the speaker, seems more like an optimistic approach.
Heavy investments from the middle East and Islamic regions from both the government and individuals would surely push the market upwards and increase adoption, as would investments from any other country and region.
I didn't quite clearly hear or read what would drive such investments from the islamic region from the speaker, seems more like an optimistic approach.
I guess everyone is really looking for some reason why bitcoin will go on six digits or even higher in the next couple of years or at least the next bitcoin bull run.
I remember myself what could be the triggering point when we are not yet on the bull in 2022, and so I read it the money could come from government and it did, from El Salvador and then we have some entity like Elon and Michael Saylor to push the price to $69k.
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.
I remember myself what could be the triggering point when we are not yet on the bull in 2022, and so I read it the money could come from government and it did, from El Salvador and then we have some entity like Elon and Michael Saylor to push the price to $69k.
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.
How can this Bruce Fenton guy read the minds of the rulers of the richest "oil monarchies" in the world?
Does he have some insider information? Did he talk with the King of Saudi Arabia or the Emir of Qatar?
What'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.
This seems like another mindless bullish speculation, which isn't backed by any facts and logic. It's just wishful thinking and fantasies.
Does he have some insider information? Did he talk with the King of Saudi Arabia or the Emir of Qatar?
What'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.
This seems like another mindless bullish speculation, which isn't backed by any facts and logic. It's just wishful thinking and fantasies.
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?
Quote
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?
"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.
He added that the growing skepticism surrounding fiat in the Gulf region is showing interest in investing in BTC and the number of investors is increasing day by day. He mentioned several Islamic countries including United Arab Emirates, Bahrain, Qatar, Oman, Saudi Arabia as Bitcoin investment regions.
Source:https://cryptonews.net/17381325/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared
-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.
He added that the growing skepticism surrounding fiat in the Gulf region is showing interest in investing in BTC and the number of investors is increasing day by day. He mentioned several Islamic countries including United Arab Emirates, Bahrain, Qatar, Oman, Saudi Arabia as Bitcoin investment regions.
Source:https://cryptonews.net/17381325/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared
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