Topic: Bitcoin is permissable in Islam. (Read 893 times)
Nice to hear that bitcoin is consider it halal. I can only benefit bitcoin and also I think it is the right decision. Bitcoin can be used for non halal things for sure, but you can also use a rock or a knife to kill somebody and still the rock itself is not "bad" itself. So since bitcoin if for sure not advertising bad stuff, I like this point of view, even if I m not muslim.
For Muslims across the Islamic world, the question arises as to whether crypto payment platforms are deemed to be halal or haram in the eyes of Allah and in accordance with Shariah principles, and whether as a currency it prevents money laundering.
I was also sceptical of the money laundering aspect, but I can assure anyone that money laundering is everywhere, even with fiat. So, it should not be a basis to reject a project as good as crypto. However, I have Muslim friends dealing with it, so it might be about what they believe.One of the defining aspects of cryptocurrency is that there is no central authority such as a Government that authorises it or records it.
This is the main reason I adopt it, and will always keep me increasing my dealing and stakes in it. The only people that should be concerned are the ones using it for illegality.A comprehensive Islamic law interpretation, one that sparked a massive rise in Muslim investment in Bitcoin and Ethereum in 2018, was provided by Sharia advisor Mufti Muhammad Abu-Bakar (former advisor to Blossom Finance) who looked at the question of is cryptocurrency halal as a money supply. He argued that Bitcoin is permissible under Islamic principles.
I believe this person is more exposed.Islamic banking laws are also anti-interest so the technology, pricing, and buying and selling of cryptocurrency money is deemed halal by many Islamic scholars who rely on the teachings of Prophet Muhammad PBUH when seeking guidance about permissibility (ultimately, only Allah knows best).
You have said it all, "only Allah knows best. Yet, cryptocurrency is a non-interest investment as I'm concerned, you only gain or lose if you hold it (investment). This is just like buying shares/stocks in any company, Islamic banks are doing this, so why not crypto? Who is paying the crypto interest? I believe it's about what you use your crypto for. 
This means nothing. If Islamic people are in a country that prohibits the use of Bitcoin, there is no way. If they are in a country that allows Bitcoin, they will still use Bitcoin.
How can a country that forbids the use of Bitcoin know who is using it if they are not using exchanges that require KYC, which may expose their personal information and lead to their arrest, as the case may be? However, it has nothing to do with religion because everyone has the right to buy whatever they want.Quote
"According to Isl, no one is allowed to make money through any illegal activities, or lending interest is not allowed. Gambling or money earned from gambling is also holy in Islam."
Bitcoin is not an illegal way to make money, and it is not prohibited in Islam because it differs little from traditional marketing of goods, which was referred to as trading in the past. I see it as simply purchasing assets and holding them for an extended period of time, which I believe is legal. 
Bitcoin actually is possibly the most Islamic form of money. No interest, no empty backing of the value, and equal share of risk 
We're assuming all religions are moral, but I believe some are not. Either that or morals have changed. Some might say the modern immoral way of getting wealthy is also a religious way of life led by bankers and politicians If you try to be moral, you fail their game.
There have been 4200 religions lived on this earth, religions can be our radar for morality, and spirituality.. apart from that our guiding principle should be well being of our family and society, in a moral way. So I guess pretty yes, you should go for bitcoin till you are earning it legitimately.
We're assuming all religions are moral, but I believe some are not. Either that or morals have changed. Some might say the modern immoral way of getting wealthy is also a religious way of life led by bankers and politicians
If you try to be moral, you fail their game.
This means nothing. If Islamic people are in a country that prohibits the use of Bitcoin, there is no way. If they are in a country that allows Bitcoin, they will still use Bitcoin.
"According to Isl, no one is allowed to make money through any illegal activities, or lending interest is not allowed. Gambling or money earned from gambling is also holy in Islam."
"According to Isl, no one is allowed to make money through any illegal activities, or lending interest is not allowed. Gambling or money earned from gambling is also holy in Islam."
I think yes because many people are using bitcoin as there job now feeding there families and other stuffs.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
I don’t find till where bitcoin permissible or not permissible. But i think, Muslim countries are different rules. But bitcoin is decentralization crypto currency It's not like gambling or casino. Many countries payment system bitcoin pay now and many countries government accepted bitcoin. And i don’t find also where Islam said about bitcoin negativity.
But expert shows that it is halal [legal] because it belongs to the property or asset when it comes to haram [illegal] when there is an object of buying and selling which is not allowed on their culture. I am not in that religion but I think everyone is free to use bitcoin and that is permissible, the thing that is prohibited to them when they are involved in trading is a sort of gambling to them.
I belong to a Muslim country and i can tell you that bitcoin is Halal. There is nothing in bitcoin that can make it Haram in Islam.
However, when it comes to trading bitcoin and altcoins, then Muslims should know that Future trading is not allowed in Islam and only Spot trading is allowed. Unfortunately, almost everyone is involved in future trading which directly deals with interest, but no one thinks in this sense. Anyways we can make a separate discussion topic on that if anyone needs to know in detail the reasons for this halal and haram concept in trading.
I think yes because many people are using bitcoin as there job now feeding there families and other stuffs.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
I don’t find till where bitcoin permissible or not permissible. But i think, Muslim countries are different rules. But bitcoin is decentralization crypto currency It's not like gambling or casino. Many countries payment system bitcoin pay now and many countries government accepted bitcoin. And i don’t find also where Islam said about bitcoin negativity.
But expert shows that it is halal [legal] because it belongs to the property or asset when it comes to haram [illegal] when there is an object of buying and selling which is not allowed on their culture. I am not in that religion but I think everyone is free to use bitcoin and that is permissible, the thing that is prohibited to them when they are involved in trading is a sort of gambling to them.
It's interesting to note that Bitcoin ideals actually do not violate any moral codes hence should be permitted by the national laws, as laws are not suppose to prevent people from using or doing what is right or good for them as long as the right/good things are not abused. .
List of Bitcoin Ideals: Decentralization, Transparency, Immutability, Privacy/anonymity, , Public Consensus, Proof of Work(don't trust but verify work done before rewarding the worker in trustless condition), fair-rules, Trustlessness/Permissionless (just like in nature, Bitcoin require little to no Trust/Permission from people before it can be used), Deflation rather than debasing people's currency value via inflation, etc.
Unfortunately, altcoins like ethereum which has adopted a very corrupt consensus mechanism like proof of stake has become immoral hence should not be legalized or permitted. Anyone who does it is on its own.
List of Bitcoin Ideals: Decentralization, Transparency, Immutability, Privacy/anonymity, , Public Consensus, Proof of Work(don't trust but verify work done before rewarding the worker in trustless condition), fair-rules, Trustlessness/Permissionless (just like in nature, Bitcoin require little to no Trust/Permission from people before it can be used), Deflation rather than debasing people's currency value via inflation, etc.
Unfortunately, altcoins like ethereum which has adopted a very corrupt consensus mechanism like proof of stake has become immoral hence should not be legalized or permitted. Anyone who does it is on its own.
I think yes because many people are using bitcoin as there job now feeding there families and other stuffs.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
I don’t find till where bitcoin permissible or not permissible. But i think, Muslim countries are different rules. But bitcoin is decentralization crypto currency It's not like gambling or casino. Many countries payment system bitcoin pay now and many countries government accepted bitcoin. And i don’t find also where Islam said about bitcoin negativity.
I think investing in bitcoin is permissible as long as there is understanding of the risks and what is being bought, I don’t think there should be a green light for Muslims to invest in all cryptocurrencies. Personally, after talking with a friend about proof of work, I decided to sell all of my proof of work coins. And I don’t really regard them as halal, or legal, according to Islamic law. But neither is fiat currency, and yet we are forced by circumstances to use it. If I had to pick and choose using a fiat currency or a proof of work digital currency, I’m sure there is less harm and more benefit to a Proof of Work currency.
I think yes because many people are using bitcoin as there job now feeding there families and other stuffs.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
And bitcoin isn't like gambling, betting etc
There's nothing dat is prohibited in bitcoin so I believe bitcoin is permissible.
I don’t find till where bitcoin permissible or not permissible. But i think, Muslim countries are different rules. But bitcoin is decentralization crypto currency It's not like gambling or casino. Many countries payment system bitcoin pay now and many countries government accepted bitcoin. And i don’t find also where Islam said about bitcoin negativity.
although I'm not a religious expert but I think Islam will have no problem with bitcoin,
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
Bitcoin is money, so if dollars and pounds are legal in Islam, then of course bitcoin and cryptocurrencies should be legal in Islam too.
Do you know any religion that bans bitcoin or consider it wrong? I don't think so. It is governments that ban crypto and it should not be mixed with religions.
although I'm not a religious expert but I think Islam will have no problem with bitcoin,
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
Bitcoin is money, so if dollars and pounds are legal in Islam, then of course bitcoin and cryptocurrencies should be legal in Islam too.
Do you know any religion that bans bitcoin or consider it wrong? I don't think so. It is governments that ban crypto and it should not be mixed with religions.
There have been 4200 religions lived on this earth, religions can be our radar for morality, and spirituality.. apart from that our guiding principle should be well being of our family and society, in a moral way. So I guess pretty yes, you should go for bitcoin till you are earning it legitimately.
Agreed, and in some stance it is upto the user. Different people used to give different briefing based on the religious book, but we don't know which interpretation has got the real meaning. End of the day every religious book preach about love and how to give love. As said when it is all about morals and we're not against it, using bitcoin is right. 
Actually Islam does not prohibit the use of anything useful, including Bitcoin. Islam only prohibits actions that harm oneself and others.
Fiat money is something that can be used according to Islamic law, in other words, it is halal. However, fiat money also becomes haram if it is used or obtained in the wrong way, such as gambling, selling intoxicating drinks, and others similar to it. If Bitcoin is used or obtained from gambling, then the law is also haram, just like fiat money. So, why do Islamic countries, or Muslims use Bitcoin? Because in Islam it is not haram. And Islam does not view Bitcoin as something negative.
There will be some opinions stating that bitcoin is allowed or not in Islam, because every perspective has a different view. There are some scholars who argue that bitcoin is halal and permissible but with some conditions and there are also scholars who forbid it because it causes some losses. Regarding the legality of the use of cryptocurrencies and the law of their use in business transactions according to Islamic law, there are still pros and cons (khilafiyah) among economists and scholars.Fiat money is something that can be used according to Islamic law, in other words, it is halal. However, fiat money also becomes haram if it is used or obtained in the wrong way, such as gambling, selling intoxicating drinks, and others similar to it. If Bitcoin is used or obtained from gambling, then the law is also haram, just like fiat money. So, why do Islamic countries, or Muslims use Bitcoin? Because in Islam it is not haram. And Islam does not view Bitcoin as something negative.
And in essence, there are still many pros and cons and it is not absolutely illegal or haram to say. Those who like bitcoin, use it for positive things, of course, it will not bother others or themselves. As long as it doesn't hurt anyone, it won't be a problem.
The islamic countries have negative viewpoints on it and maybe consider it as gambling as it's strictly prohibited in their religion but they are not putting a direct ban on it's usage and you can still see people trading in crypto over these Muslim countries.
There might be some who differentiate on the basis of Halal or Haram but it depends on our actual usage like you are the one who will decide how to use it sp come does it end up in bad situation? It's another form of money only and you can't deny the fact.
Actually Islam does not prohibit the use of anything useful, including Bitcoin. Islam only prohibits actions that harm oneself and others.There might be some who differentiate on the basis of Halal or Haram but it depends on our actual usage like you are the one who will decide how to use it sp come does it end up in bad situation? It's another form of money only and you can't deny the fact.
Fiat money is something that can be used according to Islamic law, in other words it is halal. However, fiat money also becomes haram if it is used or obtained in the wrong way, such as gambling, selling intoxicating drinks, and others similar to it. If Bitcoin is used or obtained from gambling, then the law is also haram, just like fiat money. So, why do Islamic countries, or Muslims use Bitcoin? Because in Islam it is not haram. And Islam does not view Bitcoin as something negative.
we do aim for dealing on whats good and whats bad.Lets just respect if Islam does have this kind of beliefs then so be it.
Whether bitcoin is permissable or not then its their own choice whether these people would be following into their religion or would totally be that going opposite.
So it does depend on someone because not all people would really be that following on what their Religion told them to do so.
The islamic countries have negative viewpoints on it and maybe consider it as gambling as it's strictly prohibited in their religion but they are not putting a direct ban on it's usage and you can still see people trading in crypto over these Muslim countries.
There might be some who differentiate on the basis of Halal or Haram but it depends on our actual usage like you are the one who will decide how to use it sp come does it end up in bad situation? It's another form of money only and you can't deny the fact.
Actually Islam does not prohibit the use of anything useful, including Bitcoin. Islam only prohibits actions that harm oneself and others.There might be some who differentiate on the basis of Halal or Haram but it depends on our actual usage like you are the one who will decide how to use it sp come does it end up in bad situation? It's another form of money only and you can't deny the fact.
Fiat money is something that can be used according to Islamic law, in other words it is halal. However, fiat money also becomes haram if it is used or obtained in the wrong way, such as gambling, selling intoxicating drinks, and others similar to it. If Bitcoin is used or obtained from gambling, then the law is also haram, just like fiat money. So, why do Islamic countries, or Muslims use Bitcoin? Because in Islam it is not haram. And Islam does not view Bitcoin as something negative.
although I'm not a religious expert but I think Islam will have no problem with bitcoin,
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
It's simple to comprehend this, many Muslims today are crypto trader because they seem bitcoin as a means of raising fund. Because it's not written in scripture that this set religious group are for Bitcoin and it never be enshrined in any way, provided that they have consider Fiat currency as a valuable currency, it's applicable with cryptocurrency, i believe that cryptocurrency has no segregation in value, it's a choice of government to adopt and legalize in a particular domain. because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
although I'm not a religious expert but I think Islam will have no problem with bitcoin,
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
because many Muslims consider Bitcoin to be the same as fiat money, and in my opinion Bitcoin is not halal and haram but what goods are purchased, if Bitcoin is made to buy liquor, which is clearly forbidden by Muslims then liquor is haram not Bitcoin
Bitcoin is money, so if dollars and pounds are legal in Islam, then of course bitcoin and cryptocurrencies should be legal in Islam too.
Do you know any religion that bans bitcoin or consider it wrong? I don't think so. It is governments that ban crypto and it should not be mixed with religions.
I may not discuss the perception of the proposition or anything related to a religion because indeed I have no capacity in that regard but what I do know is that bitcoin is something that I think is good and can be used as a part that I think can make my life changed.
On the other hand I live in an area where the spread of Muslims here can be said to be the majority but there are several other religions among my neighbors and they are currently in the same unit in Crypto.
As long as some Religions don't prohibit this, as long as the government still doesn't prohibit this then I think that's enough.
On the other hand I live in an area where the spread of Muslims here can be said to be the majority but there are several other religions among my neighbors and they are currently in the same unit in Crypto.
As long as some Religions don't prohibit this, as long as the government still doesn't prohibit this then I think that's enough.
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