Topic: Bitcoin is permissable in Islam. - page 3. (Read 959 times)
Islam does not prohibit someone from owning Bitcoin and the law is not in the Koran, unless someone uses it to gamble, sell people, buy alcohol, or lend bitcoins to people who need it, in order to make a profit, or what is called usury, it's actually simple if we compare it with real money sometimes it is also often used for extravagance, so back again it all depends on the person's use, if you use it wrong then it will be forbidden in Islam, but if it is used for charity or donating to an orphan then it will be a blessing for that person...
I've just recently watched wonderful Oxford debates of Islam vs Atheism, and I got the feeling that Islam is quite open to science, to technologies. While it's conservative in certain areas, IT is probably not among them because, given that there was no IT in the times of Quran, there are no restrictions on it either. I am happy that Islamic scholars investigated this matter and clarified that it's permissible to use cryptocurrencies. While I'm far from Islam, there are more than two billion Muslims worldwide, so it's a sort of decision and opinion that affects a huge number of people in the world.
The use of bitcoin in Islam if used for transactions is allowed, such as Fiat currency transactions. When people who use bitcoin for other things that lead to negative things, are not allowed. Case examples such as loan interest from conventional banks. That is clearly not allowed. Why? the length of the explanation.
You seem to know the answer why it is prohibited.
You seem to know the answer why it is prohibited.
I don't think the explanation is that long and let's just say it is "usury" and usury is something that is clearly forbidden in Islam so that until now there have been very many Islamic scholars who have issued fatwas on this matter and one of them is what the scholars say , both Salaf scholars (four schools) and contemporary scholars, all agree on the prohibition of usury. Even scholars who allow bank interest also forbid usury. (See: Al-Mabsut chapter 14 page 36, Al-Syarh al-Kabir chapter 3 page 226, Nihayatul Muhtaj chapter 4 page 230, Al-Mughni chapter 4 page 240, Al-Tafsir al-Wasit chapter 1 page 513). Source
Bitcoin in general is a digital currency that can only be used when there is internet and it is absolutely not wrong if Islamic people want to use it in good places and also for positive things. As in the example of donating Bitcoin to flood-stricken Pakistanis through organizations that know Bitcoin and how to cash it into fiat money.
Op. based on some of the posts that I quote, you can conclude that Bitcoin is permissible in Islam or not.
I hope you can lock this thread soon to maintain the peace of the religious community and prevent posts like this from happening.
Depending on usage. Bitcoin is legal if used as a medium of trade. For instance, utilizing Bitcoin for cash transactions similar to those using fiat currencies.
Bitcoin is now legal in some Muslim countries. If governments understand what bitcoin is, no country would ban it.
The stance on cryptocurrency in Islam cannot be generalized. Islam has 4 main guiding figures as a reference approach to making laws regarding new, more modern matters, especially in the field of finance, which they call "madzhab". Southeast Asian Islamic countries have different laws because of the above, for example cryptocurrency in Malaysia is halal while in Indonesia it is the opposite.
Yeah, depends on usage. As far as I know, there are lot of prohibited by their religion, especially gambling, so if you do gambling using Bitcoin, for sure it's not legal based on their religion.
I have a friend of mine that also mentioned I think about doubling your money or somehow joining non-legit platforms.
Basically, Bitcoin is like fiat that they are using daily, you can use it anywhere, legal or non legal.
I have a friend of mine that also mentioned I think about doubling your money or somehow joining non-legit platforms.
Basically, Bitcoin is like fiat that they are using daily, you can use it anywhere, legal or non legal.
like a knife that can be used for cooking and can be used to injure people. Just how to use it. Bitcoin is just a digital asset that can be used for anything. As you said, in general this is just a matter of ethical point of view, not fixated on any particular religion. Any religion will certainly forbid if it is used for illegal things.
I hope you can lock this thread soon to maintain the peace of the religious community and prevent posts like this from happening.
I heard a theory once that Allah might have been gay. Is that true?
Don't limit your understanding since Bitcoin has been explicitly governed by Muslims.
Bitcoin is not governed by anyone, religion or group of people, bitcoin is decentralized and only the user who owns the funds Depending on usage. Bitcoin is legal if used as a medium of trade. For instance, utilizing Bitcoin for cash transactions similar to those using fiat currencies.
Not only in Islam, but generally, and even from an ethical point of view, we all want Bitcoin to be used for legal activities, but just as fiat is used too, there's nothing we can do to stop some fraudulent people from using Bitcoin for the wrong reasons.Without ignoring what you have said, it is true that Bitcoin is not regulated by anyone and by any religion. The nature of Bitcoin can only be controlled by the user who owns the address. You also don't forget that the OP invites a discussion regarding the Bitcoin law in Islam and I try to interpret that in Islam, it has regulated the haram and halal provisions, including the halal and haram provisions on Bitcoin.
You seem to know the answer why it is prohibited.
Bitcoin is just an innovation. Based on its usage access some termed it to be against the Islam law. Just because it is virtual and mentioned non tangible it is considered not halal. Different muslim scholars have shared their views. There are people who find themselves wrong and stay away from using bitcoin and cryptocurrencies. Bitcoin is speculative from its beginning days and the same being connected to halal and haram seems unwanted.
Cryptocurrency is essentially a digital currency exchange and digital payments platform that uses blockchain technology.
I don't know where you got this definition from, but I'm sure that's not the definition of what "Cryptocurrency" is, cryptocurrency is not "a digital currency exchange" but "Cryptocurrency are digital currencies which verified and records transactions on it's blockchain using cryptography. And there are over 2000 cryptocurrencies on the blockchain of which Bitcoin is the first decentralized digital currency, launched in 2009 by an anonymous fellow named ''Satoshi Nakamoto".. So O.P, you have a wrong concept about Cryptocurrency and i guess you need more time to DYOR. Don't limit your understanding since Bitcoin has been explicitly governed by Muslims.
Bitcoin is not governed by anyone, religion or group of people, bitcoin is decentralized and only the user who owns the funds Depending on usage. Bitcoin is legal if used as a medium of trade. For instance, utilizing Bitcoin for cash transactions similar to those using fiat currencies.
Not only in Islam, but generally, and even from an ethical point of view, we all want Bitcoin to be used for legal activities, but just as fiat is used too, there's nothing we can do to stop some fraudulent people from using Bitcoin for the wrong reasons.Without ignoring what you have said, it is true that Bitcoin is not regulated by anyone and by any religion. The nature of Bitcoin can only be controlled by the user who owns the address. You also don't forget that the OP invites a discussion regarding the Bitcoin law in Islam and I try to interpret that in Islam, it has regulated the haram and halal provisions, including the halal and haram provisions on Bitcoin.
Though the OP invites discussion regarding bitcoin when it comes to Islamic way of life.
I believe, such laws and regulations depend on their people themselves.
Because they have their own understanding of what activities are to be categorized as halal or haram with respect to their teachings.
And because there is no defined laws towards bitcoin, it now depends on their leaders how to identify those activities in reference to their regulations.
But the good thing about here is that, everyone, no matter what religion you have, you can always btc at your own disposal.
Depending on usage. Bitcoin is legal if used as a medium of trade. For instance, utilizing Bitcoin for cash transactions similar to those using fiat currencies.
Don't limit your understanding since Bitcoin has been explicitly governed by Muslims.
I totally agree that this topic of Bitcoin and Islam depends on the usage. Islam forbids interest on loans which is referred to as riba. Most Islamic bank in my country give out interest free loans to their customers after they have met with certain criteria. My country even took loan from an international Islamic bank without interest.Don't limit your understanding since Bitcoin has been explicitly governed by Muslims.
Bitcoin usage just like fiat can be a rightouse or sinful move according to Islamic law. Bitcoin just like fiat can be used for loans with or without interest. If I am running an investment company that give out Bitcoin loans with interest, then my actions have made Bitcoin sinful. But if my investment firm give out loans in the form of Bitcoin without interest, then it is not riba.
Just like commercial banks give out fiat interest backed loans and Islamic commercial banks give out interest free loans. It is not fiat that is sinful or holy but the actions of the two banks.
Don't limit your understanding since Bitcoin has been explicitly governed by Muslims.
Bitcoin is not governed by anyone, religion or group of people, bitcoin is decentralized and only the user who owns the funds Depending on usage. Bitcoin is legal if used as a medium of trade. For instance, utilizing Bitcoin for cash transactions similar to those using fiat currencies.
Not only in Islam, but generally, and even from an ethical point of view, we all want Bitcoin to be used for legal activities, but just as fiat is used too, there's nothing we can do to stop some fraudulent people from using Bitcoin for the wrong reasons.Without ignoring what you have said, it is true that Bitcoin is not regulated by anyone and by any religion. The nature of Bitcoin can only be controlled by the user who owns the address. You also don't forget that the OP invites a discussion regarding the Bitcoin law in Islam and I try to interpret that in Islam, it has regulated the haram and halal provisions, including the halal and haram provisions on Bitcoin.
Obviously religion is important for some people, it doesn't mean that bitcoin really cared about religion when it was first created, that wasn't the point for it but it is good that it doesn't. We wouldn't really further ourselves by hurting each other's feelings, if Islamic population is happy that it is not haram, then it's good, because we would prefer it this way and everyone to join us at all times, it's much better.
Doesn't mean that it would hurt bitcoin at all, and it would help bitcoin in the long run. The ones who join would not have the fear of doing something that is sinful, and that would allow a lot more people to join as well.
Doesn't mean that it would hurt bitcoin at all, and it would help bitcoin in the long run. The ones who join would not have the fear of doing something that is sinful, and that would allow a lot more people to join as well.
Honestly speaking I don't understand why a supposed to be neutral technological invention has to be approved by organized religions. What is the sense of permitting or not permitting Bitcoin when it wasn't created to harm anybody. It was created to be a peer-to-peer currency and that is something that is not within the realm of organized religion to permit or not to permit. Are religious leaders even authorities when it comes to choosing which currency is the best to be used in financial transactions across the world?
Lol! 
you're right. But Islam and Muslims are being guided by principles for their own good. Can you imagine even when it comes to eating and defecation, Islam has a rules guiding every bit of our affairs and we are fine with it. Religious leaders and authorities are meant to be followed and that's the essence of having them in the first place. However, for the purpose of clarity, Bitcoin usage has not been totally ruled out of Islam. It can be considered as illegal if has gambling features because Islam urge Muslims to stay away from gambling and it likes.I actually don't have anything against people who are submitting themselves to religious authorities. It's their freedom and choice. I also have friends and families who are also religious themselves. But I am just expressing my opinion based also on my own free choices. After all we are all free to make our own path. And I don't agree when religious authorities seem to dictate on us on things that are no longer within their expertise and authority. I doubt of these religious leaders' understanding of Bitcoin for example.
This is not a realm that we really understand in depth. although actually as religious people must obey every command and prohibition of their respective religious guidelines. The Halal and Haram laws of Bitcoin have always been a separator and many ended up having disagreements. Therefore, I cannot comment further on the law. To me as long as we can put it to good use it's probably forgivable. I am not religiously clean from haram acts. I realize that the issue of Bitcoin law goes back to the opinions of scholars, the Qur'an, Hadist, Ijma, and Qiyash.
Since I'm not a religious person I can't have exact information about Islam and bitcoin, but from what we can see there are many Islamic countries all over the world and you can use bitcoin there legally without any problem, so I guess Islam won't have any problem with bitcoin, however, if you ask me most of the Islam leaders don't have complete information about bitcoin and if start talking about bitcoin they will ask what is bitcoin, is this money, how created it, etc... because they mostly have no information about new technologies at all.
Honestly speaking I don't understand why a supposed to be neutral technological invention has to be approved by organized religions. What is the sense of permitting or not permitting Bitcoin when it wasn't created to harm anybody. It was created to be a peer-to-peer currency and that is something that is not within the realm of organized religion to permit or not to permit. Are religious leaders even authorities when it comes to choosing which currency is the best to be used in financial transactions across the world?
Lol! you're right. But Islam and Muslims are being guided by principles for their own good. Can you imagine even when it comes to eating and defecation, Islam has a rules guiding every bit of our affairs and we are fine with it. Religious leaders and authorities are meant to be followed and that's the essence of having them in the first place. However, for the purpose of clarity, Bitcoin usage has not been totally ruled out of Islam. It can be considered as illegal if has gambling features because Islam urge Muslims to stay away from gambling and it likes.
Honestly speaking I don't understand why a supposed to be neutral technological invention has to be approved by organized religions. What is the sense of permitting or not permitting Bitcoin when it wasn't created to harm anybody. It was created to be a peer-to-peer currency and that is something that is not within the realm of organized religion to permit or not to permit. Are religious leaders even authorities when it comes to choosing which currency is the best to be used in financial transactions across the world?
Islam forbids us in various scriptures from basing our financial decisions only on chance and good fortune. The fundamental idea of what is permitted and what is prohibited is mentioned in the Holy Quran, as Allah, the Almighty says:
"They ask you about alcohol and gambling. In each, there is significant sin and harm, as well as certain advantages for men; but, their sin and harm are larger than their advantage. (Sura al-Baqara, Ch. 2: V. 220)
Cryptocurrency is more or less like a gambling. Hence, some scholars consider it as haram.
One thing to also consider when it comes to finance in Islam is the source of money. "Any form of business whose source of funding is ambiguous or disguised is severely forbidden" for this very reason many scholars see it as haram. In this case, since there's no unanimous agreement that it's absolutely haram, we engage in it with extreme caution and try to avoid certain things that will certainly make it a complete haram.
"They ask you about alcohol and gambling. In each, there is significant sin and harm, as well as certain advantages for men; but, their sin and harm are larger than their advantage. (Sura al-Baqara, Ch. 2: V. 220)
Cryptocurrency is more or less like a gambling. Hence, some scholars consider it as haram.
One thing to also consider when it comes to finance in Islam is the source of money. "Any form of business whose source of funding is ambiguous or disguised is severely forbidden" for this very reason many scholars see it as haram. In this case, since there's no unanimous agreement that it's absolutely haram, we engage in it with extreme caution and try to avoid certain things that will certainly make it a complete haram.
Forgive me for my ignorance, but is Ethereum now frowned upon in the Islam community now that staking has become a part of their coin? This also leads me to wonder, since the Lightning network uses routing fees built into the protocol, is that also frowned upon in the Islam community? If Bitcoin were to implement on-chain staking, would this effect the acceptance of it by Islamic people? I seem to remember back in the day the biggest lender here was Islamic and refused to participate in loans that had an interest rate or anything that had a direct return of dividends, etc.
As long as interest is involved, it it against Islam. 
I make this research because I found myself in a Muslim community where I want to teach them about bitcoin and their were surprised. They started asking me questions, what is that? Is it money? I told them to carm down, I will knowledge them on it. One of them from the community stood up and throw me questions about is Islamic rules, that is What Islam said about bitcoin?
Since there is no interest involved in trading, which consists only of buying and selling, as you stated earlier in the OP, and since interest is considered Ribahh in accordance with the teachings of the Prophet Mohammed, and Islamic banks are therefore opposed to interest, Bitcoin is now completely Halal.My second concern right now is about cryptocurrency staking. Many people stake their coins in order to receive a percentage staking reward, which may be their interest in the staking. Is this practice also lawful or its Haram according to Islamic teaching?
why bitcoin is always associated with religion, I think all religions will accept bitcoin.
the problem is, the government is afraid that its currency/means of payment will be replaced by bitcoin
and it all goes back to the individual in dealing with this
the problem is, the government is afraid that its currency/means of payment will be replaced by bitcoin
and it all goes back to the individual in dealing with this
I heard a theory once that Allah might have been gay. Is that true?
We can joke with many things, but we shouldn't joke with Allah.I don't blame you I assume you are ignorance of what you are saying. Please watch your tongue because the Allah has the power to do anything he want and no one will question him
where people do always have something to say in relation to that, just let them be because there's nothing they could get on disrespecting other peoples beliefs.
I dont usually make out any comments nor objections on someones views specially if its pertaining to religion.Lets just respect one another, if we've seeing something
which is prohibited nor allowed on certain religions then so be it.
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