Topic: Bitcoin is permissable in Islam. - page 4. (Read 893 times)

Based on my knowledge. Staking is the activity of keeping money "Ethereum or any crypto" in exchange for an interest in a certain percentage amount each year or for a certain period of time.
Conventional banks are prohibited in Islam because of the interest system applied by both the borrower and the lender. This concept is also almost the same as that applied by some crypto platforms to store Ethereum and earn a certain percentage of interest every year. Automatically the concept of staking is the same as the concept of conventional banks.
The basis of bank interest is haram because the interest is set unilaterally, namely by the lender or the borrower.
Of course, the law is fair, if conventional banks are haram based on certain studies, then the staking system is also haram.

To avoid haram against bank interest is very easy. What must be applied is the initial agreement by both parties.
For example, a consumer borrows money from a bank, then the bank asks the consumer. The bank will give money to the consumer, the consumer must give 10% profit to the bank, can the consumer be able to?
Then the consumer said it was too high, what if 5%?
The bank said it was too low, what if it was 7%?
Then the consumer party answered agree.
After agreeing to both parties then a letter of agreement was made with the result of an agreement of 7%.
Indeed, this method looks difficult, but lenders and loan recipients both feel safe and comfortable with the results of the agreements they make.

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

Government’s absolutely without question know exactly what bitcoin is now and how it works and that’s exactly why so many of them don’t like it and it’s properties. They realize that it’s a better system than their current system and it threatens the strength of their own currency which is of course something no government wants or is okay with.

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.

Look at Nigeria. It have got around 55% Islam population, and the people are getting adopted to it. This have been happening as a result of technology advancement and people are interested to get used to it. Everyone are talking about its need and the goodness it can bring into the society. Different religions have different beliefs and this also doesn't mean majority of the people follow it.

I do not know what was said that it is (“halal-permitted”), but to issue such statements, you need a body of senior scholars, and these scholars need strong evidence, and then you can say that it is permissible.
It is just as if a scientist said that there is water in the planet Neptune, but it is not the same as saying that there is water in the moons of Jupiter, which is considered by the scientific community.

I live in a place with the largest Muslim majority so many people also think that crypto is haram in my country, of course, that's probably because the religious leaders at my place don't learn a little technology about crypto and learn a little so it will be easier to interpret the Islamic rules. applies, unfortunately it doesn't happen in my place because the average forbids it, I will give this reference to my friends, thank you

Using bitcoin as a form of monetary transaction is the same as using any other form of currency. It can be traditional money, it can be gold or silver, or anything else. I really don't see a reason to have an argument here as some of the scholars did. Some even said that it's haram. I'm not a scholar, nor any expert in religion but I can surely say that if you are doing bad activities with any form of currency, it's bad while if you are not going to use it for bad activities, it's good regardless of whatever the currency is.

That's something else. There are Quran and Hadith to live a peaceful life. Scholars use some references to define something halal or haram but some don't get the actual reference and which is why they make mistake on such issue.

This topic is one that fascinates me everytime I read it, and that's religion having laws on digital asset like crypto-currency. The origins of religions most of the times dates back to times before Christ and by this times no one would have Phantom an idea of digital asset or even bitcoin.

How come after its creation and it gain popularity religion started to be brought into it. It's sentimental to me to say the least, I feel if someone in power doesn't like the idea of a thing the person try hard to find out rules that they would use to stop it. And that's exactly what Bitcoin and Crypto-currency is going through in the hands of religion and some Government.

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.

Bitcoin is not governed by anyone, religion or group of people, bitcoin is decentralized and only the user who owns the funds governs controls their own personal funds, i don't know where you get that impression of Bitcoin being governed by muslims.
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.

I don't think, Islam is against any good thing in the land, just that the leaders of Islam don't know what Bitcoin is all about and what it can do to any region that will make it legal for their followers to enjoy. Other countries that rejected Bitcoin years ago Base on region in their land are now looking for way to make it legal for their citizens and to create a good environment for the bitcoiners in the land. I believe, with time  they will break the Islamic rules to allow their citizens to have access to Bitcoin and to acquire the knowledge of Bitcoin so that they can grow well like the way other countries that made it legal are growing in their land.

Bitcoin is permissionless, censorless and borderless. You can use Bitcoin everywhere if you want for transactions. However, if you want to use it for exchanging it to fiat currencies, goods, etc. you will have to care of local laws.

Even it is not legal yet in one nation, you can still use VPN or Peer to Peer trading to buy or sell it. I don't scare about it too much because I believe in future, the adoption for Bitcoin only becomes bigger.

Turkey (like Thailand) banned the use of cryptocurrencies as a means of payment, but trading is still allowed. In addition, in the discussion, one member who was obviously from Turkey confirmed that many do not respect this ban and continue to accept cryptocurrencies (restaurants, shops...)

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I respect all religions, but I have not yet read anywhere or found out in any way that any other religion expressly forbids cryptocurrencies, except of course Islam, with which this issue has been associated for years. I already wrote once before that I would seriously consider belonging to a religion that would limit me in what I would invest in or perhaps how I would dress.

Many leaders and influencers uses Bitcoin also for their dirty political game but actually they don't know anything about Bitcoin at all still they debate its against the Islam, in 2018 period even many of my friends refused to invest in bitcoin because their leaders says its haram so its against their law but the reality is the current banking system is against their Islamic law and we need to know how many Muslim doesn't have the bank account...

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.

Generally, all the Arab banks follow these principles (there are no western bank branches to be found there), so when these countries ban cryptocurrencies for whatever reason, it's for political and not religious reasons e.g. in Turkey, Afghanistan.

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.

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.

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?