Edited: How To Make Bitcoin Profit - Tell To Arab People - It Is Haram

Webetcoins

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This is supposed to be a secret but you revealed it so they already know your plan Cheesy

. But even if you did, I think it's not easy to convince them that easily. Pretty sure that those guys already did their research and find out the real truth about BTC or the status of it on their country. That makes them to buy and HODL it up until now.

Don't worry, this might still be effective for those who are weak and less knowledgeable Bitcoin users (not specific only to the Arab people). But instead of it this, why not encourage more people instead to join Bitcoin? You can still make a profit that way and the best part is that no one will get angry about you and you won't get a bad karma.

inthelongrun

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Not all Arabs are Muslims, mate. I do not want to dig deeper since I am not a Muslim. One thing is clear though, bitcoin is just a decentralized digital currency like the Egyptian Pound or the Saudi Arabian Riyal. There are actually big exchanges in Turkey, Indonesia, etc. so maybe it depends on the country and its interpretations on bitcoin.

Bitcoin won't give you interest either like stock dividends. Bitcoin's value can increase or decrease just like an ordinary currency of a certain nation. If the issue is bitcoin's meteoric rise during bull runs, there were also times when its price dropped big time. The same with the Turkish Lira when its value dropped big time several years ago. If bitcoin can be mined then so is gold and other precious metals and minerals.

kryptqnick

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Islam is not my religion, but I find the op's idea very insensitive and problematic. It's quite wrong to target a group based on their ethnic and religious identity in order to make profit. I've seen different assessments of whether Bitcoin is actually haram, and a simple google search allows to easily see that there are different people who suggest different interpretations. It's not my place to analyse who are right and who are wrong in this situation, I think that believers should decide for themselves whose voices are authoritative for them in this regard.
Moreover, when people dump a currency, it drives it down. I don't know how many Muslims currently use Bitcoin, but Islam is a huge religion that has almost 2 billion believers. So even if we set aside the ethical matter I described above, if so many people decide to stay away from cryptos altogether, it can seriously limit its further growth and be a huge hit to the price.

CageMabok

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

I have also made a study about the halal and haram of Bitcoin for a long time because I live in a Muslim-majority environment. However, after I studied it in depth and also asked the Islamic religious advisor here by giving quite logical and concrete examples, it turns out that Bitcoin is not haram even though it is not stated to be halal. Because what makes something haram is the wrong use according to each religion, so the religious leaders here put Bitcoin as a very neutral asset which is not said to be halal and is also not directly forbidden unless it is used for wrong work according to religious teachings.

This means that we all cannot forbid something without a clear reason because if someone buys Bitcoin and keeps it as an investment, I think that person is not wrong. Because most Muslims currently also keep gold as their own investment, this is not much different from Bitcoin investors today. Meanwhile, Bitcoin traders in the market are also like that, where they should not be blamed for no reason because they are only looking for a little profit like other traditional traders in the people's market.

Odohu

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Quote from: Charles-Tim on October 20, 2023, 02:21:01 AM

Quote from: Odohu on October 19, 2023, 06:49:17 PM

Inasmuch as I wouldn't want to get involved in a sensitive discussion such as you have brought, I don't really know how the entire Arab people dumping Bitcoin will lead to price rise. Beside, do we really need people to sell their Bitcoin or we want more people to get involved? I am really seeing some contradictions that need clarification in this posts.

I see the OP as a person that thought he did not invest when the price of bitcoin was low and still which to invest at a lower price. That kind of thinking can make someone to think like him.

It makes sense to me now because I couldn't understand the angle he was coming from. Obviously he missed buying Bitcoin when it was cheaper, now he is looking for a way and people that will join him in spreading fud so that the price cab dump for him to buy.
The forum is actually a good place to recruit agents for that misinformation but what he forgot is that many people have developed thick skin as far as Bitcoin is concerned. More people are already well positioned for what is coming.

Plaguedeath

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Quote from: pooya87 on October 20, 2023, 01:08:58 AM

There is also nothing wrong with trading or with interest. Some people are confusing interest with Riba (closest translation is Usury). It is basically "unjust, exploitative gains made in trade or business", although Wikipedia is not the most accurate article but you can read about it here: https://en.wikipedia.org/wiki/Riba

You're correct, this what Riba is. But if you're visit to a country where vast majority are Muslims and you said interest or Bitcoin is halal, they will criticize you and not want to hear what you're going to say. They have a thought where Bitcoin is haram because having no physical appearance and interest is always related to immoral, so you wouldn't able to win against them.

If I lend someone for $1,000 with 10% interest rate for the next 30 days which is he should pay back for $1,100, it's not Riba/Usury.

But if I lend someone for $1,000 with 10% interest rate for the next 30 days, but he can't pay back during 30 days and then I give punishment for overdue day(s) he need to pay +$50/day, this is Riba/Usury since there's no agreement for late payment.

Strongkored

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

They forbid interest, not Bitcoin if you read from the news you included, but people will always assume that Bitcoin is haram, and are quite curious about how a means of payment is considered something that is haram because that means fiat or other online payments should also be haram.
I suspect it's because they don't get the right information about Bitcoin as many people say Bitcoin is a scam because it is associated with online businesses or is like a HYIP.
Actually, in Islam itself, the view on this is not the same because there are also those who consider it not haram.
However, if you think that by spreading news like that, Muslims who have Bitcoin will sell it and make a profit because the price will fall so that we can buy it at a cheap price, it doesn't really work like that, because just like in Islam, gambling is haram but there are still lots of Muslims who gamble will only have some who obey what religious leaders say and there will be more who don't care about it because they think it is not in the Muslim holy book.

Charles-Tim

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Quote from: Odohu on October 19, 2023, 06:49:17 PM

Inasmuch as I wouldn't want to get involved in a sensitive discussion such as you have brought, I don't really know how the entire Arab people dumping Bitcoin will lead to price rise. Beside, do we really need people to sell their Bitcoin or we want more people to get involved? I am really seeing some contradictions that need clarification in this posts.

I see the OP as a person that thought he did not invest when the price of bitcoin was low and still which to invest at a lower price. That kind of thinking can make someone to think like him.

There are some Arab nations that ban bitcoin but I think most of the Arab countries accepted bitcoin. What I noticed they do not accept is gambling. Probably some of the Arab nations might see link between bitcoin and gambling in the past, but of which they are not right because bitcoin gives opportunity to get rich if you Invest.

knowngunman

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

First time I am seeing insensitive post in the forum. First of all what do you understand by haram? If you understand what haram is, you'll not be thinking that Muslim will sell their bitcoin so you can buy at cheaper trade. Anything that is haram is considered prohibited and Muslim stay away from it. Trading is buying or selling of goods and services. So if trading is regarded as haram in your own understanding then the bitcoin those Muslim are holding will remain in their wallet forever since trading is haram. Meaning that they can not sell it. If you are waiting for Arab people to sell their bitcoin before you buy, then you'll wait forever Grin

For your information, Arab is not Islam and Islam is not Arab. One is a language just like the English you speak while the other is a religion.

Die_empty

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

Firstly the the Egyptian Islamic Advisory Body is a national body set up to make laws for only Egypt based on their interpretation of the Islamic laws. Its decrees do not affect other Islamic nations and it is not even binding on the citizen of Egypt because it is just an advisory body.

The term haram in finance is majority connected to gambling and paying interest on loans. If crypto trading is a sin then every form of buying and selling is also haram. In crypto trading just as in any other trade, you buy a coin to sell to another trader and make a profit. It is not like gambling where you transfer your money to another person without receiving any asset. But in trading, you have to buy an asset and sell it to make a profit. It's also the same thing as going to buy some oranges and selling them later to make a profit.

Some Islamic scholars have also claimed that crypto trading or investment is haram because it is speculative. But many Islamic nation holds large gold reserves which is also a speculative asset.

mk4

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Assuming this post is actually serious: if your strategy to profit is to spread FUD, then you're going to have a bad time.

Hot tip: Just hold bitcoin for a long enough time, and chances are, you'll end up in profit anyway.

pooya87

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower.

Sounds like another attempted FUD

The fact is that according to Islam Bitcoin is seen as a currency which means by nature it is neither halal or haram. What you do with the currency and how you acquire it, decides which one. For example if you steal it from someone, it is haram. But if you get paid in bitcoin for an honest work it is halal. That simple.

There is also nothing wrong with trading or with interest. Some people are confusing interest with Riba (closest translation is Usury). It is basically "unjust, exploitative gains made in trade or business", although Wikipedia is not the most accurate article but you can read about it here: https://en.wikipedia.org/wiki/Riba

Blitzboy

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Quote from: blue Snow on October 19, 2023, 08:01:23 PM

Quote from: Joeyp on October 19, 2023, 06:43:59 PM

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).

Not all Muslim clerics (Ustad) say Bitcoin Haram. There are some clerics (Ustad) who say Bitcoin is not haram because the system is similar to another Instrumen like gold, Bitcoin has underlying such as mining, and a more powerful system like fiat where the government can't create Bitcoin like they print fiat. If I can say, Fiat is real Haram, because it doesn't have the underlying. there used to be gold as underlying sometime ago, but now fiat doesn't have underlying anymore.

Bitcoin is a digital system that many of the old school don't understand what it is, so I am not surprised that many arguments say Bitcoin haram because this is a new technology where they must thinking it with carefully, not in a hurry, and equalize with what the system work now.

In fact, bitcoin work the same as the gold system worked in ancient times.

We must remember that not all clerics consider Bitcoin Haram. Some push this narrative without understanding Bitcoin's inner workings. Bitcoin's mining system resembles gold's. Fiat, however, has lost its gold-based core. Ironic, right? Those who support money and deem Bitcoin haram support a system with less value.

Bitcoin's digital nature confuses many, especially traditional investors. The hasty labeling as Haram stems from ignorance and hostility to new technology. They overlook Bitcoin's resemblance to the gold standard. Especially on important issues, critical thinking is needed before judging.

angrybirdy

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Quote from: synchronym on October 19, 2023, 11:43:10 PM

Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

I have no idea about bitcoin halal or haram really if we invest something for the sake of business if we get it after investment then it is not really haram. If the money we earn by trading in Bitcoin is halal, we work hard and earn money. The profit we get from the money we invest in business is halal for us. But if we get any money without any effort, i.e. if I lend money to someone, if I take any profit on top of that money, it is haraam for me.

Is it prohibited by the Islamic law? I have no idea if having an investment and profit in crypto is halal or haram but one thing is for sure, Arabic people are very practical and wise when it comes to handling finances, even those in the upper and middle class, they still work hard just to provide a good life for their families. I think Arab people are aware of what they are doing, if getting involved in bitcoin trading was haram, they wouldn't have started any crypto activities in the first place. Let's see what will going to happens when they read/visit this thread.

synchronym

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Quote from: Joeyp on October 19, 2023, 06:43:59 PM

Tell all arab people, also here in the forum, that Bitcoin trading is haram. So they will start to sell it and Bitcoin price will be lower. Then you can buy it, and after the time Bitcoin price will be higher again, so you can profit. Grin

As we know in Egypt, Islamic advisory body make the decree, that crypto, also Bitcoin is haram ( prohibited by Islamic law).
Egypt Islamic advisory decree: https://venturesafrica.com/why-is-morocco-walking-back-on-its-crypto-ban/

I have no idea about bitcoin halal or haram really if we invest something for the sake of business if we get it after investment then it is not really haram. If the money we earn by trading in Bitcoin is halal, we work hard and earn money. The profit we get from the money we invest in business is halal for us. But if we get any money without any effort, i.e. if I lend money to someone, if I take any profit on top of that money, it is haraam for me.

joniboini

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Your strategy assumes that Islamic traders are a huge force in Bitcoin trading, all Islamic traders follow the same interpretation of the law, or Arab traders are key influencers on the market. I don't think all of those are true. At the very least, their influence on the market is arguably low compared to the US or Chinese market. Not to mention I doubt most of those traders will follow the interpretation that directly affects their means to make money.

There is really no need to force people to sell Bitcoin as low as possible if your target is just to make a profit. Just keep buying and DCA your way and stop being panicky every time there is bad news. If my experience tells me anything unless you have a ton of capital trying to change the trend instead of following the trend is futile.

MegameSama

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Maybe what is prohibited is bitcoin futures trading, not bitcoin trading.

lombok

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According to Islamic law regarding trade, all forms of trade that do not harm both parties are halal. Bitcoin spot trading is halal, because there is an agreement on the price of the buyer and seller, so it is legal/halal. What is haram about a transaction is if there is interest, such as interest-bearing staking usually called APY with large or small interest. Gambling is clearly forbidden in Islam. Interest-bearing loans are also Haram.

When it comes to Bitcoin Futures, it still needs to be studied further, I don't dare say that Futures trading is halal or haram because it requires expert research. Future trading is capable of providing big profits and also big losses. From a personal opinion, Future trading tends to be Haram because it is related to loans/leverage and interest on leveraged loans.

dansus021

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As far that I know "Trading is not haram, provided that there is 1) no interest element, 2) trades are conducted “hand to hand”, and 3) the stocks, commodities, or currencies purchased do not offend against the tenets of Islam." - https://www.dailyforex.com/forex-articles/2016/08/is-forex-trading-allowed-in-islam/63298

I think as long you are not speculating when trading it is good to go, just avoid the futures one since there is a funding fee that is charged to you when the 8-hour time is reset. Moreover it is way more safe if you trade spot only

Darker45

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This is a subjective interpretation of Bitcoin. Is there an official declaration coming from the entire religion of Islam that considers Bitcoin as haram? I think there's none. There are Islamic interpretations of Bitcoin as haram, but there are also Islamic interpretations of Bitcoin as halal.

I think the problem with this is that there isn't an objective basis for an official declaration. It's probably just about how these clerics perceive Bitcoin. And they perceive it differently.

Anyway, religion should stay where it is relevant.

Topic: Edited: How To Make Bitcoin Profit - Tell To Arab People - It Is Haram (Read 241 times)