Topic: Is Bitcoin Forbidden In Islam? Why? - page 2. (Read 1534 times)
It is not forbidden, and if they are going to forbid it, then they need to forbid loans because if you get a loan of $2m, after 10 years, for example, you will need to give them $10m as a payback, just as same as bitcoin. If you buy now, you will get profit later. On the other hand, the Shariaa Law considered bitcoin to be Halal. Added to that, I believe they did so because it is beneficial for them because they know that they will get big profits.
Until now, no Islamic religious leaders or any religions have declared a ban on bitcoin or altcoin. because this digital currency is the same as conventional money in terms of benefits and usage, which distinguishes only in its form. I think any transaction will be valid when using bitcoin / altcoin.
The juristic view of muamalah against money does give space to any form of money .. But what is one big question is whether the stability of Bitcoin values can be maintained? This is one of the biggest problems in Bitcoin, because in this system the government can no longer control the amount of money in circulation. While controlling the money supply is very important for the management of the economy as a whole.
In my opinion. using bitcoin / altcoin is allowed by the religion of Islam because it does not contain elements of fraud and does not harm others. until now there are no rules or statements from religious leaders about the prohibition of using digital currency so that digital currency is legal to be traded and used.
In my opinion. Islam does not prohibit the use of bitcoin and trade bitcoin. as well as other goods and services. as long as there is no element of coercion and no party is harmed then it is considered valid.
It's a financial tool and it's basically the same as fiat but only virtual so I don't get why Islam will forbid it. I know that they will use it eventually because majority of people around the world will use it for buying anything.
I think the system or the values of Islam is too vague to make Cryptocurrency Halal. However, it depends on the beliefs. Beliefs are dynamic after all.
This information is already outdated. A religious study is published, which gives the conclusion that the crypto currency is in compliance with the norms of the Sharia. This conclusion is coordinated with the Mufti. Therefore, we can assume that the crypto currency is no longer banned in Islam. The market of crypto-currency, in this connection, may at least partially be replenished with 1.6 billion people professing Islam.
I think bitcoin and blockchin is considered as all other currencies USD $ , GBP etc .. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.
I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon
I wasn't surprised. Recently, the Turkish Directorate of Religious Affairs (Diyanet) clarified that Bitcoins are not compatible with Islam. The reason being given was that Bitcoins are very prone to speculation.
Quote
“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance,” Diyanet said, referring to a decision taken at a meeting last Friday.
Bitcoin transactions enter in terms of buying and selling gharar. And the essence of gharar is the existence of the jahalah (unclear) that causes the mukhatharah (speculation, the chances), both on goods and prices of goods.
As far as I know a new seurvey was conducted, and that survey claims that bitcoin is "halal", not "haram" anymore
I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon
I wasn't surprised. Recently, the Turkish Directorate of Religious Affairs (Diyanet) clarified that Bitcoins are not compatible with Islam. The reason being given was that Bitcoins are very prone to speculation.
Quote
“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance,” Diyanet said, referring to a decision taken at a meeting last Friday.
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My intention is not to offend anyone but how does cryptocurrency gonna do anything about religion. I’m a catholic at birth but I do respect Islamic brothers. This has nothing to do with it and criminal activity is been in decades that is presence in our world ever since before bitcoin exist.
To make this topic clear then Bitcoin is not forbidden in Islam in which it will be a relief to all Muslims that they can join the Bitcoin investments due to this link https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/. With this progress some experts believed that the involvement of our Muslims brother to Bitcoin development is a relief too because the more we are in this community the more Bitcoin real demand can be achieve.
It looks like the resistance to Bitcoin within the Islamic community is softening. The paper published a few days ago ago by an Indonesian Islamic scholar stated the following:
* 'Bitcoin is permissible in principal'
* 'not advisable to buy cryptocurrency for investment purposes'
* 'is advisable to to utilize cryptocurrency networks as a payment system'
The announcement has been credited (at least partly) for the sudden jump in Bitcoin's price. Not surprising given that it opens the market up to over a billion potential new investors; even though many had already decided independently, this clarification should blow the doors open. Here's a link to the full paper, which goes into more detail on the subject.
Shariah Analysis
NB. I think they have the wrong date at the start of the paper, as it states April 5th 2017, I am presuming it should read 2018.
* 'Bitcoin is permissible in principal'
* 'not advisable to buy cryptocurrency for investment purposes'
* 'is advisable to to utilize cryptocurrency networks as a payment system'
The announcement has been credited (at least partly) for the sudden jump in Bitcoin's price. Not surprising given that it opens the market up to over a billion potential new investors; even though many had already decided independently, this clarification should blow the doors open. Here's a link to the full paper, which goes into more detail on the subject.
Shariah Analysis
NB. I think they have the wrong date at the start of the paper, as it states April 5th 2017, I am presuming it should read 2018.
I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon
If we examine the gharar that occurs in this bitcoin exchange tool is the obscurity that occurs in price and goods. Because it should not happen gharar, then either the price or good goods bitcoin which became the purchase price or bitcoin sold it has a clear value and represent the assets as a medium of exchange. But the bitcoin that is not recognized as a medium of exchange does not represent it so it is unclear and not recognized by the public.
This is proof that Islam is from the devil. GOD does not care about if you use Bitcoin! He cares that you are not gay, not praying to man made images or rejecting his love the Bible.Now as we are close to the end of the world and there are so many millions of people under demonic oppression many lies and false idea are floating around on this earth. Any human can use a digital money and GOD does not care about BITCOIN he does not want you involved in false religion that open your soul to demons and darkness.If you do not believe in demons that is your problem I have done 2 exorcisms I live in reality and the majority of this world are under the spell of the 'god" of this world the devil. Why do you think so many countrys including the USA have pentagrams on their flags? The world is under the control of Satan and his illuminatti until the rapture where they will deceive the world with ther ufos and tell the world that there is no GOD and all life evolved from another planet... and then 7 years later the second coming of Christ and the end of this modern conspiracy, this world.
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie
Bitcoin trade and other crypto assets are dangerous and at risk of personal or group harm. it is in line with the economic principle in Islam that in trade no one should be harmed.
I agree with this case. But bitcoin is the most acceptable currency that is how to get it.
I agree with this case. But bitcoin is the most acceptable currency that is how to get it.
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