No,bitcoin is not forbidden in islam unless islam says using currency is illegal in muslim.
Why people comparing a currency with the religion,it may be forbidden if you earn that bitcoin from doing forbidden activities in your religion otherwise it is no problem using it you are buying a currency with your hard earned money so never think is is forbidden in religion.
Topic: Is Bitcoin Forbidden In Islam? Why? - page 5. (Read 1543 times)
I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..
Bitcoin itself is really not illegal but since people think in different ways then its the time when bitcoin become illegal. I think Islam is not against bitcoin cause this can also be treated as commodity but I think should be use in a proper way. This is a great opportunity for them to make good profit, and I hope bitcoin will be use by many people soon.
do not need "ijtihad" to determine the forbidden or halalof bitcoin? I think we use logic here, bitcoin is the same currency as fiat right? if local currency in your country is used for illegal activities. does fiat become haram? of course not, so same with bitcoin, if bitcoin is used for illegal activities, it does not mean bitcoin is forbidden in islam,
Been a lot of discussion lately in my part of the world (Southeast Asia) regarding this. The convening groups here are quite liberal (if that's one way the outside world describes them) and the same logic is used, for the sake of practical purposes... which is what they always try to do when it comes to Islamic transposing on the financial structure here.
They're leaning heavily towards Bitcoin as simply a means of exchange, much like the rest of progressive Europe. It neither classified Bitcoin as permitted nor forbidden.
BTW, there is an Islamic bank that will use not only Bitcoin but its own digital token and other cryptos on its blockchain project. Malaysian based Hada DBank. They're raising quite a few eyebrows over here...
As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.
I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,
To my knowledge there isn't any laws in Islam that clearly forbid the existence of bitcoin whether as an investment asset or as a medium of exchange. Bitcoin can be viewed like a like as any of fiat currency in the world.
Though some muslim's scholars are still debating because the lack of government behind the currency as bitcoin is a self governed currency. In Islam everything must be transparent and in order to avoid any fraud or any other crimes it must ensure that it can be trusted by the community. And also some scholars are debating about the lack of intrinsic value of bitcoin. But in this regard, fiat currency does not have any intrinsic value being only a printed paper. So, I think as time goes by more people will believe in this project and bitcoin can be an alternative medium of exchange in life or an interesting option for investing.
Though some muslim's scholars are still debating because the lack of government behind the currency as bitcoin is a self governed currency. In Islam everything must be transparent and in order to avoid any fraud or any other crimes it must ensure that it can be trusted by the community. And also some scholars are debating about the lack of intrinsic value of bitcoin. But in this regard, fiat currency does not have any intrinsic value being only a printed paper. So, I think as time goes by more people will believe in this project and bitcoin can be an alternative medium of exchange in life or an interesting option for investing.
I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.
Yeah according to my professor if you use bitcoin for payment method only that's not a problem. bitcoin becomes illegitimate/forbidden if you use it for trading because there is a possibility that could harm you (there are pit luck on there) and for investment. just like gold bitcoin is not forbidden for investment #IMO
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 bitcoins that are not recognized as a medium of exchange do not represent so that they are unclear and not recognized by the public.
I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..
This comes down to policies implemented by countries,Bitcoins and other cryptocurrencies aren't yet fully legalized in many countries, Saudi might be one of those countries but not the entire Islamic countries. Regal RA, a Dubai based Gold trading company became the first Company to be issued by the Cryptocurrency trading license in the middle east. Dubai is Islamic.
so its all about different policies in different countries, BTC is not illegal everywhere.
That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
indeed it's bad, but i think i's not forbidden. The most people are Islam that said it's not forbidden and i'm more believe on it. Some people indeed.. it certainly have differences of opinions and vary from one to another, some pointing it forbidden and vice versa.Besides that, i haven't thought at all that it leads to the main currency, i think bitcoin will only be an alternative currency forever.
As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.
I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,
I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.
That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.
Bitcoin is where it is today because normal people decide to use it. Everyday people, who lost faith in the standard currency system or simply are looking for something to invest in.
It was $5M marketcap when it was used for criminal activities.
And... best of all, it's the dumbest tool for illegal stuff: EVERYTHING it trackable on the BTC blockchain... like EVERYTHING.
It's great "money" in a way:
1- every transaction can be traced
2- the coins cannot be counterfeited
Anyway... religion and modernism... eternal fight.
Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.
Islam is very authoritarian religion. This is my opinion. I am not a Muslim so I could be wrong. I think that the reason for the intolerance of Islam for bitcoin is that the cryptocurrency makes people independent. They have more opportunities to travel and see that many prohibitions in Islam are absurd. Such people will be difficult to manipulate. For this reason, many governments of non-Muslim countries against cryptocurrency.
why ?
Probably for the same reason alcohol is forbidden, loans with interest are forbidden, and the same reason why women have no rights there...
It's an old religion that was never reformed, by the book since centuries.
More seriously:Maybe a link with Islamic Finance ?
How do you guys manage NEO producing GAS for instance ? Haram ?
Probably for the same reason alcohol is forbidden, loans with interest are forbidden, and the same reason why women have no rights there...
It's an old religion that was never reformed, by the book since centuries.
More seriously:Maybe a link with Islamic Finance ?
How do you guys manage NEO producing GAS for instance ? Haram ?
Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.
This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.
A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.
In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.
Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.
Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.
The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.
This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.
A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.
In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.
Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.
Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.
The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.
Before I will give an opinion about this topic, I would like to excuse myself to all my islam brothers and sisiter. In my own understanding, Bitcoin IS forbidden in Islam because more islam are terrorist and there is a possibility that they will use the bitcoin for illegal transactions.
Bitcoin is not forbidden or haran in islam unless you earn them from illegal activities.If you are buying from you hard earned money then it is okay to use even if you are muslim.
It doesn't make any sense at all. In that way, every currency in the world should be forbidden in Islam because all of them can be used for such actions like buying weapons, or supplying drugs from one place to another. Just because a currency can be used by criminals, it doesn't mean it is a "criminals currency". Bitcoin is a part of technology, and technology, if used in a bad way, is forbidden in Islam because it will be breaking the rules of the religion which is not allowed, but you are not using a thing for a wrong purpose, it won't be forbidden.
I get your point but the Islamic are very traditional and strict when it comes to their law. I'm not that familiar with the Islam - I myself, am not Islam, but I've heard that they strictly follow their law and their law is somewhat like the olden times. I've read about how they cut up the hands of thieves - and I thought that this kind of practice was only done during the medieval times. It turns out that there have been current practices like these. My point is, the Islam sees things, such as bitcoin, differently even when the other parts of the world have different approaches toward crypto or bitcoin.
i have been heard it too Islamic scholars decided bitcoin was forbidden but in my view as long as we would not use bitcoin to support criminal acts i think that would be fine and i think too bitcoin was made not for bad things purposse but very unfortunate some of people has been utilize bitcoin to use for illegal acts because bitcoin have anonymous feature and that's why some of countries recognized bitcoin is bad because they were consider bitcoin is illegal tools
Jump to: