Topic: May Bitcoin be considered money according to Islam? - page 4. (Read 2661 times)

From 2009-2018 the journey of bitcoin is never that easy, bitcoin has gone through many ups and downs in this decade, has faced many criticism and has a wonderful journey from having millions of haters to millions of investors and now the time is that more and more people started understanding the fate and potential of bitcoin and millions of people around the world are now investing into bitcoin and many countries has even legalised it and this is very good that Islam considers bitcoin as a money.

if you ask me, I would suggest you to discuss this in some Islamic forum.

I am a Muslim, bitcoin is my money because bitcoin is my daily income. Yes, bitcoin is like any other trading tool, but temporarily, bitcoin has a problem with its legitimacy, because it is a new currency of innovation. Bitcoin is used as a payment instrument for zakat. Bitcoin is a valuable tool and is used to trading if in Islam many say this can not be a currency because it does not meet the requirements because I think this is progress in Transactions, of course, with the advancement of the times, need to have a growing research. Many people are still believing in the future of money. Bitcoin is a digital currency and it also holds value, it can be used by people for the purpose of their purchase so it can also be considered as the currency of Islam until they make the bitcoin accordingly.

Without a doubt bitcoin is money because its main purpose is to use as a means of payment for goods and services basically on line as a digital currency and also it is considered as an alternative currency in the financial world so even many people today use it as an investment bitcoin is money but with more value and capability to do much more things for its users.

if what I often hear from bitcoin scholars in the eyes of Islam, no one has said bitcoin is a currency, but with time, surely bitcoin will be discussed by Islam too

in my opinion, bitcoin is allowed in Islam because bitcoin is not a gambling game but rather a digital currency. bitcoin is a job that invests using the brain and bitcoin is not an illegal job

my opinion bitcoin can be done in Islam, bitcoin is not gambling, here we are competing to find profit and we also have to have a lot of capital, if we work in the bounty campaign, we will get it in Islam, following the bounty work we work in monthly

Money earned holding bitcoin is surely not interest because it is profit achieved by digital trading and islam has not restricted profits earned by trade.
Lets suppose you have bought a plot of land at $50,000 , after a few day or someone giving you $60,000 overnight for same plot of land, does anywhere islam restrict such profit or it says you have to sell that plot for same price you have bought at after 100 years ?

I do not think that's the religious issue you have. I have to say that all the bitcoins and religious gophers are gopher, people work hard and they offer money on it. Bitcoin does not need any specific religious approval to function as money. Religion supposes to solve a spiritual part of human life that does not decide which sound is considered money. Surely bitcoin is considered pre-Islamic but it is digital money. haram or not depends on how we get it.

In the fiqh evaluation, muamalah opposed Bitcoin transactions during the Sharf deal. Judging from the terms of the transaction type, Bitcoin trading is included in spot trading. The law is allowed, because it is considered cash while the two-day period is considered a process of settling international transactions. does not associate bitcoin with religious issues especially about the law in Islam. As long as it does not conflict, I think bitcoin is working well without carrying sensitive stuff. Because I'm a Muslim and I make a lot of money in bitcoin.

Yes, you are spot on. This shows that while the Muslims say they will not accept any decision made by world's governing bodies, International monetary system which contradicts Islamic Sharia Law but they accepted the current fiat money system which is not backed by any commodity in the 80's in most of the Muslim countries. But the following hadith says,

“Gold is to be paid for by gold, silver by silver, wheat by wheat, barley by barley, dates by dates, and salt by salt, like for like and equal for equal, payment being made hand to hand. If these classes differ, then sell as you wish if payment is made hand to hand. “
[Sahih Muslim, Book 10, Hadith 3853]

Those so called Islamic countries and their grand Islamic Scholars have also accepted Debt-based, Usury generating Central Bank backed paper money simply because the global acceptance of such paper money. What gives those paper money the value they have? They say it is the confident of people's acceptance! But is it any way allowed according to Islamic Sharia laws? No. Islam says it only allows commodity of values which price can be mesured by the scarcity, supply, demand. Now the question is, whether Bitcoin can be regarded as a digital commodity? Many people say no it is not. But in my view it is a commodity which needs to be mined and scarce too! Thousands of people are the owner of it and this means that Bitcoin is not regulated by any governing body and we see bitcoin as a medium of exchange. People are still trying to catch up with the blockchain technology and the means of cryptocurrency is yet to gain people's confidence. But here we are on this forum, every single one of us has confident in bitcoin. Bitcoin seems to me a digital currency that absolutely supports the condition of Islamic law for currency. This view is totally mine but I am looking forward to Islamic scholars view on this who will give their verdicts from a neutral Islamic and technological view which will not serve their own country's Central Bank and Government's purpose.

This whole thing needs a lot of research and study. Many Mufti and scholars may come out of astonishingly ridiculous statement on this matter because they may try to follow their own sectarian rules. I believe we have not heard any proper fatwa, comment by any top Islamic Scholar regarding Bitcoin that we can all agree upon.

I don't really understand, it's just that if it doesn't violate the norms of religious norms I think it can be said of money.

Bitcoin is the digital currency and it also holds the value,it can e used by the people for their buying purpose so it also can be considered as currency by islam until they make the bitcoins in the legit way according to Shariat law,but most of the people recognized bitcoin as ponzi so they need to understand what is bitcoin before they blame it.

bitcoin is a cryptocurrency , currency which means a money . what i dont understand is why there  are still religion , region , country , people , etc that is doubting about it ?  the real truth is that bitcoin did aleady existed for about 8 to 9 years ( since 2008 )  , why they are still blinded by the truth ? if they dont like bitcoin or any cryptocrrency then dont  . we dont want them .  many people are stil believing on the future of money . soon bitcoin will wipe out all other currencies and i guess that is the time that they will all regret for not believing in bitcoin .

bitcoin is a tool that has value and is used to trade, if in Islam many say this cannot be a currency because it does not meet the requirements. I think, it's legitimate if bitcoin becomes a currency in Islam. because I think this is progress in transacting, of course, with the progress of the times, there needs to be a growing study as well

Bitcoin in present times is very huge and very potentiating crypto currency and thus is most successful and the most profitable and the most popular investment of the present times and thus attracting millions of people around the world to invest into it. Not only this, the potential and fate of bitcoin has also convinced many governments to legalise it in their nation and bitcoin is now used as a means of transactions and as a money in those countries who has legalised it in their nation and the Islam is one of them.

From the explanation of the assembly of Muslims in my country, Bitcoin is legitimate to use, and everyone can use it. this means the law of bitcoin is not Haram, and may be used for Muslims.

How do you say that?  Islam has divided into different country so it is hard to say because if you say Islam, it is the all person of the same religion.  I don't think where you get that information.  If there are a Muslim person who considered that crypto was his money then it is considered a money on him/her so it is depend on person either what religion he/she have.

Of course bitcoin is not recognized by Islamic Shari'a as a currency because Bitcoin does not have a physical form, whereas in Islamic law, currency must have a physical form. I don't think that is what religion you have. because in the Shari'a of Islam credit for goods is also considered haram because it is usury. This is the side of business and finance has nothing to do with religion.