May Bitcoin be considered money according to Islam? - page 5.

131tc01n

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Quote from: hugeblack on July 30, 2018, 06:11:06 AM

In general, Islam does not recognize any currency that is not covered by gold, silver, and other assets.
Based on the above definition, all current currencies are not considered as money according to Islamic Sharia.
Muslim scholars in the current era added an exception to the currencies not covered by gold provided that there is a hand issued and guaranteed value such as the Central Bank.
Therefore, most Muslim scholars do not recognize bitcoin but may change in the future.

yes Islamic law only knows gold, silver and other items. but most people abuse this crypto currency as an act that is not prescribed by Islam.
So in my opinion and some religious experts who have discussed bitcoin, bitcoin has a halal status but it has not been legally recognized

zolfa

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yes, bitcoin is like any other transaction tool, but for temporarily, bitcoin has a problem in its legality, because it is a new innovation currency. so not everyone can accept this currency.

in English, bitcoin is used as a payment tool for zakat.

Yusuf77

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a currency does not deal with religion, all can use it even though it is different in religion. surely bitcoin is considered money according to Islam but it's digital money. I am also an Islamic religion, bitcoin is my money because bitcoin is my income every day. haram or not depends on how we get it.

Kotone

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Quote from: tsinelas on September 08, 2018, 09:52:39 AM

Quote from: ansarose1 on July 30, 2018, 05:53:00 AM

An interesting question is whether Bitcoin is money according to Islam.

For me anything that can be used for trading is money, the term money is defined as a medium for exchange so I think whether it is gold, asset, or a thing it can be considered as money. Even your an islam or not, cryptocurrency's purpose is a medium of exchange in the world wide web.

yes of course. for me too.i considered bitcoin as a money. we know that the money is a thing that we used to buy what we want or need in our life. luxuries. it also buy services and products. so the bitcoin will do it. the only dofference in the real money in digital money is because it is only in the online that used. it can used only in online to biy things or etc

tsinelas

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Quote from: ansarose1 on July 30, 2018, 05:53:00 AM

An interesting question is whether Bitcoin is money according to Islam.

For me anything that can be used for trading is money, the term money is defined as a medium for exchange so I think whether it is gold, asset, or a thing it can be considered as money. Even your an islam or not, cryptocurrency's purpose is a medium of exchange in the world wide web.

Al Muhaimin

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Quote from: hugeblack on July 30, 2018, 06:11:06 AM

In general, Islam does not recognize any currency that is not covered by gold, silver, and other assets.
Based on the above definition, all current currencies are not considered as money according to Islamic Sharia.
Muslim scholars in the current era added an exception to the currencies not covered by gold provided that there is a hand issued and guaranteed value such as the Central Bank.
Therefore, most Muslim scholars do not recognize bitcoin but may change in the future.

yes this is true.

cryptolandlords

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Bitcoin is a decentralized platform. Bitcoin do not need any particular religion approval to function as money. Let all the religion know their boundary when it comes to some certain area. Religion suppose to address spiritual part of peoples life not deciding what sound be consider as money.

Sanjida

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I don't think that it does matter which religion you have.because I am Muslim and I am income many money in bitcoin currency.and I must say that all Muslims and religion bitcoin are gopher, people do work hard in and they offer money on it.

Edi86

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do not associate bitcoin with religious matters especially about the law in Islam. there are still many countries that have not legalized bitcoin let alone legalize in religious law. as long as it doesn't contradict each other I think bitcoin is going well without carrying things sensitive

Cool1

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It can be concluded that the use of bitcoin as a currency in Islamic law is permissible. However, its use is not legal in Indonesia because Bank Indonesia policy in determining the currency recognized in Indonesia is only Rupiah.
In fiqh review, muamalah against Bitcoin transactions in the process using the Sharf agreement. Sharf is an activity of buying and selling currencies with currencies, both similar and non-similar, such as buying and selling gold with gold, silver with silver, or gold with silver.
Judging from the conditions of the type of transaction, the Bitcoin transaction is included in the type of spot transaction. Spot transactions or Spot Transactions are foreign exchange buying and selling transactions for delivery at the time, with a settlement time of around two days. The law is permissible, because it is considered cash while the time of two days is considered as a process of settlement of international transactions.

SaeedKhan996

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Quote from: ansarose1 on July 30, 2018, 05:53:00 AM

An interesting question is whether Bitcoin is money according to Islam.

There are many things to keep in Mind! Like first of All, In islam anything on which you don't work Hard is Haram. In BTC, we do Mining, its working, energy is used, so it's fine. Second, they say it dosen't have a physical body, So Visa cards, Easy loads balance also don't have a physical body and other than that We dont buy Altcoins and BTC, In reality we invest in the purpose of the coin, Like Linda coin will be soon for Medical researches etc, So we're being a part of that research by supporting it.

Also, some scholars call it Haraam and banned it, But Paper money was also haram and later allowed, Bitcoin will soon be allowed as well.
We need to be ready for it.

This is just my view, and it might be wrong , its possible, so do your own research as well.

ashar.ashfaq26

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According to my experience and though, I conclude that rhis money is bot haram .
You should invesr in it it need ur effort nd it’s not a gambling
Its same as the stocks so it’s fine

Dmitry.Vastov

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Quote from: ansarose1 on July 30, 2018, 05:53:00 AM

An interesting question is whether Bitcoin is money according to Islam.

For the entire world bitcoin is now considered as one of the greatest investment of the era and thus there are millions of people around the world who are investing into bitcoin, though there are few countries who has legalised crypto transactions in their nation like South Korea 🇰🇷, Japan 🇯🇵, Vietnam 🇻🇳 and many more and only in these countries bitcoin could be consider as a money as they only can use bitcoin as s mode of transaction for their day to day life.

abhi777

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Quote from: nellakarisma on August 03, 2018, 11:48:34 PM

what is clear in Islam in ancient times when the transaction was only using gold and silver that had been printed. the goal is to make it easier to make transactions easier. because mas and silver have a high exchange rate according to the gold or silver contained in it ..then the era has developed and it is easy to use paper money again. because paper money also has a high value according to the value and type of the currency .then now there is bitcoin digital money. I think it's legitimate to see the explanation above. the important thing is to have an exchange rate and be recognized and can be used as a transaction tool from both the seller and the buyer.

if my comment is still wrong please comment below ?? ..

Bitcoin is the same as money because it is a medium of exchange accepted by the general public, value standards and saving tools. But other clerics rejected it in recognition of the general public because there are still many countries that reject it. "So that is still being considered.

caideogivay23

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In my opinion it will be classified as Islamic money because it is valuable and Islamic does not classify currency, only through a valuable currency for transactions between sellers and buyers.

ballerin and giroud

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Quote from: ansarose1 on July 30, 2018, 05:53:00 AM

An interesting question is whether Bitcoin is money according to Islam.

According to Islam, dynamism with money is 'an item that has value' in any form because in syara law it is not a classification that money must be in this form or form. So, simply what is called money according to Islam is a valuable item and has been agreed upon by many people or agreed between the seller and the buyer. So my conclusion is, bitcoin is already included in money because it has value.

cryptohipo

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Well Bitcoin is not money in the general sense to start with, it's just the digital version of currency under a decentralized system. According to Islamic Shariah, any that is covered by gold , silver and other assets are considered as currency . Bitcoin doesn't apply to any of it, so yeah it's not money according to Islam.

Sadlife

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Bitcoin is a real money it can be liquidated, spend, use for online transactions, use as payment for goods and service it can be use as asset for investment or trading and most importantly it's fast, convenient and secure and decentralized you can freely use your own money without regulations or third party tracking. Free from exploitation and oppression. So yeah it's money but a better version of fiat.

Catch-22

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https://crowdsale.network

I would guess then, that bitcoin would not thrive in the Midde East if it is not considered money. Or in Indonesia, the country with the largest Muslim population.

easybtcearn07

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No, Islam does not accept Bitcoin or and cryptocurrency that is not backed by a real time asset. There is no point in sugarcoating it. Islam is very strict about economic policies it has conveyed to people and to maintain those, there has to be physical prove of the currency we are using to trade or exchange.

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