Theoretically, Islam does not accept any currency that is not backed by assets like gold, silver and other precious metals. However, Muslim Sharia is based on acceptance and normalization of norms of society over the years. But, don't think Bitcoin or cryptocurrencies will ever get accepted in Islam as there is no physical evidence of the currency.
Topic: May Bitcoin be considered money according to Islam? - page 6. (Read 2661 times)
An interesting question is whether Bitcoin is money according to Islam.
Bitcoin is an electronic currency or virtual currency and is used for internet payment purposes. I do not think Bitcoin is considered Islamic money because Bitcoin will be the common currency worldwide. and anyone can use Bitcoin
Anything which is earned by gambling or by the method of acquiring interest, is not acceptable in Islam. BTC are mined, i.e. people do work hard in it, and they pour money on it and get the work done. It does not defy the law in Islam so far, so it should not be haram.
As for now, bitcoin is allowed in Islam as long as you have the right intention with it (for emergency savings and not for profits). But since Islam has their own terms and regulations towards money, so bitcoin can't be considered as money if you haven't exchange it into cash. Because bitcoin has no shape (paper or coin) and no real value such as gold, silver and cooper.
An interesting question is whether Bitcoin is money according to Islam.
No it doesn't, Bitcoin is not money which it is a cryptocurrency means that a digital currency in which encryption techniques to generate money.An interesting question is whether Bitcoin is money according to Islam.
In past several weeks, I am reading article that cleric from middle east already make statement that bitcoin or cryptocurrency is halal for currency or halal as assets. Thats why peoples from country in middle east start doing bussiness on cryptocurrency and investing their money on crypto.
probably yes bitcoin is an alternative money this is a digital money and a modern currency now some of the businesses accept bitcoin as payment.
When all is said in done, Islam does not perceive any money that isn't secured by gold, silver, and different resources.
In light of the above definition, every single current cash are not considered as cash as per Islamic Sharia.
Muslim researchers in the ebb and flow time added an exemption to the monetary forms not secured by gold gave that there is a hand issued and ensured esteem, for example, the Central Bank. In this way, most Muslim researchers don't perceive bitcoin however may change later on.
In light of the above definition, every single current cash are not considered as cash as per Islamic Sharia.
Muslim researchers in the ebb and flow time added an exemption to the monetary forms not secured by gold gave that there is a hand issued and ensured esteem, for example, the Central Bank. In this way, most Muslim researchers don't perceive bitcoin however may change later on.
An interesting question is whether Bitcoin is money according to Islam.
No it doesn't, Bitcoin is not money which it is a cryptocurrency means that a digital currency in which encryption techniques to generate money.That is not a money actually but it makes money through investment, many people enjoy this kind of digital currency because if you are lucky when the value will going up high you will be instant millionaire if you sell your bitcoin, many strategy to earn a profit in this investment.
Anything which is earned by gambling or by the method of acquiring interest, is not acceptable in Islam. BTC are mined, i.e. people do work hard in it, and they pour money on it and get the work done. It does not defy the law in Islam so far, so it should not be haram.
I do not really you understand well what you have explained. bitcoin is being mine, yes that is true but also bitcoin can be acquire through gambling as well and so the other currency can be acquire through gambling. bitcoin can be acquire through different means and one of this is true mining. by the way I am not sure if there is anything like illegal mining because if someone is mining bitcoin in any country that make crypto mining illegal then the person is commiting sin. 
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 ?? ..
if my comment is still wrong please comment below ?? ..
The definition of money from the book Buhuts fi al-Iqtishad al-Islami "Money: everything that becomes the medium of exchange and is generally accepted, whatever the form and in any condition." if it is seen from the book, it is permissible, that is in my opinion!
Till now I think bitcoin is more halal in Islam as it is not based on debt rather it is based on the work of projects.
bitcoin has the same price changes as fiat in general, although the changes are faster, so it can mean that bitcoin is also lawfu/halalbut for the standard of money in Islam is goods that do not have fluctuations and inflation, money in Islam itself is dinar
Very interesting on how this technology may pave the way for a common world OR it may create a huge rift right where one is not needed. Hopefully in the end the blockchain is used to bring us together.
in my country, in a statement, it turned out that bitcoin was rejected as a currency. because bitcoin always has to go up and down and is considered to cause usury.
Do you think that ISLAM has mentioned currencies in the holy book? I just heard about SILVER, GOLD. This needs huge research while saying anything related to this matter. It's all about you that if your mind says like this then don't consider BTC as money. 
I think BTC is not money, if it is in the view of Muslims, because the condition of being money is inappropriate
according to Muslims, money must have the same value as its nominal value, therefore gold or silver-based money becomes a legal and official medium of exchange for Muslims,
digital money has a nominal value, but its value is not equivalent to its nominal value, it is the same as the nominal and not the same banknotes
nominal = number indicated on money
value = price of manufacture material
according to Muslims, money must have the same value as its nominal value, therefore gold or silver-based money becomes a legal and official medium of exchange for Muslims,
digital money has a nominal value, but its value is not equivalent to its nominal value, it is the same as the nominal and not the same banknotes
nominal = number indicated on money
value = price of manufacture material
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
An interesting question is whether Bitcoin is money according to Islam.
Where did you get this story?or is this a legend?lol
Have to put some proofs or links here mate so we may have reference from this thread,
But about the muslim stands regarding bitcoin ,(if this is truth)then this is a good news because we know how large the muslim communitu here in crypto and in the world,they represented big volume of users
An interesting question is whether Bitcoin is money according to Islam.
Some Islamic scholars do not recognize bitcoin as a currency because one of the conditions that must be met as a currency is that it has a physical form while bitcoin does not meet these requirements. However, basically, bitcoin is created not as a currency but as a digital product that has value. Why is bitcoin now widely regarded as currency? The answer is because bitcoin starts switching functions and is used as goods for trading or investment.
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that must be met as a currency is that it has a physical form
Other virtual currencies(including national currencies) shouldn't be acceptable if that is the case.
Someone above said the religion permits the use of Gold (which does increase in value too), so why not Bitcoin?
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