Topic: May Bitcoin be considered money according to Islam? - page 7. (Read 2663 times)
In islam btc considered as halal. Normally traditional bank apply the principle of fractional reserve which has strictly prohibited but transaction of btc are not like that
Islam is a religion of peace. It has many rules. So it has rules in case of its currency too. In islam it requires to any debt currency can’t be linked. Some people think btc as money. So the halal or haram of btc currency is actually variable accrding to the situation of its use.
As far I know,some mufti’s counselor think it is haram, because thaty think it is used to fund the terrorists directly. They think btc could allow for piracy, tax evasion, fraud and corruption.
Islam supports intrinsic commodities which can be used as currency. That can be paper or can be money but that have to be backed by the commodity which is intrinsic.
Islam has its own rules like others. It is one of the fastest growning religion. According to Islamic canoniacal known as Sharia in which bitcoin sometimes considered as halal according to situation.
according to the opinion of the religious scholars in my country, bitcoin is the same as money because as a means of payment or means of exchange received by the general public, some also refuse because it can not be accepted in the public or other countries.
so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
That is right, we may consider bitcoin already as a currency since you can always do transact just like currency or fiat can do, the thing is that it is just not known or legal yet so in public or in the eyes of the law it is not a currency. so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
according to the opinion of the religious scholars in my country, bitcoin is the same as money because as a means of payment or means of exchange received by the general public, some also refuse because it can not be accepted in the public or other countries.
so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
so in my opinion, bitcoin is like a currency that can be accepted by any religion. because to get bitcion it needs hard work.
Yes it is true that all currencies are not considered as money until it is covered by silver, gold or any other kind of assets. So the scholars in Islam do not actually recognize bitcoin as money
So far I am concerned bitcoin is more halal in Islam due to the way it is being originated and the reason for being halal is it is not based on debt rather it is based on proof of work.
Bitcoin was the sole currency marketplace for drugs and other illicit goods and services that was shuttered by the FBI in 2013.sp Bitcoin is also as money.
There are about 2 billion of the Islamic believers around the world, and some Islamic countries define bitcoin as an unlawful currency, which may slow the spread of the bitcoin community in the Islamic countries.
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.
I have some friends who are Muslim but they also acquire bitcoin. Many of them in their belief that they did not defy their religion since digital currency is not gold or silver. Bitcoin is being mined and can be acquired through hardship and effort.
There is a different opinion about whether Bitcoin money is in the eyes of Islam. Islamic scholars believe that this is not the meaning because it can not be wrapped by gold silver or any other metal material. Although many of the Muslim scholars do not know about Bitcoin.
The true bitcoin is the currency. There are also Muslims who allow and there are also those who do not allow for their own reasons.
Islamic scholars are believe that bitcoin is not meaning of money because it is not covered by gold or silver. I think here are more different opinion.
Hi, here's a related article tackles about Is Bitcoin Haram or Halal for Muslim's and If they consinder cyrptocurriens as Money. Hope it will help.
https://www.google.com/amp/s/cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrency-conforms-with-islam-and-sharia/amp#ampshare=https://cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrency-conforms-with-islam-and-sharia
https://www.google.com/amp/s/cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrency-conforms-with-islam-and-sharia/amp#ampshare=https://cointelegraph.com/news/is-bitcoin-halal-how-cryptocurrency-conforms-with-islam-and-sharia
According to Islamic scholars and Hadiths, the currency you are using should have the feature to be backed by any asset like gold, silver, diamond etc. In this case, Bitcoin is not backed by any of the assets neither it has a physical form which makes it unacceptable as a currency in Islam.
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.
An interesting question is whether Bitcoin is money according to Islam.
Is it really more of a religious significance since it is some unique to the present age of human development?Anything that can used as a means of payment is money Jump to: