Is Bitcoin Forbidden In Islam? Why?

[seven7seven]

As far as I know a new seurvey was conducted, and that survey claims that bitcoin is "halal", not "haram" anymore

[1715015531]

1715015531

[siti25]

Bitcoin transactions enter in terms of buying and selling gharar. And the essence of gharar is the existence of the jahalah (unclear) that causes the mukhatharah (speculation, the chances), both on goods and prices of goods.

[Basmic]

I saw news from Turkey where two imams were fired because of investing in bitcoin and using it. For me it's a big mistery why islamic countries don't see cryptocurrencies as a normal and innovative phenomenon

I wasn't surprised. Recently, the Turkish Directorate of Religious Affairs (Diyanet) clarified that Bitcoins are not compatible with Islam. The reason being given was that Bitcoins are very prone to speculation.

“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance,” Diyanet said, referring to a decision taken at a meeting last Friday.

I heard quite another. I'm not a Muslim so I can't tell exactly whose decision it is. But I have heard that recently it was decided that bitcoin does not contradict Sharia law and it can be used as a currency by Muslims. I do not believe that anyone will abandon bitcoin because of the fact that the clergy forbids it. It's prejudice.

[klarnetcijamie]

I think bitcoin and blockchin is considered as all other currencies USD $ , GBP etc .. so what are halal for all other currencies is halal for bitcoin and what are not halal for them is not halal for bitcoin.

[Vektrum]

This information is already outdated. A religious study is published, which gives the conclusion that the crypto currency is in compliance with the norms of the Sharia. This conclusion is coordinated with the Mufti. Therefore, we can assume that the crypto currency is no longer banned in Islam. The market of crypto-currency, in this connection, may at least partially be replenished with 1.6 billion people professing Islam.

[reddolphin]

I think the system or the values of Islam is too vague to make Cryptocurrency Halal. However, it depends on the beliefs. Beliefs are dynamic after all.

[imsotiredofmoviereboots]

It's a financial tool and it's basically the same as fiat but only virtual so I don't get why Islam will forbid it. I know that they will use it eventually because majority of people around the world will use it for buying anything.

[VeronAncient]

In my opinion. Islam does not prohibit the use of bitcoin and trade bitcoin. as well as other goods and services. as long as there is no element of coercion and no party is harmed then it is considered valid.

[CryptoMoar]

In my opinion. using bitcoin / altcoin is allowed by the religion of Islam because it does not contain elements of fraud and does not harm others. until now there are no rules or statements from religious leaders about the prohibition of using digital currency so that digital currency is legal to be traded and used.

[Binugon]

The juristic view of muamalah against money does give space to any form of money .. But what is one big question is whether the stability of Bitcoin values can be maintained? This is one of the biggest problems in Bitcoin, because in this system the government can no longer control the amount of money in circulation. While controlling the money supply is very important for the management of the economy as a whole.

[yurekaa]

Until now, no Islamic religious leaders or any religions have declared a ban on bitcoin or altcoin. because this digital currency is the same as conventional money in terms of benefits and usage, which distinguishes only in its form. I think any transaction will be valid when using bitcoin / altcoin.

[Aikidoka]

It is not forbidden, and if they are going to forbid it, then they need to forbid loans because if you get a loan of $2m, after 10 years, for example, you will need to give them $10m as a payback, just as same as bitcoin. If you buy now, you will get profit later. On the other hand, the Shariaa Law considered bitcoin to be Halal. Added to that, I believe they did so because it is beneficial for them because they know that they will get big profits.

[goldenplak]

I think as long as i know , trading BTC in forex is forbidden, but if buy bitcoin just for investment, maybe...i said maybe..it is not forbidden

[Asklepion]

The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.

[gabmen]

The prohibitions in Islam are clearly stated. Someone who reads the Quran can easily understand it. If you want to sin, you can also do it with the fiat. The Minister's statement is completely ridiculous.

Well bitcoin's been declared halal recently so i don't think muslim users would be prevented from dealing with crypto. Bitcoin is breaking boundaries set by culture and religion.

[bbjay]

I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.

[btc-facebook]

I think the issue relating to illicit activities using bitcoin is a personal decision and it can also happen with people using Fiat. This mean that, the ban of bitcoin by some Islamic scholars as result of illicit activities does not have a reasonable proof. We have many Muslim that are into this business because they did not believed in such a thing like this.

Not just personal decision, government policy also affect on bitcoin influence.

When your government make the restriction policy against bitcoin, you can't use it no matter what happen or you will got into jail because you are against the law !

[HitbtcSCAM]

This is proof that Islam is from the devil. GOD does not care about if you use Bitcoin!  He cares that you are not gay, not praying to man made images or rejecting his love the Bible.Now as we are close to the end of the world and there are so many millions of people under demonic oppression many lies and false idea are floating around on this earth. Any human can use a digital money and GOD does not care about BITCOIN he does not want you involved in false religion that open your soul to demons and darkness.If you do not believe in demons that is your problem I have done 2 exorcisms I live in reality and the majority of this world are under the spell of the 'god" of this world the devil. Why do you think so many countrys including the USA have pentagrams on their flags? The world is under the control of Satan and his illuminatti until the rapture where they will deceive the world with ther ufos and tell the world that there is no GOD and all life evolved from another planet... and then 7 years later the second coming of Christ and the end of this modern conspiracy, this world.
GOD DOES NOT CARE ABOUT BITCOIN USE, following a demonic religion even if you were born into it it is not worth loosing your soul and living a lie

[cryptorocket84]

I am not a muslim but i read this from Muhammad Rohail who is a muslim:
I am not an Islamic scholar. Yet I am a muslim and earning *HILAL* income is as important to me as anyone else in Islam. I started doing some research on this several months ago, and came to following conclusion.

First point, what is BTC, a currency or commodity? In Islam there should be some solid thing as currency, as gold, silver etc used to be. Even our Pakistan Ruppee has gold behind it (that’s what written on our note, HAMIL E HAZA KO MUTALBA PER ADA KYA JAEGA). BTC does not have any such thing, so It cannot be counted as currency however it can be used as commodity like a product or company share.

According to my study, there are two concepts in Islam:

1- The investment should be made completely in business shares or currency

2- There should be some solid business or work happening behind that share or currency.

To further describe the first point: There are two concepts.

1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.

2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sale it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.

Now speaking about point 2:

1- All currencies are being developed and some contracts are being done behind the scene. Based on that, value increases or decreases.

DISCLAIMER: Please do your personal research as well. The above mentioned is my opinion and thinking and it is not a *FATWA*. If you find out that this is not permitted, do let me know as well because I am not interested in earning HARAM.

[arcanayou]

if the motive of the bitcoin owner is for obvious speculation it is prohibited in Islam, for example is altcoin trading in the exchanger, not just speculative motives in bitcoin trading, in other speculations also should not, for example is stock trading whose time is not too far between buying and sell, if the main motive is for investment, then my knowledge is allowed. for example, people store bitcoin or other coins in a long time to invest for funds that he used better then it is okay, so also with stocks, if the person is speculating then the law should not