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Author Topic: Is Bitcoin Forbidden In Islam? Why?  (Read 1228 times)
FirEaSeA
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February 18, 2018, 06:37:28 AM
 #81

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
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February 18, 2018, 02:16:51 PM
 #82

I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.

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February 20, 2018, 05:17:52 AM
 #83

As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.


I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,
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February 20, 2018, 06:03:53 AM
 #84

That's bad for them if it's true. Bitcoin is going to be the main currency so it's either they die from hunger or accept it as a form of payment.
indeed it's bad, but i think i's not forbidden. The most people are Islam that said it's not forbidden and i'm more believe on it. Some people indeed.. it certainly have differences of opinions and vary from one to another, some pointing it forbidden and vice versa.
Besides that, i haven't thought at all that it leads to the main currency, i think bitcoin will only be an alternative currency forever.

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February 20, 2018, 06:08:20 AM
 #85



This comes down to policies implemented by countries,Bitcoins and other cryptocurrencies aren't yet fully legalized in many countries, Saudi might be one of those countries but not the entire Islamic countries. Regal RA, a Dubai based Gold trading company became the first Company to be issued by the Cryptocurrency trading license in the middle east. Dubai is Islamic.

so its all about different policies in different countries, BTC is not illegal everywhere.

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February 20, 2018, 10:14:59 AM
 #86

I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..

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February 21, 2018, 04:19:10 PM
 #87

If we examine the gharar that occurs in this bitcoin exchange tool is the obscurity that occurs in price and goods. Because it should not happen gharar, then either the price or good goods bitcoin which became the purchase price or bitcoin sold it has a clear value and represent the assets as a medium of exchange. But bitcoins that are not recognized as a medium of exchange do not represent so that they are unclear and not recognized by the public.

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February 22, 2018, 12:28:28 AM
 #88

I think, should be, bitcoin is not forbidden, because, the bitcoin is a medium of exchange because it meets the characteristics of the medium of exchange that is accepted by the general public as a means of exchange as the definition of money itself.
Yeah according to my professor if you use bitcoin for payment method only that's not a problem. bitcoin becomes illegitimate/forbidden if you use it for trading because there is a possibility that could harm you (there are pit luck on there) and for investment. just like gold bitcoin is not forbidden for investment #IMO

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February 22, 2018, 07:47:16 AM
 #89

To my knowledge there isn't any laws in Islam that clearly forbid the existence of bitcoin whether as an investment asset or as a medium of exchange. Bitcoin can be viewed like a like as any of fiat currency in the world.
Though some muslim's scholars are still debating because the lack of government behind the currency as bitcoin is a self governed currency. In Islam everything must be transparent and in order to avoid any fraud or any other crimes it must ensure that it can be trusted by the community. And also some scholars are debating about the lack of intrinsic value of bitcoin. But in this regard, fiat currency does not have any intrinsic value being only a printed paper. So, I think as time goes by more people will believe in this project and bitcoin can be an alternative medium of exchange in life or an interesting option for investing.

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February 23, 2018, 05:41:37 AM
 #90

As a payment network YES, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.


I agree with you ..
Because in Islam mentioned the terms of buying and selling one of which there are goods sold, in the modern era there is a digital commerce, means transactions in the online network, as a tool transactions using Virtual currency ,, what is sold. . ?
Can software, or game operating system,
do not need "ijtihad" to determine the forbidden or halalof bitcoin? I think we use logic here, bitcoin is the same currency as fiat right? if local currency in your country is used for illegal activities. does fiat become haram? of course not, so same with bitcoin, if bitcoin is used for illegal activities, it does not mean bitcoin is forbidden in islam,

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February 23, 2018, 07:58:16 AM
 #91

do not need "ijtihad" to determine the forbidden or halalof bitcoin? I think we use logic here, bitcoin is the same currency as fiat right? if local currency in your country is used for illegal activities. does fiat become haram? of course not, so same with bitcoin, if bitcoin is used for illegal activities, it does not mean bitcoin is forbidden in islam,

Been a lot of discussion lately in my part of the world (Southeast Asia) regarding this. The convening groups here are quite liberal (if that's one way the outside world describes them) and the same logic is used, for the sake of practical purposes... which is what they always try to do when it comes to Islamic transposing on the financial structure here.

They're leaning heavily towards Bitcoin as simply a means of exchange, much like the rest of progressive Europe. It neither classified Bitcoin as permitted nor forbidden.

BTW, there is an Islamic bank that will use not only Bitcoin but its own digital token and other cryptos on its blockchain project. Malaysian based Hada DBank. They're raising quite a few eyebrows over here...

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February 23, 2018, 08:34:08 AM
 #92

I do not think Bitcoin is illegal in Islam.Bitcoin is the same as gold.that is a investment tool..

Bitcoin itself is really not illegal but since people think in different ways then its the time when bitcoin become illegal. I think Islam is not against bitcoin cause this can also be treated as commodity but I think should be use in a proper way. This is a great opportunity for them to make good profit, and I hope bitcoin will be use by many people soon.
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February 23, 2018, 04:08:35 PM
 #93

No,bitcoin is not forbidden in islam unless islam says using currency is illegal in muslim.

Why people comparing a currency with the religion,it may be forbidden if you earn that bitcoin from doing forbidden activities in your religion otherwise it is no problem using it you are buying a currency with your hard earned money so never think is is forbidden in religion.

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February 25, 2018, 08:46:02 AM
 #94

I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail

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February 25, 2018, 04:02:02 PM
 #95

I think every believer understands that trading an asset is permitted in Islam, just as a loan, lottery, gambling is forbidden.
These statements are a bit incomprehensible, because if there is a ban on Islam in this segment (in the coming years), it will in fact cause a backlog of the economy, people making such statements should study this market in more detail
I don't think that it is prohibited in Islam since, I haven't heard them with what is their stance about cryptocurrency, I don't think that it is against their belief or what we are just over thinking of what it is, even in Christian country their religion is not hitch to do crypto it is not prohibited to them.

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February 26, 2018, 12:20:39 AM
 #96

It's not forbidden. There are PoS cryptocurrencies that have some kind of ''interest'' but even that is debatable. Riba is more about interest earned in immoral ways as far as I know.

I think islamic banking is bad for the economies of islamic countries, if it would also deny bitcoin then they're fucked.

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February 26, 2018, 10:54:31 AM
 #97

Holy shit, I did not know this. This makes me hate religion even more.

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February 26, 2018, 11:32:19 AM
 #98

Those mullahs speaking in the name of Islam are total ignorants and obscurantists. Real (so-called Quranic) Islam has nothing in common with current medieval Islam of some nations.
So it is total BS.
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February 27, 2018, 03:31:51 AM
 #99

Holy shit, I did not know this. This makes me hate religion even more.
You must learn about religion if you hate religion, because it lives away from the teachings of religion so you have this kind of thinking. And the view of Islam on bitcoin is still unclear, some are forbidden and some are not. I believe that bitcoin is halal, because to make bitcoin as a means of transaction it depends on the bitcoin value itself. If we do transactions with people who know biitcoin and believe bitcoin is valuable then Islam is legally valid. Take a look at the days of the prophet's tool of transactions that depend on objects of value.

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February 27, 2018, 08:35:13 AM
 #100

Bitcoin's position as a means of exchange according to Islamic law is permissible, but provided that there must be a handover (taqabudh) and the same quantity if the same type.
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