Is Bitcoin Forbidden In Islam? Why?

[olubams]

There are several things that would have been illegal in several countries whether ruled by Islamic laws or western laws but today are legal and even in the future, I see severals becoming legal. We have Muslims who are gay today and even Christians that have their own version of the Bible that gave to accommodate their way of life. The point is today it might seems illegal but won't be for long as clerics will find a way to accommodate it within the Islamic laws.

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[GregH37]

Crypto currency gives a person freedom. Any religion will reject it.

Crypto currencies has nothing to do with religion. All the religions are very broad at their concept and allows the believer to grow and express himself in a limit. If a person is working hard in crypto in order to earn for his family and meet his financial needs rather than going for begging or robbery then it is allowed. Islam is a peaceful and broad religion and allow Muslims to earn by their hard work

[NikolayRaev]

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.

[xiboothrezi]

Assalamualaikum my brother. Bitcon haram in islam? Nop. Bitcoin is halal depends by people who use it for. bitcoin is like a gold. the true haram is conventional bank they use interest and you know that. it prohibited in islam.

Waalaikumussalam
It is true. bitcoin halal if used and obtained in a kosher way, not by gambling / stealing (hack).

[biskitop]

I have never heard that bitcoin is forbidden in Islam. Bitcoin is a digital asset of coins, not legitimate money in the country. When saving coins and in the end going up, I do not think it's a problem. Trading bitcoin is also not wrong, because what is bought and sold is a coin, not money. If you save money, and in the end get a profit of how much % of the money saved (usury), that is forbidden in Islam. and buying and selling money to money, such as trading forex is forbidden in Islam

[railsinvoices]

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.

[JRDuran]

I don't think they mean it. Most of them are terrorists and they can invest in bitcoin so I doubt for that. Maybe this is just a cover up.

[Rony24h7]

Only lending or borrowing money for interest is strictly forbidden in Islam as far as I know. Till now bitcoin is not using for that purpose that we all know. Bitcoin can not bring interest to anybody though it changes its price very quickly. If we see these causes then we can say bitcoin is safe or halal in Islam at this stage.
Again, to bringing drugs one place to another place and for buying weapons many people uses bitcoin or any other cryptocurrencies. It is seriously strict at Islamic law and called haram at there but we can not give blame to these coins for using there at bad ways.
We have to change our mind and it is very necessary. People should use the all things at right way.

[Kleinz]

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

[Yabuy92]

Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.

This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.

A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.

In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.

Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.

Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.

The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.

there is no real Shari'a objection to using Bitcoins as a means of payment and acceptance, but it is not advisable for economically weak people given the risks involved. "The principle of risk sharing is fundamental to Islamic finance, but investors need to understand what risks they will have responsibility ".

[Kola]

last events in the Iran shows us their way of life is not good, even they are religious, so imo it is all about money, if they cant control, they wont approve it

[Aleksey4453]

Assim al-Hakeem, a Saudi minister has announced that cryptographic forms of money are entirely disallowed under Islamic law. This is on account of they are both vague and give namelessness to crooks. He made this declaration on Ask Zaad, as Bitcoin costs shot above $12,000 for the first run through.

This decision comes after the best religious body in Turkey likewise expressed that Bitcoins were contradictory with Islam in light of the fact that the estimation of them is 'available to theory' and can be utilized as a part of 'illicit activiies'.

A great deal of this is a direct result of the Bitcoin action on darknet commercial centers, where they trust that clients are utilizing the cash in return for medications and weapons, which has raised various diverse doubts about the virtual cash.

In only one year, the estimation of Bitcoin has raised fundamentally from only $1000 toward the begin of the year, to more than $12,000 now. This sensational ascent has isolated the monetary group, with many trusting that the money may soon come smashing down once more.

Bitcoin was made about 10 years back, to fill in as an other option to government provided monetary forms. Exchanges including Bitcoin can consider finish obscurity, which has made it unbelievably prevalent among the individuals who wish to keep their money related action and their personality private.

Bitcoin digger work PC ranches, where they can check client's exchanges by settling complex scientific riddles. These mineworkers are paid in Bitcoin, which would then be able to be changed over into a conventional cash.

The utilization of digital forms of money have changed as of late. While at first they were utilized as a technique for installment, all the more as of late they have turned into an extremely prevalent venture opportunity.

perations with crypto-currencies from the point of view of Islam are inappropriate. This statement was made by the Department of Religious Affairs of Turkey, writes the local edition of Hurriyet.

[veleten]

Crypto currency gives a person freedom. Any religion will reject it.

it is a gross misconception that all religions restrict person's freedom
do not generalise here,not all cryptocurrencies give you "freedom" (besides freedom is a very broad notion)
for example,there are blockchain based,state/banks sponsored cryptocurrency
do you think they will be designed to give you freedom?
same with religions,many would see it as restricting ones freedoms
while many will tell you that religion and religion only gave them the freedom to love and believe and changed their lives

[Daytus]

It is not so. I've heard rumors that Iran is considering the possibility of legalization in their territory of bitcoin. Arab countries have long been looking for an alternative to the dollar. It started from the time of "desert Storm". But oil is traded in dollars and it's hold on the Islamic state to the U.S. dollar.

Yes based on this news, Iran government look like more friendly with cryptocurrency.

https://news.bitcoin.com/iranian-government-bitcoin-use/

Iran Preparing Infrastructure for Bitcoin Use

"The ministry of communications and information technology has already conducted a number of research studies as part of [its] efforts to prepare the infrastructure to use bitcoin inside the country."

That's a good news in my opinion..

[Quidat]

Crypto currency gives a person freedom. Any religion will reject it.

it is a gross misconception that all religions restrict person's freedom
do not generalise here,not all cryptocurrencies give you "freedom" (besides freedom is a very broad notion)
for example,there are blockchain based,state/banks sponsored cryptocurrency
do you think they will be designed to give you freedom?
same with religions,many would see it as restricting ones freedoms
while many will tell you that religion and religion only gave them the freedom to love and believe and changed their lives

When we do talk on the word "freedom" then it would really be broad since there are lots of factors or areas which this word can be applied. If we do talk on people beliefs-religion then there would really have different restrictions which can be considered to stop freedom and besides religion might concern about money matters but forbidding on engaging to it is non sense.

[GreenBits]

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.

Forgive me, Im Xtian so working from an outside knowledge of Islam. But would not the speculative nature of bitcoin make it haram, as for many it is essentially gambling? And that is aside from the dark market associations, as expressed by the OP.

I think it comes down to intent. Under Sharia, a lot of the same legal/fiscal structures you see present in other systems are still there, but adjusted to avoid usury and speculation. Finance needs certain features to function efficiently; these are present in Sharia finance in alternative forms.

If a bitcoin user is purchasing bitcoin to utilize the network as a payment system, he should be fine. But if a body purchases bitcoin purely with the expectation that the price will go up, that does indeed seem like a violation of the spirit of Sharia.

When its all said and done, the only argument that will truly matter is the one you have with the Creator about bitcoin!

[kingzues09]

I dont think Islam will do this thing. Bitcoin is Halal they can help the central banks and economy to resolve the monetary system. if i'm going to choose central banks and bitcoin i will choose bitcoin because it has technology and we call it blockchain.

[3angel84]

bitcoin is anonymouswhen you deal with it maybe thats the reason why islamis country forbidden bitcoin because they have a big concern regarding money laundering

[Ompyon]

Until when such a polemic will continue, just like this, for those who feel if bitcoin is haram then do not use it,
and if you feel if bitcoin is halal, then do not have to bother with something like this.

[btc-facebook]

Until when such a polemic will continue, just like this, for those who feel if bitcoin is haram then do not use it,
and if you feel if bitcoin is halal, then do not have to bother with something like this.

I've my own muslim institution that control halal certificate and they still not make any move for bitcoin.
I can consider that bitcoin still halal and it's not harm anyone in impact so I do not agree that islam forbid bitcoin at my place