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Author Topic: Is Bitcoin Forbidden In Islam? Why?  (Read 1534 times)
dokie987
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January 09, 2018, 01:22:51 PM
 #61

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.


Before I will give an opinion about this topic, I would like to excuse myself to all my islam brothers and sisiter. In my own understanding, Bitcoin IS forbidden in Islam because more islam are terrorist and there is a possibility that they will use the bitcoin for illegal transactions.
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pandukelana2712
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January 09, 2018, 01:56:43 PM
Last edit: January 14, 2018, 01:01:57 AM by pandukelana2712
 #62

For me, in this case HALAL or HARAM is deppends on what you will do with that.
If we know that we do is harms to others, it's must be HARAM...
Just it...


In Al-Qur'an and hadist never have rule about bitcoin and how to make bitcoin, but Al-Qur'an and hadist give us how to make rule in trading...
kimochidesh
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January 13, 2018, 11:06:04 PM
 #63

I don't think so, BITCOIN is not forbidden in ISLAM. As far as I know, Income from INTEREST(LENDING and BORROWING) is totally forbidden but BITCOIN has nothing to do with it.
I think just like Govt., Islam should also review Rules on digital currency and the modern digital world, and come up with a clear statement. Smiley
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January 14, 2018, 03:39:59 AM
 #64

I don't think so, BITCOIN is not forbidden in ISLAM. As far as I know, Income from INTEREST(LENDING and BORROWING) is totally forbidden but BITCOIN has nothing to do with it.
I think just like Govt., Islam should also review Rules on digital currency and the modern digital world, and come up with a clear statement. Smiley
I think bitcoin is not forbidden to Islam, because even our country lend and starting to help our brothers and sisters to have good life. In terms of bitcoin or crypto currency all of us are equally, there's no Christian and there's no Muslim. Digital world are open to all people in the world.
Zackgeno96
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January 14, 2018, 07:27:07 AM
 #65

No way, world is heading towards innovative technological reforms and digital currencies are the part of this digital revolution. I don't see any reason for the bitcoins to be forbidden in islam as people can use any currency to perform bad activities, it doesn't mean that all currencies should be forbidden in islam.

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January 24, 2018, 09:41:14 PM
 #66

It's just a religious belief, the world is changing we must develop from industrial to technology. We're in 4th industrial period try to create new atmosphere. Baby boomers are going to be rich. make more Bitcoin by buying altcoins.

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January 24, 2018, 09:46:18 PM
 #67

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.
Oceat
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January 24, 2018, 10:45:23 PM
 #68

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.
Yes, people should have a verifiable sources to show their story if Bitcoin is actually forbidden. Some people here told that lending/loaning of money is forbidden, if that's the case then don't use Bitcoin as a lending to your business but instead convert it to their local money and use it whatever you want it. Bitcoin has nothing to do with this beliefs, Satoshi created Bitcoin just for everyone with his fair idea of decentralized currency.

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January 25, 2018, 11:49:48 AM
Last edit: January 25, 2018, 12:05:00 PM by bajigur894784
 #69

well, lately I have often heard that some religious leaders and most Islamic countries declare a ban on bitcoin for various reasons.
whereas, I think bitcoin can be likened to gold. Perhaps, One of the main problems of the concept of digital currency is the absence of physical representation of Bitcoin, but bitcoin can be proven. Not in tangible form, but one can complete a transaction with another person using Bitcoin and prove it has a value.

why bitcoin is banned, meanwhile the money in the bank account in the form of deposits can be interest and still allowed despite lead to the practice of usury. whereas the practice of usury is clearly prohibited in Islamic law.
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January 25, 2018, 11:55:46 AM
 #70

With all my respect to Muslims and Islam, preachers are people who use manipulative words in order to persuade weak people to do their bidding. I am a former Muslim and I have never heard or read in the Quran that bitcoin is forbidden. They are just inventing the story because people are depending more on bitcoin.

And that is why, it has become risky to the banks. People should not take it as it is as they should make their own studies and come up with a reasonable conclusion.

I agree with you.
and I think the statement about the bitcoin ban is not purely Islamic. but the impetus of the government in the interest of the government-managed bank. it's no secret that, the government and the bank feel threatened by the presence of bitcoin.
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January 29, 2018, 07:10:50 PM
 #71

Sharia law says that a currency must have an intrinsic value. This means that money must have some use before it can be considered permissible. Any currency cannot be halal just because it is considered valuable by people. There are certain instances when financial institutions create currencies which are without intrinsic value. A currency must be backed by a commodity of actual value. Bitcoin isn’t. However, this doesn’t prevent it being counted as a currency or halal. Below are the reasons why it’s counted as a currency.

Factors that make Bitcoin have intrinsic value
Its value is dictated by demand and supply
It can be used as a currency on its own
It is mined
It is scarce
dokie987
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January 30, 2018, 02:52:48 AM
 #72

This is possibly true because based in my research, trading in bitcoin has been endorsed for ban by the Egypt’s top imam for this bitcoin carries a risks of fraudulence and cheating.

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January 30, 2018, 05:13:27 AM
 #73

This is possibly true because based in my research, trading in bitcoin has been endorsed for ban by the Egypt’s top imam for this bitcoin carries a risks of fraudulence and cheating.



I do not think that trading is ban in the religion because I have few friends who belongs to this community but they do stock trading and never heard actually about it from them or from anywhere else that trading is ban. It could be possibly some segmented trading would be banned i.e particularly for something they should trade and not whole as a trading.
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January 30, 2018, 10:07:38 AM
 #74

i have been heard it too Islamic scholars decided bitcoin was forbidden but in my view as long as we would not use bitcoin to support criminal acts i think that would be fine and i think too bitcoin was made not for bad things purposse but very unfortunate some of people has been utilize bitcoin to use for illegal acts because bitcoin have anonymous feature and that's why some of countries recognized bitcoin is bad because they were consider bitcoin is illegal tools

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January 30, 2018, 02:44:27 PM
 #75

It doesn't make any sense at all. In that way, every currency in the world should be forbidden in Islam because all of them can be used for such actions like buying weapons, or supplying drugs from one place to another. Just because a currency can be used by criminals, it doesn't mean it is a "criminals currency". Bitcoin is a part of technology, and technology, if used in a bad way, is forbidden in Islam because it will be breaking the rules of the religion which is not allowed, but you are not using a thing for a wrong purpose, it won't be forbidden.

I get your point but the Islamic are very traditional and strict when it comes to their law. I'm not that familiar with the Islam - I myself, am not Islam, but I've heard that they strictly follow their law and their law is somewhat like the olden times. I've read about how they cut up the hands of thieves - and I thought that this kind of practice was only done during the medieval times. It turns out that there have been current practices like these. My point is, the Islam sees things, such as bitcoin, differently even when the other parts of the world have different approaches toward crypto or bitcoin.

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January 30, 2018, 03:19:51 PM
 #76

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.


Before I will give an opinion about this topic, I would like to excuse myself to all my islam brothers and sisiter. In my own understanding, Bitcoin IS forbidden in Islam because more islam are terrorist and there is a possibility that they will use the bitcoin for illegal transactions.
Wow,poor understanding about Islam.Not all terrorists are muslims and the terrorists are from any religion irrespective of what religion.So you have to know about the religion properly before accusing them

Bitcoin is not forbidden or haran in islam unless you earn them from illegal activities.If you are buying from you hard earned money then it is okay to use even if you are muslim.

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January 30, 2018, 04:08:59 PM
 #77

why ?

Probably for the same reason alcohol is forbidden, loans with interest are forbidden, and the same reason why women have no rights there...
It's an old religion that was never reformed, by the book since centuries.

More seriously:Maybe a link with Islamic Finance ?
How do you guys manage NEO producing GAS for instance ? Haram ?

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January 30, 2018, 04:39:51 PM
 #78

Islam is very authoritarian religion. This is my opinion. I am not a Muslim so I could be wrong. I think that the reason for the intolerance of Islam for bitcoin is that the cryptocurrency makes people independent. They have more opportunities to travel and see that many prohibitions in Islam are absurd. Such people will be difficult to manipulate. For this reason, many governments of non-Muslim countries against cryptocurrency.
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February 01, 2018, 08:23:38 PM
 #79

Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.
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February 02, 2018, 01:33:12 AM
 #80

Bitcoin is haraam, just like this entire interest driven monetary system is haraam.Perhaps there's no real avoiding it,but that doesn't mean we should delude ourselves and whole heartedly embrace it.Bitcoin is what it is today because of criminal activity of the worst kind and if you really want a part of it so badly.


Bitcoin is where it is today because normal people decide to use it. Everyday people, who lost faith in the standard currency system or simply are looking for something to invest in.
It was $5M marketcap when it was used for criminal activities.
And... best of all, it's the dumbest tool for illegal stuff: EVERYTHING it trackable on the BTC blockchain... like EVERYTHING.

It's great "money" in a way:
1- every transaction can be traced
2- the coins cannot be counterfeited


Anyway... religion and modernism... eternal fight.
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