Is Bitcoin Forbidden In Islam? Why?

[Proton2233]

Why is bitcoin banned only in Islam? That's not so. There is no country in the world that recognizes the use of bitcoins as a currency. Governments in Islamic countries are more autocratic. For this reason, they can afford to make strong-willed decisions and to act with their citizens by force. Other non-Muslim countries do the same, but more covertly.

[golek upo]

At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.

[BeGoods]

At this moment if we think more deeply, we will be confused about the reason for banning bitcoin (like the quotes that you convey). Don't judge a thing from one point of view only. Currently bitcoin has proven to be able to improve the local economy.

Islamic teachings are in accordance with the times just because bitcoin is a new technology does not mean bitcoin is forbidden, unlawful, and incompatible in Islam. that is the wrong question. the most important bitcoin gives more benefit to many people and it makes bitcoin required so I think there is no ban in Islam for bitcoin

[hacekd]

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.

the majority of scholars agree that gold and silver imposed usury law because it has status as a medium of exchange and measuring the value of other objects. So in that condition is not focused on the intrinsic value of the object but its usefulness.

[Glenn Techincs]

Never thought about that. Saw the topic and became very interested in it =) as far as I know, BTC shouldn't be restricted

[hahay]

I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.

[BUK2016]

Well, am yet to see which part of the Holy quran that condemn crypto currency because I cannot find any link from your submission that bitcoin and crypto currency in general is forbidding in Islam.

[KorakPawon]

Islam believes that buying and selling digital currency is incompatible with religion for this period because its value is exposed to speculation and not under the supervision of the empire and audit, as well as easy to use for illicit activity.

[NadiaHel]

After a bit of research about the topic (which I found really interesting), I think this is just another case related to legitimacy. I mean: in those countries where religion is really important, it can be the tale of the political speech and be used to legitimize any action the government choose.
Of course, any religion, any sacred book, has many possible lectures, so the meaning of its words is based on interpretation. Even when usury is totally forbidden on the Coran, the use of BTC is not strictly related to the act of usury, but the interpretation they give of bitcoin takes the possibility, for only by this way you can convince the people to stop using it (for they will go to hell!!).
Religion is meant to legitimize every imaginable thing. This is been used this way for centuries!!

[stomachgrowls]

I personally disagree with what the theologian say about bitcoin, the theologian forbid bitcoin and according to what the theologian say about bitcoin by its prohibition is something that does not make sense and I think the ban comes at a time when bitcoin prices are on the moon. So the theologian do not know anything about bitcoin and they forbid it without knowing the truth.

Part of reality which they do always take actions directly without even re-considering or even bother out themselves on checking out first before making any decision.Those kind people/organization etc. do have a very close minded perception into any kind of thing as long it is new into their ears and awareness they do make such conclusion without any strong basis. In towards religion its most likely money matters would really have an issue but i cant see that bitcoin would really be considered or to be included.It might have disadvantages but cant really be considered generally as a bad thing.

[[As]]

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.

As far as I know Egypt’s top imam has endorsed a ban on trading in BTC, declaring the cryptocurrency “forbidden” under Islam.
The imam argued that BTC carries risks of “fraudulence, lack of knowledge, and cheating,” Egyptian daily Ahram reported. Allam likened the trading of the cryptocurrency to gambling, which he said is also forbidden under Islam “due to its direct responsibility in financial ruin for individuals.”

BTC is the first decentralized digital currency, operating without a central bank or single known administrator.

[swogerino]

I have lived in Saudi Arabia for 2 years because of my work. I know that they abide by the Sharia Law which is their constitution. Many knowledgeable people in religion which there are called "ulemma" have spoken against bitcoin.

This is not their fault though, the fault is to those who have explained wrong bitcoin to them. They have told that bitcoin has no real value and only gold or silver have value to keep your investments in. I think that the reason to ban bitcoin is because it can facilitate illegal trades or illegal things, this is most common with fiat currency, so only ignorance can forbid Bitcoin in Islam.

In Islam itself bitcoin which is a form of money is allowed otherwise they the Saudis should stop operating all banks there as they are operating with foreign currency which can also be used to facilitate illegal trades or things.

[johanesrobin]

Bitcoin trade and other crypto assets are dangerous and at risk of personal or group harm. it is in line with the economic principle in Islam that in trade no one should be harmed.
I agree with this case. But bitcoin is the most acceptable currency that is how to get it.

[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

[Tigorss]

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 the bitcoin that is not recognized as a medium of exchange does not represent it so it is unclear and not recognized by the public.

[Kevinbind]

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

[cryptothief]

It looks like the resistance to Bitcoin within the Islamic community is softening. The paper published a few days ago ago by an Indonesian Islamic scholar stated the following:

* 'Bitcoin is permissible in principal'

* 'not advisable to buy cryptocurrency for investment purposes'

* 'is advisable to to utilize cryptocurrency networks as a payment system'

The announcement has been credited (at least partly) for the sudden jump in Bitcoin's price. Not surprising given that it opens the market up to over a billion potential new investors; even though many had already decided independently, this clarification should blow the doors open. Here's a link to the full paper, which goes into more detail on the subject.  

Shariah Analysis

NB. I think they have the wrong date at the start of the paper, as it states April 5th 2017, I am presuming it should read 2018.

[KrishaBitcoin]

My intention is not to offend anyone but how does cryptocurrency gonna do anything about religion. I’m a catholic at birth but I do respect Islamic brothers. This has nothing to do with it and criminal activity is been in decades that is presence in our world ever since before bitcoin exist.

To make this topic clear then Bitcoin is not forbidden in Islam in which it will be a relief to all Muslims that they can join the Bitcoin investments due to this link https://www.ccn.com/bitcoin-declared-compliant-with-sharia-law-price-surges/. With this progress some experts believed that the involvement of our Muslims brother to Bitcoin development is a relief too because the more we are in this community the more Bitcoin real demand can be achieve.

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[Sithara007]

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.